January 26th, 2022 4:01 PM by Heidi Gravel
The debt-to-income ratio refers to how much of a borrower’s monthly income is eaten up by debt. Creditors, especially mortgage lenders, want to know what’s left over after all monthly debts are paid.
The ratio is calculated by dividing monthly debt payments by gross monthly income. It’s a key barometer for lending someone money.
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Have a Blessed Wednesday N.G
Source: Curated Social
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