Thank you for educating us how DTI is calculated. I have spoken to several Lenders and didn't quite understand how our debts affected the pre-approval amount. Now it's very clear and after watching this, we will hold off our decision to buy.

Knowledge weighs nothing, but is invaluable. Thank you

@NicoleNark

27 күн бұрын

My pleasure!

Your explanation was paced at a speed I could understand, and your visuals were easily comprehensible. Thank you so much for this useful introduction.

Awesome video and well explained! I appreciate the much neeeded information 😊

Through this video and an online DTI calculator, this has given me a lot of great information. Thank you!

I have just hit subscribed. Thank you, for explaining simply the rationales behind these numbers

Thank you for this! It was very clear and concise.

Very easy to digest thanks!! 🙏🏽

This is the only video that made me understand! Thank you!

Soo good! Thank you! I am starting to think about buying a house/ land. I just found your channel so that is perfect timing :) love how straight forward your videos are!

@NicoleNark

3 жыл бұрын

Thank you so much! I am happy to hear that my videos have been helpful to you! If you have other questions/topics that you want to know more about, please let me know! I'll make some videos for them 😊

Thank you so much...I appreciate your time and clear explanations!!

@NicoleNark

3 жыл бұрын

You are so welcome! Glad it was helpful! 😊

This was an awesome breakdown. Thank you so much.

Thank you so much I love the way you explain so clearly! I live in Texas and I hope to find someone like you here!

@NicoleNark

3 жыл бұрын

You are so welcome! Wishing you the very best on your home buying journey! Let me know if I can help in any way. 😊

This is a very clear explanation. Best video on this topic I’ve seen. Thank you!

@NicoleNark

2 жыл бұрын

Thanks for watching!

Thank you for how you explained this in detail.

Perfect explanation! Thank you so much!😊

@NicoleNark

3 жыл бұрын

You're very welcome!

You are absolutely my new favorite real estate channel on KZread. Thank you!

@NicoleNark

2 жыл бұрын

Thank you Salem!

you are wonderful teacher!!! Thank you for explaining this.

Perfect explanation and great job explaining different scenarios!

Super helpful! I'm def starting to feel more confident about being able to afford and get approved for a home loan. :)

@NicoleNark

2 жыл бұрын

You’ve got this! I was terrified about the process when I bought my first house but the more I learned, the better I felt!

So helpful! Thanks

Thank you so much for this video. It was very informative.

Thank you, Thank you. THANK YOU .. That was a great explanation...I was unable to figure it out on the online DTI calculator..lol

This breakdown was very easy to understand. Thanks

Beautiful!!!! Nicole

What a great video , thank you so much

Thank so much. This was really helpful

@NicoleNark

4 ай бұрын

Glad you thought so!

I just found your channel and....I Love It!! Thank you, thank you, thank you for educating inmigrants like me!! Now: what if I have NO Debts AT ALL!! What will my DTI ratio will be???

Awesome extremely informative I now have a better perspective of debt to income for buying my first home 👍

Thank you for explaining this so clearly.

@NicoleNark

2 жыл бұрын

Happy to help!

very easy to understand . thank you

Thank you for this video. Helps me actually understand this.

@NicoleNark

2 жыл бұрын

You're very welcome!

Very informative video!

Thank you I really appreciate the time and explanation I feel confident I can afford a house

Thanks for the information.

Great tool! Thank you 😊

your accents are very clear with well explained.

@NicoleNark

3 жыл бұрын

Thank you! 😃

Excellent explanation, thank you breaking it down clearly.

@NicoleNark

5 ай бұрын

You're very welcome!

Awesome explanation 🙂👍

Simplicity at its FINEST👌🏾👌🏾

Great VID THANK You!!!!!!

Great video ! ❤

@NicoleNark

Жыл бұрын

Thank you!!

Why is Nicole so cool and clear and smart? This is the type of stuff High Schools should teach. Not “Texas History”, something no one cares about. I bet not even colleges teach. Nicole is amazing!

@dtrudelle

7 ай бұрын

More money to be made off of people when they don't know about finances. Keep 'em dumb you know?

