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Qualifying Ratios

I don’t understand the phrase Qualifying Ratios. Can you Explain?

Qualifying Ratios :

Guidelines applied by lenders to determine how large a loan to grant the home buyer. The debt-to-income ratio is your current monthly debt on loans and credit cards divided by your gross income. The housing-to-income ratio is your new housing payments divided by your gross income.

If you found our version of the phrase Qualifying Ratios was meaningful, you can find many more like Qualifying Ratios in our glossary. We are pleased you came to our site and hope you will visit DGC Financial Services again.

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What Not to do when taking a mortgage or loan

Don’t fall for a loan from a door-to-door salesman or home improvement contractor who comes to your home. Don’t take out a loan on your property for anyone else unless you can afford to lose that money forever. Don’t decide whether you can afford a loan by the monthly payments alone. Don’t sign anything that has blank spaces.

If you’re like most homeowners, your house is the most important and valuable thing you own. The money you’ve put into your home can enable you to borrow money with a home equity loan. Your home secures the loan—unfortunately, you can lose your home if you are unable to make the loan payments.

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