- Homebuyers
- December 23, 2021
DTI and What it Means
Your DTI ratio is determined by adding all your monthly debt payments together and dividing that by your monthly income before taxes.
Ben is the Managing Editor for New American Funding. In this role, Ben helps with content creation, news coverage, and serving our audience of borrowers, real estate agents, loan originators, and other housing professionals. Prior to joining New American Funding, Ben worked at HousingWire, a top housing media outlet. Ben joined HousingWire in 2014 as a reporter and was later promoted to Senior Financial Reporter, Editor, and eventually to Managing Editor. During his time at HousingWire, Ben helped elevate HousingWire to national acclaim and record traffic growth. He was also honored with multiple awards for his work, including an Eddie Award from Folio Magazine and a Gold Award for Best Trade Magazine Story from the National Association of Real Estate Editors.
Your DTI ratio is determined by adding all your monthly debt payments together and dividing that by your monthly income before taxes.
Fixed-rate mortgages are a preferred choice for many borrowers as they ensure that their principal and interest payments will remain the same each month for as long as 30 years.
It's clear that the pandemic drove a change in how people used their houses, with more people using their houses as their offices, home gyms, and more. That shift led a number of people to look for larger houses to accommodate their new normal. And as a result, newly built homes are increasing in size to address that demand.
House prices are rising quickly, and have been for quite some time. This much is known. However, a new report shows that prices are rising faster than they have in more than four decades.
Well, it's that time of year again. As the year comes to a close, it's time to look ahead to what will happen in real estate next year. More specifically, it's time to look at the housing markets that will be the hottest in 2022.
Due to home prices increasing by over 18% in the past year, the Federal Housing Administration loan limit will rise for nearly the entire country in 2022.
The latest data showed that existing home sales have risen in four of the last five months. Now, a new report shows that home sales are likely to continue increasing as the year closes out. If that happens, existing home sales will hit a level not seen in 15 years.
The first quarter of this year was the best quarter for the mortgage lending industry in 20 years. However, those heights have not been sustainable as mortgage lending has fallen back a bit in each of the two quarters since then.
Both pre-qualification and pre-approval can be helpful in your homebuying process. Find out what makes them each different and when each one can be most useful to you.
For the sixth year in a row, the maximum conforming loan limits on mortgages to be acquired by Fannie Mae and Freddie Mac are set to increase. Here are the full details.
Subscribe to our newsletter for market updates, mortgage tips, and homebuying hacks - straight to your inbox!
You are being redirected to a third party website. New American Funding is not responsible for the content of this website, including its privacy policy. Do you want to continue?
Important Update: We have updated important provisions in our Terms of Use, including sections on information handling, artificial intelligence, security, third party website links, indemnity, warranties, arbitration and class action, and online and mobile applications. Click here for more information.