Question 1

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 2

When is my credit card statement balance due?

Accepted Answer

Your statement balance is due on the payment due date shown on your statement, typically 21-25 days after the statement closing date. This period is called the grace period. To avoid interest charges and late fees, ensure your payment is received by the card issuer before the due date.

Question 3

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.

Question 4

Should I pay statement balance or current balance?

Accepted Answer

To avoid interest charges, pay at least the statement balance by the due date. Paying the current balance (which includes newer charges) can help keep your credit utilization lower and may give you a head start on the next billing cycle, but it's not required to maintain the grace period.

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Frequently Asked Questions

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

When is my credit card statement balance due?

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

Should I pay statement balance or current balance?

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