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The Yi Team Mortgage

Mortgage Experts in Rockville, MD

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    • Apply with Christa Fitch, NMLS #1792406
    • Apply With Chong Yi, NMLS #198732
    • Apply With Derek Harman, NMLS #882287
    • Apply With Erin Finke, NMLS #536279
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    • Apply with Jon Ingram, NMLS #1076922
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What Is A Debt To Income Ratio?

MORTGAGE 101

What Is A Debt To Income Ratio?

Welcome to Mortgage 101. We help home buyers and realtors understand home loans. You’re in the right place if you’re thinking of buying your first home, if you’re moving to your next home, or if you’re ready to refinance your existing loan.

What Is A Debt To Income Ratio?

Debt to income ratios (also called DTI) is the amount of money going out divided by the amount of money coming in.

The resulting percentage is used by a lender to show how much money you have available to spend on a home loan.

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Where Does It Come From?

Anything that you see on a credit report is added up to show what money is going out. These expenses might include car payments, student loans, and credit cards. This amount is divided into the amount of money that you have coming in each month before taxes. The resulting number is a percentage.

EXPENSES / INCOME = DTI RATIO

Where Is DTI Used?

DTI is part of the mortgage qualifying process. Each loan program requires different debt to income ratios. A lender uses this ratio to determine risk.

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CONTACT US

Chong Yi, CMPS
Producing Branch Manager
Apex Home Loans
NMLS #198732
240-763-1101
chong@theyiteam.com
15245 Shady Grove Road, Suite 430
Rockville, MD 20850

 

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© 2021 Apex Home Loans, Inc. NMLS #2884. For more information regarding licensing for all states in which Apex is licensed, please visit the NMLS Consumer Access Website at https://nmlsconsumeraccess.org. Licensing information as required by GA & NJ: Licensed as a Mortgage Lender by the GA Department of Banking & Finance (61858); Licensed by the State of NJ Department of Banking and Insurance as a Residential Mortgage Lender (2884)