If you’re buying a home for sale in Riverview, it’s time to get familiar with lending terms – and one of them is debt-to-income ratio, or DTI. What is DTI? Debt-to-income ratio is a factor that lenders use to determine whether you’re likely to have enough money to pay them back for a mortgage loan. Your DTI is the percentage of your total monthly debt compared to your monthly income. The formula looks like this: Monthly expenses/monthly income = DTI Most lenders want your … Continue reading...