Collateral can be beneficial for borrowers when applying for a loan by __________.
Joey would like to apply for a loan but knows that his high debt-to-income (DTI) ratio will probably get in his way. He would like to lower his DTI ratio by lowering the amount of his gross monthly income that goes to living expenses. Joey's current monthly expenses include a rent payment of $1,100, a $178 car payment, and a combined minimum payment of $220 for his credit card debt. His current gross monthly income is $3,600. If Joey moves to a new apartment, what is the maximum monthly rent payment he can make and still maintain a DTI ratio of 36%?
Which of the following is information a basic loan application would not ask you for?
How would a bigger down payment be beneficial to borrowers?
Trish is having trouble understanding why she was not approved for her loan. Which of the following probably kept Trish from getting her loan?
Which of the following is something a lender will not consider when reviewing your loan application?
Why is credit history such an important factor in being considered for a loan?
Ralph is thinking of switching jobs. He want to make sure that his new salary maintains a debt-to-income (DTI) ratio of at most 36%. His DTI ratio is currently 29% with a gross monthly income of $3,700. What minimum gross monthly income will Ralph need to maintain a DTI ratio of 36%?
Cindy would like to apply for a loan but knows that her debt-to-income (DTI) ratio will keep her from being approved. Her monthly expenses include an $800 rent payment, a $230 car payment, a $175 student loan payment and a $160 minimum payment for all three of her credit cards combined. Her current gross monthly income is $2,900.What minimum additional gross monthly income does Cindy need to get her DTI down to 36%?
The debt-to-income (DTI) ratio of a borrower is used to compare _____ to the borrower’s gross monthly income.
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