In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
DTI (Debt to Income Ratio)
DTI is total debt divided by total annual gross income. DTI is calculated by taking your total debt and dividing it by your annual income. For example, if you earn $100,000 per year (I) and have a credit card of $20,000 and a home loan of $200,000 (D) then your DTI is 2.2, meaning you owe 2.2 times what you earn.
Lenders prefer a debt-to-income ratio lower than 36%, with no more than 28% of that debt going towards servicing a mortgage or rent payment.
Learn MoreTo find debt-to-income ratio (DTI) you need to add up your total credit or debt balances and divide it by your total gross annual income.
Learn MoreWays to lower your debt-to-income ratio include paying off any high interest debt, lowering interest on some of your debts, not taking on more debt and increasing the amount you pay monthly towards debts.
Learn MoreLenders typically have a maximum DTI of 7 or 8 times. However, some lenders may have a lower maximum if the loan to value ratio is high.
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