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Your very obvious ignorance was of the medical community is why you are anyone would infer that. Sorry you don’t understand the medical field. Then again you just showed you know very little about mortgages which is ok. You should learn more before you throw obvious false statements out
Not sure why I am even wasting my time with the so-called "squad" who know nothing about finances. I posted in another thread that it's NOT Net Income, it is the total DTI ratio which is total debt/Gross Income. Many lenders will allow up to almost 50% Back-end DTI ratio which is total debt to Gross Income. Has nothing to do with NI as everyone's tax situation is different.
And, when you made the reference to surgery, I just figured you were in medical device sales since I know the industry quite well. No doctor is likely traveling from Dallas to Ca for a surgical procedure unless he was in transition from one city to the next. Financial acumen is not present here on CD, other than Bad Debt and Cali Restoration.
Not sure why I am even wasting my time with the so-called "squad" who know nothing about finances. I posted in another thread that it's NOT Net Income, it is the total DTI ratio which is total debt/Gross Income. Many lenders will allow up to almost 50% Back-end DTI ratio which is total debt to Gross Income. Has nothing to do with NI as everyone's tax situation is different.
And, when you made the reference to surgery, I just figured you were in medical device sales since I know the industry quite well. No doctor is likely traveling from Dallas to Ca for a surgical procedure unless he was in transition from one city to the next. Financial acumen is not present here on CD, other than Bad Debt and Cali Restoration.
Damn. So much right in this post. You would be the closest as to what I do, but I am not in device sales. We do more consultative type approaches with surgery and the use of devices along with recommendations on specific procedures and then perform some of them all based on peer reviewed data. No saving lives, no "you need me in that room". Just a very specialized job that we try to keep the details hushed because less people doing it means higher fees for us. Our goal is maximizing outcomes, while controlling hospital and doctors costs. What is obvious is you know far more about both finance and medical than the "Squad".
Nice to see that someone understands the DTI scenarios. I thought all was lost. Faith is restored. I am amazed how much the "squad" will stand by erroneous information. You would think something as simple as net income would be understood. You have to admit it was damn funny when the poster said it was net income and then linked you to something that said gross income. Much like this thread where they say the tax cuts hurt all the middle and lower class people and yet when the real numbers are presented it is the opposite.
Not sure why I am even wasting my time with the so-called "squad" who know nothing about finances. I posted in another thread that it's NOT Net Income, it is the total DTI ratio which is total debt/Gross Income. Many lenders will allow up to almost 50% Back-end DTI ratio which is total debt to Gross Income. Has nothing to do with NI as everyone's tax situation is different.
And, when you made the reference to surgery, I just figured you were in medical device sales since I know the industry quite well. No doctor is likely traveling from Dallas to Ca for a surgical procedure unless he was in transition from one city to the next. Financial acumen is not present here on CD, other than Bad Debt and Cali Restoration.
Not sure why you are saying exactly what I said - about debt to income ratio being the determinant, and not simply gross income - and then seeming to say I said otherwise.
The first question is “Gross income” to establish theoretical loan ceiling ... then the balance sheet calculation of debt against that income to factor eligibility down to acceptable formulas.
Here’s what I posted, again:
Quote:
Originally Posted by Tulemutt
Debt to income ratio approval is NOT approval based on gross income. It IS approval based on [net of] the ratio.
Quote:
Originally Posted by Tulemutt
...
They study BOTH, Bolanders. The first question is “gross income” - to establish maximum limit. Then your expenses / liabilities adjust down the maximum theoretical loan your gross could allow if you had no debt services.
I said nothing about after tax net. Haven’t said anything about tax functions in loan qualifications at all. What I addressed was other debt service/obligations.
Not sure why you are saying exactly what I said - about debt to income ratio being the determinant, and not simply gross income - and then seeming to say I said otherwise.
The first question is “Gross income” to establish theoretical loan ceiling ... then the balance sheet calculation of debt against that income to factor eligibility down to acceptable formulas.
Here’s what I posted, again:
I said nothing about after tax net. Haven’t said anything about tax functions in loan qualifications at all. What I addressed was other debt service/obligations.
You flat out said net income. You were wrong. Move along.
A Direct quote - "Mortgages are approved based on a net worth / net income computation / evaluation." Nope they sure aren't
You also said " Every mortgage app in the country requires filling out liabilities and expenses as well as assets and income." Nope not true either.
