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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