Very helpful! Thank you so much!!

@NicoleNark

Жыл бұрын

Glad it was helpful!

You are so awesome and thank you so much.

@NicoleNark

3 жыл бұрын

You are so welcome😊

My parents are from Arkansas. I am seriously considering buying my first home but working on credit and paying down debts

Thanks for the info Nicole 😘

@NicoleNark

2 жыл бұрын

Absolutely! Happy to help!

Thanks for your dti advice

Thank you Nicole for your expertise. I will be reaching out to you to see about the USDA path to home ownership. Blessings to you!

Thank you for this DTI calculation.

@NicoleNark

2 жыл бұрын

Glad it was helpful!

Thank you nicole

Thank you

Very helpful

THANK YOU

Thanks for sharing this information.

@NicoleNark

3 жыл бұрын

My pleasure

@csewell8598

3 жыл бұрын

I to buy a second home con i get 5 % pay down

Thank you 😊

I am Pakistan. It is very good lecture DTI and understand easy.

Gracias, muy claro como lo explicas. Hablo español , entiendo poquito Inglés, pero lo explicas también que es bien entendible, gracias

I love your explanation. Now, how about the other expenses like, utilities and home expenses?

I just discovered your videos and I love the thorough explanations in easy to understand language. If I am self employed, which figure on my 1040 tax returns do I use to calculate gross wages? Thank You!

@NicoleNark

2 жыл бұрын

I am so happy that you find the videos helpful! 😊 As a self employed individual lenders are going to look at your net income after deductions. They will look at your most recent 2 years of tax returns and divide the net income by 24 months to give them a typical monthly income. One of the big obstacles is the fact that it is net income. When I buy homes, I have to go through the same process.

Got it Thank you...

Good information thankyou

@NicoleNark

3 жыл бұрын

You're welcome:)

Great video. Thank you. Is IRS tax payment plan calculated into debt income ratio? Thank you.

Thank you Nicole. Your explanation is the clearest that I could understand.

Wow truly you are Amazing I finally got it , I watched so many similar videos I was not able to get it , I hope you don’t mind if I send your videos to my friends?

@NicoleNark

3 жыл бұрын

Happy to help! Please share! 😊

Thank you sweetie, love you 😘

If I am married will debt to income ratios be combined? Great content. I’ve already watched 3 videos, will subscribe now ☺️

That trap beat is litty

Oh wow, we may have been ready years ago😮

What’s would be the total amount you think we should have in savings for a house aside from grants and loans? I understand we don’t need to have a big amount of savings because of the programs or loans but what would be a safe zone per say for ourselves to finally say ok we think we’re ready to commit into searching for a home? We’re looking into start with our home process but so far we only have around 5,000 in savings I’m a little worried that it won’t be enough after grants or the loans but we would be a first time home buyers

Thanks for the video! It was very helpful. Does co-signing for an apartment lease count towards “debt” in the DTI?

@NicoleNark

Жыл бұрын

Not usually!

Yes 👍 I now get it! Why does my lender want to sell my car in order to qualify for a home loan? My car payment is $442.85 and my bal is $3900. I bought this car in 2016 off the showroom and it only has 3900 miles on it…

If I'm refinancing my mortgage, combining my 1st and 2nd mortgage, do I use my "Pre" or "Post" refinance mortgage amount for calculating my DTI?

Thank you so much for this video! Quick question. How come we use the gross income and not the net? Isnt the net the actual money you have ( after taxes ) ?

@NicoleNark

2 жыл бұрын

Good question Jorge! It is the job of the lender to sell you a loan. They do not necessarily care how practical your payment is after you close on the loan. So lenders will use your gross income when calculating how much you can afford. It is your job to make sure that you have enough take home pay to feel comfortable with those payments!

Is that just the mortgage payment or do you have to figure taxes and insurance into it?

What is included in the mortgage payment? Just principal & interest? Or other things?

Hi. I had several credit cards that I have paid off and now have a zero balance. I have left the accounts open to help with my credit score but it now appears that those would also be factored into my DTI even though they are paid off? So do you recommend me closing them out and watching my credit score drop or Leaving them open and effecting my DTI?

