Lowering your debt-to-income ratio can help you qualify for a loan. But how do you actually lower it?
✔️ Increase the amount you pay monthly toward your debt. Extra payments can help lower your overall debt more quickly.
✔️ Avoid taking on more debt. Consider reducing the amount you charge on your credit cards, and try to postpone applying for additional loans.
✔️ Postpone large purchases so you’re using less credit. More time to save means you can make a larger down payment. You’ll have to fund less of the purchase with credit, which can help keep your debt-to-income ratio low.
✔️ Recalculate your debt-to-income ratio monthly to see if you’re making progress. Watching your DTI fall can help you stay motivated to keep your debt manageable.
Do you have questions? Give me a shout, I'd be happy to answer them for you!
Gary "Mr. Action" Fayerman
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