Your debt-to-income ratio is crucial to getting approved for a mortgage — here’s how to calculate yours – CNBC
There’s a lot that goes into the home buying process, especially if you’re a first-time home buyer. One criteria mortgage lenders use to assess your mortgage application is thedebt-to-income ratio (DTI). Your debt-to-income ratio is a comparison of how much you owe (your debt) to how much money you earn (your income). The income you…