Think you need a bigger paycheck to buy a bigger home? Not always true and I’m going to show you why.
Most people assume the only way to afford a bigger home is to earn more money.
But here’s the thing, it’s not always about how much you make. It’s about how much debt you have.
Your DTI, or debt to income ratio, is what lenders look at to decide how much you qualify for.
That number shows how much of your income goes to debts like car loans, credit cards, or student loans.
Let’s say you’ve got a car loan or a balance on a few credit cards.
Paying those down, even just a little, can dramatically increase how much home you qualify for.
Because the less debt you carry, the more room you have in your budget for a mortgage.
So before you rule out that bigger home, look at your debts.
Your DTI might be the key to moving from a starter home to your dream home.
Want to know how much more home you could afford with a better DTI?
Comment DTI below and I’ll send you a personalized estimate.
I’m Chris Graves, and that’s your mortgage minute.
Christopher Graves
Branch Manager | Certified Mortgage Advisor | NMLS #56904
978-376-5389
chrisgravesmortgageexpert.com
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