Buyselldfw

Underwriters don't look at income in a vacuum. They look at it in the context of your existing debts. This is known as your debt-to-income ratio or DTI.

DTI measures your current, ongoing debts (like credit cards, auto loans, and student loans) against your gross monthly income. Lenders subtract your current debts to see how much money is left over each month for mortgage payments.

Typically the highest lenders will accept is a DTI below 43%.

Do you pass the DTI test?

You want to sell and you want to sell fast but reducing the listing price can sometimes have the opposite effect!

Instead of reducing the listing price try giving seller concessions. This is where you agree to pay a certain amount or a certain percentage of the closing costs.

Creativity is key in a market like this one!

Here's my advice to increase your credit score as fast as possible:

1. Increase your credit limit! Did you know you can go into your bank app or website and ask for a credit increase online? It's not a lengthy process and it doesn't affect your credit score! You will either get a yes and the amount your credit limit increased to or a no with a reason. Just because you get more credit doesn't mean you have to use it!

2. Keep your credit utilization to 30% or less. If you have a credit card with 50% of the credit used and another with only 5% used then pay down the one with 50% usage first and if you absolutely have to use a credit card use the one with 5% usage. If you can keep your credit utilization to 7% that would be ideal.

3. Pay down your credit card debt. Yes, I know you've probably heard this one before but it is the most important thing you can do. Even if it's an extra $50 each month, it still counts! Not having Netflix or eating out for a few months will give you way greater benefits down the road.

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