Mortgage Numbers That Matter

Mortgage Numbers That Matter

Whether you are a first-time home buyer or an experienced one, there are three numbers that will help determine the type of mortgage you qualify for: your credit score, your debt-to-income-ratio and mortgage interest rates. Let’s learn more about the mortgage numbers that matter.

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Credit scores are used to help assess a person’s likelihood of repaying a loan. There are several different credit scoring models, such as FICO or Vantage 2.0. In general, credit scores are calculated by looking at a person’s payment history, the amount they have owed, the length of their credit history and the type of accounts that are open (i.e., credit cards, student loans and mortgages).

Having a higher credit score can help you secure a better loan and a lower interest rate. Did you know that once a year, you are entitled to a free credit report from all three major credit bureaus – Equifax, TransUnion® and Experian. You can learn more about credit scores and tips on our Mortgage Do’s and Don’ts  blog.


Another important aspect of applying for a mortgage is your debt-to-income ratio, often abbreviated as DTI. Your DTI is a helpful indicator on what you can afford when looking for a home.

Debt-to-income is calculated by taking the sum of your monthly debt payments and dividing it by your gross monthly income. This number will help lenders determine your capacity for monthly payments which will help determine the loan you qualify for. Keep in mind, your lender will calculate your gross monthly income based on the income documentation you provide. Depending on your type of employment, you will need to provide documents such as paystubs, W-2s, 1099’s and tax returns. If you are retired, your lender will require your monthly retirement benefit statement.

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Interest rates are determined by taking a variety of factors into consideration, such as your credit score, the length or term of your loan, how much you are contributing for a down payment and the type of loan program you qualify for. The national interest rate fluctuates based on the market and also impacts your final number.

Since mortgage interest rates are largely based on a borrower’s personal finances, understanding your credit score and DTI will help you have a better idea of what type of loan you qualify for.

Mortgages don’t have to be confusing. Our team is here to help you learn more about your options. Contact us today to connect with one of our mortgage professionals.

Why Jet HomeLoans?

At Jet HomeLoans we understand that buying a home is an important, life-changing event. That’s why we’re here to help make your dreams of homeownership a reality. We’re focused on providing you with the highest quality customer service and loan expertise. From our first conversation, to the first steps you take into your new home (and beyond), we’re here for you. We’ll listen to your needs and provide you with a wealth of resources to make the home loan process simple and stress-free.

We offer a vast selection of loan programs, easy-to-use tools, and friendly and personalized service to ensure a convenient and stress-free home loan journey. Clear and constant communication and timely status updates will keep you informed and reassured throughout the entire home loan process. So, if you’re ready to invest in your future, let Jet HomeLoans help you land the home of your dreams.

All information presented is for educational purposes only and not intended as financial advice.