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How to Calculate Your Debt-to-Income Ratio

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Calculating your debt-to-income ratio is an important step when applying for a mortgage. Here's a step-by-step guide on how to calculate it: Step 1: Gather your financial information Collect all the necessary financial information, including your monthly income and your monthly debt payments. Make sure to include all sources of income and all types of debts. Step 2: Calculate your monthly income Add up all your sources of monthly income. Include your salary, wages, bonuses, commissions, rental i

Calculating your debt-to-income ratio is crucial when buying a home. Before we get to far into it, save this post for later reference OK… here is the scoop Debt-to-income ratio helps you understand how much of your income is going towards debt payments and how much you can afford to spend on a mortgage. The front-end ratio calculates how much of your gross income is spent on housing costs, while the back-end ratio calculates the percentage of gross income spent on other debt types such as credit