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Hi! My name is Nate Fain and I've been a mortgage loan officer for over 10 years.
I started making videos in 2018 to try and help people better understand the mortgage and home-buying process.
No matter where you are in your home-buying journey, I hope you find my content to be helpful!
My team covers half the United States, and we're all VERY passionate about helping people obtain the dream of homeownership and building wealth through real estate!
If you'd like to schedule a call with me, click here https://calendly.com/natefain/mortgag...
To get a free rate quote, click here https://docs.google.com/forms/d/e/1FA...
If you're ready to get the pre-approval process started, click here https://umortgage.my1003app.com/47802...
If you're not ready but you would like more helpful content, here's my landing page with all of my social media platforms linked
https://linktr.ee/Themortgagecreator Chances are, you've heard the term "debt-to-income" ratio, or "DTI" for short. It's an important piece of the puzzle when it comes to getting approved for mortgage loan so you can buy a home.
However, there's a really good chance you're not calculating it correctly. If you're underestimating your debt to income ratio, your budget to buy a home will be lower than you think. If you're overestimating your debt to income ratio, your buying power will actually be higher.
Here's a couple mistakes and misconceptions I hear when people ask me how to calculate your debt to income ratio:
1. Your DTI is simply the minimum monthly payments reported on your credit report, divided by your GROSS monthly income. Keep in mind, your gross monthly income isn't the same as your take home, or net, income. Gross income is before any taxes, insurance, and other deductions like retirement contributions. So, if your gross annual income is $48,000, your gross monthly income is $4,000.
2. A lot of people think the overall balance of their lines and loans is more important than the monthly payment. But, when calculating your debt to income ratio, in most cases (except for student loans), it's more about the monthly payment, not the total amount you owe.
3. You'll need a two year history of variable income. If you get bonuses, tips, overtime, or commissions, you'll need to have been getting that income for two years to be able to count it as income. Also, if you have a 2nd job, you'll need to have had that for two years as well.
4. If you're self employed, your income is a lot more complicated to calculate. Generally speaking, your income will probably be closer to what your income is on your taxes AFTER any deductions.
To be safe, it's important to get your income documents to your lender as soon as possible. The sooner they can review and calculate your income the better.
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If you ever have any questions, feel free to drop it in the comments section.
Also, if you'd like to follow me on my other platforms, here are the links below. I try to post 4-5 times a week at the minimum on my Instagram and TikTok. I just started my blog, but plan on posting 4-5 times a week there as well.
Other Socials:
IG: / mortgages.a. .
TikTok: https://vm.tiktok.com/ZMekRWQ8j/
Blog: https://natefain.com
2 FREE stocks through Webull: https://www.webull.com/activity?invit...
Although I am a licensed loan officer (NMLS 478026), this is not an attempt to solicit for any lending products, this is for educational and entertainment purposes. Everyone's situation is different, so consult your loan officer and real estate agent/REALTOR to better understand your situation and options.
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