Home Mortgages: What is a Debt-to-Income Ratio?
Learn what a debt-to-income ratio is and how lenders use it when reviewing your mortgage application. Mortgage lenders use a debt-to-income ratio (DTI) along with other criteria, including assets and credit score, to determine whether you’re a good risk for the loan you’re asking for. This ratio compares your overall monthly debt to your gross monthly income.
How To Get A Mortgage If You’re Not A US Citizen
If you were born outside the US and want to become a homeowner, here’s what challenges to expect and how to overcome them. Citizenship is not necessary to purchase property nor is it necessary to qualify for a home loan. However, getting a loan if you aren’t a “traditional borrower” can prove to be difficult. Here are a few difficulties you may face when trying to find a mortgage loan as an non-citizen, and what to do.