Question 1

What is mobile banking?

Accepted Answer

Mobile banking is accessing bank services through smartphone apps. Features include mobile check deposit, balance checking, transfers, bill pay, card management, ATM locator, and often biometric login.

Question 2

What is debt-to-income ratio (DTI) for mortgages?

Accepted Answer

DTI ratio compares your monthly debt payments to your gross monthly income. Lenders calculate it as total monthly debts divided by gross monthly income. Most lenders prefer a DTI of 43% or less, though some programs allow higher. Lower DTI indicates you have more income available for your mortgage payment and improves your approval chances.

Question 3

What should I do if I find an error on my statement?

Accepted Answer

Contact your bank immediately (within 60 days) to dispute the error. Provide transaction details, explain the issue, and request a correction. Banks typically investigate and respond within 10 business days.

Question 4

What happens if I only pay the minimum payment instead of the statement balance?

Accepted Answer

If you only pay the minimum payment, you'll avoid late fees and penalties, but you'll be charged interest on the remaining balance. Interest compounds daily, making your debt more expensive over time. Paying only the minimum extends repayment and can cost significantly more in interest charges.

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Frequently Asked Questions

What is mobile banking?

What is debt-to-income ratio (DTI) for mortgages?

What should I do if I find an error on my statement?

What happens if I only pay the minimum payment instead of the statement balance?

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