Planning to buy a home in Sussex County NJ?

Planning to buy a home in Sussex County NJ? Don’t let your Debt-to-Income (DTI) ratio stand in the way of your dream! ????

Your DTI ratio—how much of your monthly income goes toward debts—is one of the biggest factors lenders consider when approving a mortgage. A healthy DTI shows you can handle the financial responsibility of homeownership.

Here’s how to keep your DTI in great shape:

Avoid taking on new debt: Thinking about financing a car or a big-ticket item? Hold off until after you’ve closed on your home. New debt can increase your DTI and impact your loan approval.
Pay down existing debts: Lowering your credit card balances or paying off smaller loans can significantly improve your ratio.
Stick to a budget: Keep your spending in check, especially in the months leading up to applying for a mortgage. Avoid unnecessary purchases and focus on saving.
Don’t close old accounts: While it’s good to pay off debts, keeping older accounts open can help maintain a strong credit score, which lenders also evaluate.
Stay consistent with income: Any job changes or fluctuations in income can affect your eligibility, so keep things stable if possible.

Managing your DTI isn’t just about numbers—it’s about positioning yourself to make the best financial decisions for your future.

?? Need more advice on how to prepare for buying a home? I’m here to help! Send me a message, and let’s get you on the path to homeownership.