Buying your first home is an exciting milestone, but it can also be a daunting task—especially when it comes to understanding mortgage rates. Fortunately, if you’re a first-time homebuyer, you might have lucked out with falling interest rates. While we’re not in the era of sub-3% home loan rates, current mortgage rates have dipped below […]
Understanding your debt-to-income ratio (DTI) is crucial for anyone looking to make a significant purchase, especially homebuyers. Your DTI provides lenders with an insight into your ability to manage debt repayments, playing a pivotal role in loan applications and loan approvals.
Whether you’re a seasoned homeowner or a first-time buyer, understanding the types of debt and how they influence your mortgage application is essential for securing the best deal possible. This guide will help you understand the different types of debt, their impact on mortgage applications, and strategies to manage debt effectively.