👉 Sure! Let's talk about "mortgage debt to income ratio."
Imagine this: You're a lucky borrower and you have a lot of money for your home. But guess what? That means that you owe more than the amount of your monthly mortgage payments. Now, let me show you how it works in an edgy way: 1. Let's say you own a house worth $500,000. 2. You have $60,000 per month in monthly mortgage payments. 3. Your total debt to income ratio is 8 times your monthly mortgage payment. That's right! In essence, every dollar you make is used to pay off the mortgage, and that means that by default, you're paying more than what you're worth. It's as if you're borrowing money from a bunch of people instead of just paying rent! Now for an example sentence: "If I had 50% more income, could I still afford my house?"
