Definition: Sure, I would be happy to help! The "mortgage to income ratio" refers to a measure that compares the amount of money you can borrow or obtain from a mortgage (a loan secured by your home) against your monthly income. A mortgage to income ratio is typically expressed as a percentage. For example, if you have a 20% mortgage and your annual income is $30,000, then your ratio would be 60%. The higher the mortgage to income ratio, the greater your financial burden. It's important to understand that this ratio doesn't necessarily measure how much you can realistically afford to pay for your home. Understanding your mortgage to income ratio is also important if you are trying to determine if you should refinance or take out a new mortgage loan. The better understanding of your finances helps you make informed decisions and plan accordingly. Let me know if you would like more information on this topic!
closed bracket.
what should be said.