Month: June 2017

Banking and financial checklist by Magilla

Magilla’s Financial Checklist

When applying for a loan, most of our lenders will require the same financial information. Each lender has different criteria, however essentially you’ll need to submit the same pieces of information. It’s a good idea to gather your financial documentation before you start the application process, so you have it ready and can answer questions…

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An explanation of the debt-to-income ratio by Magilla.

Debt-to-income ratio, explained

What is debt-to-income ratio? Debt-to-income ratio — referred to as DTI —  is the percentage of your monthly gross income that goes towards paying monthly debts. To calculate, add up your monthly debts and divide by your gross monthly income. E.g. $3500. (debt) ÷ $10,000. (gross monthly income) = 35% DTI. How does my DTI…

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