LTV or Loan-To-Value ratio is the maximum amount of exposure that a lender is willing to accept in financing your purchase. Lenders are usually prepared to lend a higher percentage of the value, even up to 100%, to creditworthy borrowers. Another consideration in approving the maximum amount of loan for a particular borrower is the ratio of monthly debt payments (such as auto and personal loans) to income. Rule of thumb states that your monthly mortgage payments should not exceed 1/3 of your gross monthly income. Therefore, borrowers with high debt-to-income ratio need to pay a higher down payment in order to qualify for a lower LTV ratio.
We've been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 219462
Licensed Mortgage Broker with
NJ Department of Banking and Insurance
and
PA Department of Banking and Securities
www.nmlsconsumeraccess.org
Xpress Financial Mortgage Corp.
dba Xpress Lending
4270 Route 1 North
Monmouth Junction, New Jersey 08852
Phone: (732) 951-0808
anil@xpresslending.com
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