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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Whay is everyone's Debt to Income Ratio
Random poll. Just curious. I made it a poll so that everyone can be annoyonmous!
ETA:
This includes Mortgage, taxes, homeowners insurance, car payment, school loans, Credit cards utilities, and other other bills that MUST be paid on a monthly basis.
Clarification. to figure out: Take your yearly gross salary (or combined if married) and divide by 12. add up your monthly bills (things that MUST be paid every month, include minimum amount due monthly for any credit cards you have.). Divide that number by the gross monthly income.
That is your ratio.
Message edited 5/26/2010 11:31:38 AM.
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Posted 5/26/10 10:26 AM  |
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Re: Whay is everyone's Debt to Income Ratio
I'm not sure what this means but right now our debt is less than 20% of our yearly income but once we close on our house it will be more than our yearly income obviously...
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| Posted 5/26/10 10:55 AM |
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MrsRitaB
Love of my life! <3
Member since 4/10 4669 total posts
Name:
Ri
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Re: Whay is everyone's Debt to Income Ratio
well anyone who just got a mortgage will be close to 100 -
my credit cards are 17 percent
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| Posted 5/26/10 11:11 AM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Whay is everyone's Debt to Income Ratio
Post edited for clarification
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| Posted 5/26/10 11:32 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Whay is everyone's Debt to Income Ratio
Its about 25%, but that includes cable, cell phones, and other monthly bills for non-necessities which could be reduced or eliminated if need be. If those are excluded, its about 20%.
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| Posted 5/26/10 11:37 AM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
Name:
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Re: Whay is everyone's Debt to Income Ratio
Right now it's really low. We have no debt (no car payments, no CCs, no other loans) other than our mortgage and it's really small... but so is our house 
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| Posted 5/26/10 11:47 AM |
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MRnMRSNurse
LIF Adult
Member since 8/09 1318 total posts
Name:
Jessica
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Re: Whay is everyone's Debt to Income Ratio
We have no debt & minimal bills. This still made me feel poor. We aren't that poor!!
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| Posted 5/26/10 11:50 AM |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: Whay is everyone's Debt to Income Ratio
Posted by MrsRitaB
well anyone who just got a mortgage will be close to 100 -
 why do you think that? it's actually the total opposite, i.e. you have to have a reasonably low DTI to get a mortgage...
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| Posted 5/26/10 12:53 PM |
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NeedtoHide
LIF Adolescent
Member since 3/10 551 total posts
Name:
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Re: Whay is everyone's Debt to Income Ratio
.21
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| Posted 5/26/10 1:35 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Whay is everyone's Debt to Income Ratio
Posted by MrsRitaB
well anyone who just got a mortgage will be close to 100 -
How can you say this about "anyone"?
we just bought a house and we only bought it based on DH's salary because one day I will stop working to take care of our kids. A lot of people do this. And given that banks are pretty strict these days, I can't see to many banks allowing it to be 100%. Wells fargo wouldn't allow it to be more then 40%
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| Posted 5/26/10 2:26 PM |
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Re: Whay is everyone's Debt to Income Ratio
Posted by Salason
Posted by MrsRitaB
well anyone who just got a mortgage will be close to 100 -
why do you think that? it's actually the total opposite, i.e. you have to have a reasonably low DTI to get a mortgage...
This whole thing doesnt make sense to me - I think what she is saying that for example once we close on our house - our debt will be $250,000 and our yearly income is obviously less than that.
If you break it down by mortgage payments that you owe in one year, then I have no idea what it is...
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| Posted 5/26/10 2:58 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Whay is everyone's Debt to Income Ratio
Posted by HeatherRose
Posted by MrsRitaB
well anyone who just got a mortgage will be close to 100 -
How can you say this about "anyone"?
we just bought a house and we only bought it based on DH's salary because one day I will stop working to take care of our kids. A lot of people do this. And given that banks are pretty strict these days, I can't see to many banks allowing it to be 100%. Wells fargo wouldn't allow it to be more then 40%
Yea exactly, well they told me 50 for refi
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| Posted 5/26/10 2:59 PM |
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MrsRitaB
Love of my life! <3
Member since 4/10 4669 total posts
Name:
Ri
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Re: Whay is everyone's Debt to Income Ratio
Posted by Salason
Posted by MrsRitaB
well anyone who just got a mortgage will be close to 100 -
why do you think that? it's actually the total opposite, i.e. you have to have a reasonably low DTI to get a mortgage...
