A: Most likely, whether or not a loan provider will find you creditworthy.
To determine your borrowing power, lenders use guidelines called debt-to-income ratios. These are simply the percentage of your monthly gross income (your income before taxes) that is used to pay some combination of your monthly debts. There are generally three numbers you’ll need to remember when it comes to what these ratios mean in relation to your creditworthiness: 20%, 28%, and 36%. READ MORE
To determine your borrowing power, lenders use guidelines called debt-to-income ratios. These are simply the percentage of your monthly gross income (your income before taxes) that is used to pay some combination of your monthly debts. There are generally three numbers you’ll need to remember when it comes to what these ratios mean in relation to your creditworthiness: 20%, 28%, and 36%. READ MORE
