Don't you just love all the terms, facts and figures you have to deal with when refinancing a mortgage? It's like having to learn a whole new language! And when you're in the process of applying for any kind of mortgage it doesn't take long to be asked about your debt-to-income ratio (Dti).
Your debt-to-income ratio (Dti) in plain English.
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I'll start with the bottom line - a definition: Your debt-to-income ratio is what you get when you take the total amount of your monthly payments on debt, and then divide it by your total monthly take home pay. The rejoinder is your Dti. For example: If your monthly take home pay is ,400, and your paying 0 each month on debts, your debt-to-income ratio is 33%. Because 800 divided by 2400 = .33, or, 33%.
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