Thinking about buying a home? You could finally have that walk-in closet—or downsize to fit your new lifestyle. Or maybe you want to lower your mortgage payment and stash the savings.
Whatever plans you have for your nest, bookmark this must-have info from Quicken Loans so you know just what you need for a home loan.
- Debt-to-Income Ratio (DTI)
DTI is the percentage of your monthly gross income that goes toward paying debts. A low DTI ratio (under 35%) tells lenders that you can responsibly handle a mortgage—that it won’t overwhelm you when added to your other debt payments.
Explore these two questions: How long do you plan on being in your home? What would be a comfortable monthly mortgage payment? Whether you need a longer-term fixed-rate mortgage or an ARM, Quicken Loans has mortgage options that fit every lifestyle.
|Quicken Loans has helped nearly 1.3 million families buy houses since 1985. Turn your dream home into a reality and apply for a Quicken Loans mortgage today!|