Minnesota First Time Home Buyer Real Estate Blog
Explaining an Important Real Estate Term: DTI
If you’re like most first-time homebuyers, you’ve probably wondered what the term “DTI” means. This common abbreviation stands for debt-to-income ratio, but knowing this alone isn’t really enough to answer the original question. Debt-to-income ratios are especially important to the lending side of the real estate process, and today I’d like to go a little more in-depth into what this phrase refers to and why it matters to you. To learn more, watch this short video.
How Much Do You Need to Save for a Down Payment?
People often ask us how much they should really save to buy a home. This will depend on a few factors. To give you a short answer, there are many favorable loan programs here in Minnesota that will allow you to secure a mortgage for as little as $1,000. However, the financing option you choose will depend on your circumstances. Not all down payments will look the same. We would be happy to help answer any additional questions you have on this subject, but, for now, you can hear today’s full message by watching this short video.
