How to Calculate Debt-to-Income (DTI) Ratios - Mortgage Math (NMLS Test Tips)

[@MortgageEducators]

We invite everyone to join our study group on Facebook: facebook.com/groups/152133893322821

[@samanthawhitley2859]

I want to thank tremendously.

[@joegowac4578]

Hi. I had several credit cards that I have paid off and now have a zero balance. I have left the accounts open to help with my credit score but it now appears that those would also be factored into my DTI even though they are paid off? So do you recommend me closing them out and watching my credit score drop or Leaving them open and effecting my DTI?

[@auroratamayo7802]

inquire ko lang ,kumuha ko ng hulugan na tv,after more than 2 mos nagkadefecto ang tv,rineport ko sa pinagkuhanan ko dahil covered pa naman sa waranty, sabi nila papalitan daw ang sira pero almost 3 weeks na d pa rin napa2litan at ang last na nasabi sa akin wala pa daw update sa compny na pangagalingan ng piyesa,ang tanong ko sir pwede ba ibalik ko na lang ang items at ibalik a lang ang maihulog ko o di kaya palitan na lang ng bago ang items,kung pwede sir/mam.

[@benco_19]

what if you don't have a mortgage? just rent, how will be the calculation?

[@MortgageEducators]

Hi Daniel! Thanks for the comment. To calculate DTI for someone who is paying rent rather than a mortgage, the process will be generally the same. One must add all their monthly bills (including rent) and then divide by gross monthly income.

[@Strict30]

So they only calculate debt from credit cards from the minimum payment on the card not the balance?

[@MortgageEducators]

That is correct. Only the minimum payment on your Monthly Debt to Income Ratio, but the lender may take into consideration the balance amount (not included in your DTI Ratio.

[@Strict30]

@@MortgageEducators ok so from my child support payment, to credit cards I'm looking at 30% dti

[@Strict30]

@@MortgageEducators I definitely planning to pay balance down before I go to bank to get a loan.

[@Strict30]

@@MortgageEducators on last question do you think it best to get a personal loan for the amout of the bike? So bike is paid in full and I actually own it? Financing it I won't own until paid off.

[@MortgageEducators]

You could do that, however, you would pay a higher interest rate on a personal loan. Technically, the bank will show that you own the bike, but they will just hold onto the title until you pay it off. So if you wanted to sell the bike, you would have to have whomever you sell the bike to pay your bank the money in order to get the title.

[@jaylen8822]

What about student loans? I have 13K in student and a prepaid credit 💳 with a $200 limit. That's my only debt.

[@consistenity3814]

Your monthly student loan payment amount will be included in the debt

[@hyipinvesting]

Principle not principal 0:55

[@MortgageEducators]

Thank you for letting us know. You're a real pal. =)

[@pops1pops178]

Dti seem so scary

[@denverinternationalwestcoa9143]

You know when 1 add 900 + 300 + 45 + 100, I get 1345. The video was WRONG

[@whettleson]

Sorry I missed do not cell phone.