If my husband was self employed the past twenty years and he has now started a new job within the same field but for a company, how long do we need to wait to apply? Do we wait for a whole year after him starting to file taxes to show his yearly gross? We had trouble in the past getting approved since he was self employed and after deductions his pay didn’t look like a lot. This is all new to us.

When you calculate mortgage does it include home owners insurance etc or is it just the principal and interest?

I like this video. Its so easy to understand on your explanation. You shoud try teacher too. 🤣❤️❤️

@NicoleNark

2 жыл бұрын

Haha I did think about being a teacher when I was in college 😂

Does the property tax and home owner's insurance go in the calculation of the DTI too or is it just principle + interest along with car payments..etc?

The video was very interesting but im just curious, rather than all the dividing to find out the dti to find the 45%. If you know your gross income, why not just find 45% of whatever the gross income is? It seems much simpler. Then figure out your debts and whats left would be what you qualify for with a mortgage payment.

Clear, simple, and helpful. Thank you for the content!

@NicoleNark

Жыл бұрын

Glad it was helpful!

To find fast 45% debt ratio just multiply your income 5000 by 0.45. In example 5000 × 0.45 = 2250 $

I understood DTI.

Do home lenders factor in Fico scores like car loans do? Also I have about 5 medical items in collections on my credit report but I never pay on them. Do lenders deny ppl loans who have this issue? My income is 4K b4 taxes and I want a mortgage under $1290 a month

I’m a Disabled vet that makes over well over 6figures per year and I have 0 debts no credit card no car payment and I was told today that I no longer qualify for my loan. I had 1 job paying 140k per year which I lost due to layoff And one paying 110k per yr which I still have And I get disability income of 2500 per month. This is the America I bled for.

Hi Nicole. Would you work the following problem out to make sense to me? Problem: Troy and Curtis earn $54000 per year and have $550 in monthly debts. What is the maximum Mortgage loan payment for which they qualify using 28%? 36% ratios? Thank you in advance. - V.

Any suggestions for retired folks that have a history of frugal income despite net worth in the millions including real estate owned? By being frugal, low income tax bracket, but unacceptable debt/income ratio due to low income history in retirement, therefore difficult to prequalify for a loan.

Are property taxes, pmi, and homeowners insurance included in this calculation?

I pulled from my 401k and paid off my car and credit cards and then just saved the rest. looking to buy a house by the end of this year fingers 🤞

Can I include monthly avg rent from other properties?

Thank you for this video :) Does child support and alimony count in the DTI calculation?

@NicoleNark

Жыл бұрын

Yes it does!

@robertoguerra5375

Жыл бұрын

@@NicoleNark thank you for your answer… not good news for me but thank you :)

Does using a credit card for all monthly expenses but paying off that card every month without interest hurt your back end debt to income ratio?

Hi miss Narc how can I aquire a home with bad credit and little down payment

Hey Nicole. On the credit card if you have multiple cards with zero balances, what would be the minimum? For example, before it was paid down to zero, the minimum was $25.00. Do I take this number and multiply by the amount of cards I have?

@etoshagriffin3902

Жыл бұрын

This is what I want to know as well. I was just told it doesn’t matter if it’s at a zero balance the minimum is still counted. Then I’m told it doesn’t count. I’m getting conflicted info.

If you have student loans that are in forbearance are they used to calculate your DTI?

I'm trying to calculations but I just don't get it. I can understand yours and how you explain everything is so simple but I just can't figure mines out...

When calculating monthly debt to income ratio, is rent included in the monthly Dept payment?

@NicoleNark

3 жыл бұрын

Rent is not included in your monthly debts when calculating your DTI.

@stephenlacher587

2 жыл бұрын

@@NicoleNark Your new proposed house payment will be.

Superrr Helpful and easy to understand!!! When applying for a loan as a married couple and making $50K. Can I make my numbers based on a Gross income of $100K so that our DTI is lower and the number we can afford higher to show the bank?

@NicoleNark

Жыл бұрын

If you will both be on the loan, the incomes and debts of each of you will be added into the DTI calculation