@sports1965 wrote:I just lowered my credit Util from 93% to 8% and my DTI is now 2.9%
...thats an interesting DTI ...can you explain how you arrived at it?
@frugalQ wrote:
OP is just lucky to have no debt!
...but he MUST have "debt" to arrive at a DTIR ...else hes applying to live rent free in his mother's basement 
...afaik, in any Mortgage loan qualification/preapproval process the estimated PITI+PMI are included when the FE/BE DTIR is calculated ...otherwise the DTI would be essentially meaningless ...the LO uses the DTIR to calculate the maximum loan that can be preapproved ...thus my interest in how the 2.9 DTI was calculated by the op ...could be a perfectly good number, just like to know ...hth
@Lemmus wrote:
@frugalQ wrote:
OP is just lucky to have no debt!...but he MUST have "debt" to arrive at a DTIR ...else hes applying to live rent free in his mother's basement
...afaik, in any Mortgage loan qualification/preapproval process the estimated PITI+PMI are included when the FE/BE DTIR is calculated ...otherwise the DTI would be essentially meaningless ...the LO uses the DTIR to calculate the maximum loan that can be preapproved ...thus my interest in how the 2.9 DTI was calculated by the op ...could be a perfectly good number, just like to know ...hth
I am pretty certain it was his DTI pre-mortgage.
Mine is similarly low if I discount rent which the mortgage lender will... minimum payments on CC's are still debt. Not sure how that's going to go in my case so I'm just balparking $20/card, or ~$200 or 1.5% DTI going into the process.
