fromRedfin | Real Estate Tips for Home Buying, Selling & More
4 hours agoWhat Debt-to-Income Ratio Do You Need to Get Approved for a Mortgage?
Lenders use debt-to-income ratio to determine how much a potential borrower can afford to pay on a mortgage. This ratio includes most sources of debt and income, but it doesn't include everyday expenses like utilities or groceries. Generally, having a higher debt-to-income ratio makes it harder to secure financing to buy a house.
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