i just check my credit report yesterday and it is 90% - i thought she meant by credit report standarts
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| Posted 5/26/10 3:13 PM |
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MrsRitaB
Love of my life! <3
Member since 4/10 4669 total posts
Name:
Ri
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Re: Whay is everyone's Debt to Income Ratio
Posted by Serendipity
Posted by HeatherRose
Posted by MrsRitaB
well anyone who just got a mortgage will be close to 100 -
How can you say this about "anyone"?
we just bought a house and we only bought it based on DH's salary because one day I will stop working to take care of our kids. A lot of people do this. And given that banks are pretty strict these days, I can't see to many banks allowing it to be 100%. Wells fargo wouldn't allow it to be more then 40%
Yea exactly, well they told me 50 for refi
yes i know - i was singling out just the mortgage itself because i misunderstood her post before she corrected
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| Posted 5/26/10 3:14 PM |
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MrsRitaB
Love of my life! <3
Member since 4/10 4669 total posts
Name:
Ri
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Re: Whay is everyone's Debt to Income Ratio
Posted by staceyums81
Posted by Salason
Posted by MrsRitaB
well anyone who just got a mortgage will be close to 100 -
why do you think that? it's actually the total opposite, i.e. you have to have a reasonably low DTI to get a mortgage...
This whole thing doesnt make sense to me - I think what she is saying that for example once we close on our house - our debt will be $250,000 and our yearly income is obviously less than that.
If you break it down by mortgage payments that you owe in one year, then I have no idea what it is...
yes thank you stacey
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| Posted 5/26/10 3:14 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Whay is everyone's Debt to Income Ratio
Posted by MrsRitaB
Posted by staceyums81
Posted by Salason
Posted by MrsRitaB
well anyone who just got a mortgage will be close to 100 -
why do you think that? it's actually the total opposite, i.e. you have to have a reasonably low DTI to get a mortgage...
This whole thing doesnt make sense to me - I think what she is saying that for example once we close on our house - our debt will be $250,000 and our yearly income is obviously less than that.
If you break it down by mortgage payments that you owe in one year, then I have no idea what it is...
yes thank you stacey
DTI ratios are based on your monthly salary comared to your monthly payments - check the OPs edits that explains what it is
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| Posted 5/26/10 3:16 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Whay is everyone's Debt to Income Ratio
DTI ratios are based on your monthly salary comared to your monthly payments - check the OPs edits that explains what it is
oh okay I see, then once we get our mortgage it will be around 35% if you count the cable and cell phone car insurance etc...
If you go by our net income (after taxes) it's like closer to 50%
Message edited 5/26/2010 3:22:33 PM.
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| Posted 5/26/10 3:20 PM |
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MrsRitaB
Love of my life! <3
Member since 4/10 4669 total posts
Name:
Ri
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Re: Whay is everyone's Debt to Income Ratio
Posted by staceyums81
DTI ratios are based on your monthly salary comared to your monthly payments - check the OPs edits that explains what it is
oh okay I see, then once we get our mortgage it will be around 35% if you count the cable and cell phone car insurance etc...
If you go by our net income (after taxes) it's like closer to 50%
yeah mine is about 33%
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| Posted 5/26/10 3:23 PM |
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MRnMRSNurse
LIF Adult
Member since 8/09 1318 total posts
Name:
Jessica
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Re: Whay is everyone's Debt to Income Ratio
Oh did people do this by the income they actually take home or by what they see after taxes? I did mine after taxes & that makes a HUGE difference.
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| Posted 5/27/10 9:29 AM |
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Mrs213
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Member since 2/09 18986 total posts
Name:
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Re: Whay is everyone's Debt to Income Ratio
Posted by MRnMRSNurse
Oh did people do this by the income they actually take home or by what they see after taxes? I did mine after taxes & that makes a HUGE difference.
before taxes
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| Posted 5/27/10 9:39 AM |
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Re: Whay is everyone's Debt to Income Ratio
About 25% before taxes. It helps that DH and I have both gotten decent raises since we bought our house.
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| Posted 5/27/10 11:20 AM |
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