Sentences with phrase «monthly debt vs.»
Your Debt Ratio is a percentage of your total monthly debt vs. total monthly income.
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This compares how much total monthly debt payments you make vs. your income.
There are several others, such as lower monthly payments, a more advantageous loan term, improved repayment options, change in terms (fixed vs. variable or vice versa), debt consolidation, or even the opportunity cash out with extra cash.
The scenario resulted in a borrower having to apply through the FHA Loan Program which has less stringent Income vs. Debt requirements and substantially changed the borrower's monthly payment.
Your Home Loan Specialist will ask you some questions, check your credit, and calculate your debt - to - income ratio (what you pay out per month vs. your monthly income).
Your debt - to - income ratio: You can find your debt - to - income ratio by dividing all of your monthly payments vs. your monthly income.