Know your Debt!
So, You're ready to buy a house and the mortgage lender is asking all about your debt. They talk about Debt-to Income Ratio and you start getting perplexed. What is it? Why do I need to know it? How does this affect getting a mortgage?
These and additional questions are all answered in this article by the Consumer Financial Protection Bureau.
Read the article Here
It will give you the information to calculate your Debt-to-Income. Be knowledgeable when talking with your mortgage lender.
As our teachers always said: knowledge is power. Be knowledgeable and be smart about your finances.
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