When I applied for my first mortgage last year, the bank rep mentioned that having a low debt-to-income ratio would make things easier. Kinda shrugged it off at first, but now I'm realizing it might open up better rates or different lenders. I'm thinking about refinancing soon and wondering if anyone else has used their low DTI to get better deals or found certain lenders more accommodating...you know, without jumping through a million hoops.
Having a low DTI definitely gave me more leverage when I refinanced a couple years ago—got a noticeably better rate without much hassle. Curious though, are you also keeping an eye on your credit score? Seems like lenders look closely at both these days...
Good point about credit scores—definitely a big factor. I've noticed lenders are also paying more attention to employment stability lately. Had a friend recently who had a great DTI and solid credit, but switched jobs just before applying, and it caused some hiccups. Have you (or anyone else here) run into issues with job changes or gaps in employment affecting your refinancing or mortgage approval process? Seems like that's becoming a bigger deal these days...
"Had a friend recently who had a great DTI and solid credit, but switched jobs just before applying, and it caused some hiccups."
Yeah, lenders definitely seem more cautious about job stability lately. When I refinanced last year, they grilled me about a two-month employment gap from three years prior... felt excessive, but I guess they're covering their bases.