You also said "Debt to income ratio approval is NOT approval based on gross income." That is an incorrect statement also. DTI ratio is 100% based on Gross Income compared to debt. DTI ratio is exactly the gross income compared to the amount of recurring debt you have which consists of CC, Student loan, home equity loan, and car loan.
In fact the specific quote (not by you but another of the squad) was "The loan is not approved based on gross income so I'm not sure why you are making this a big deal. Loans are debt to income ratios, not gross income.. That is incorrect. You guys are 0 for 4
Call up 10 mortgage brokers and call up 10 banks and flat out ask them is your DTI ratio based on net income or gross income. Let us know the answers and if they say net let us know the bank.
At this point I'm good with it. Every single person can read what you typed.
Last edited by Bolanders; 02-15-2020 at 02:47 PM..
You flat out said net income. You were wrong. Move along.
A Direct quote - "Mortgages are approved based on a net worth / net income computation / evaluation." Nope they sure aren't
You also said " Every mortgage app in the country requires filling out liabilities and expenses as well as assets and income." Nope not true either.
You also said "Debt to income ratio approval is NOT approval based on gross income." That is an incorrect statement also. DTI ratio is 100% based on Gross Income compared to debt. DTI ratio is exactly the gross income compared to the amount of recurring debt you have which consists of CC, Student loan, home equity loan, and car loan.
In fact the specific quote (not by you but another of the squad) was "The loan is not approved based on gross income so I'm not sure why you are making this a big deal. Loans are debt to income ratios, not gross income.. That is incorrect. You guys are 0 for 4
Call up 10 mortgage brokers and call up 10 banks and flat out ask them is your DTI ratio based on net income or gross income. Let us know the answers and if they say net let us know the bank.
At this point I'm good with it. Every single person can read what you typed.
Quote me saying mortgages are approved based on net income. Quote it and bold it. I wrote, plain for you to read: based on the (net of the) ratio (net of ratio being the result of the DTI computation).
You just claimed I wrote “ A Direct quote - "Mortgages are approved based on a net worth / net income computation / evaluation." I did not post that. It is fiction. Link it.
Quote anywhere I discussed taxes being a part of the factoring. Bold it.
I did write: “ Every mortgage app in the country requires filling out liabilities and expenses as well as assets and income” ... because they do.
You are also being specious with saying I am wrong to hold that: “Debt to income ratio approval is NOT approval based on gross income.” I didn’t say that gross income is not a factor ... I have said, correctly, that it is not the sole determinate as you seem to want argue, inexplicably. That is nonsense. You are trying to backstroke your way out of your silliness I guess. Debt to income ratio approval is NECESSARILY a function of factoring your gross income relative to your debt obligations. So of course gross income is part of the approval consideration. How could it not be? What a stupid thing to try to argue it could be either excluded OR stand alone.
Again, I never said Net income is the determinant ... just as Gross is not the determinant. And I never Included ANY mention of taxes.
Quote me saying mortgages are approved based on net income. Quote it and bold it. I wrote, plain for you to read: based on the (net of the) ratio (net of ratio being the result of the DTI computation).
You just claimed I wrote “ A Direct quote - "Mortgages are approved based on a net worth / net income computation / evaluation." I did not post that. It is fiction. Link it.
Quote anywhere I discussed taxes being a part of the factoring. Bold it.
I did write: “ Every mortgage app in the country requires filling out liabilities and expenses as well as assets and income” ... because they do.
You are also being specious with saying I am wrong to hold that: “Debt to income ratio approval is NOT approval based on gross income.” I didn’t say that gross income is not a factor ... I have said, correctly, that it is not the sole determinate as you seem to want argue, inexplicably. That is nonsense. You are trying to backstroke your way out of your silliness I guess. Debt to income ratio approval is NECESSARILY a function of factoring your gross income relative to your debt obligations. So of course gross income is part of the approval consideration. How could it not be? What a stupid thing to try to argue it could be either excluded OR stand alone.
Again, I never said Net income is the determinant ... just as Gross is not the determinant. And I never Included ANY mention of taxes.
You are making stuff up. Your backstroke sucks.
Quoted and bolded.
"Mortgages are approved based on a net worth / net income computation / evaluation."
A question for any other poster here:
Can anyone find the words net income in the quoted and bolded part?
You also said quoted and bolded-
"Debt to income ratio approval is NOT approval based on gross income."
There are only 2 types of income. Gross or Net
Can any other poster please tell me what type of income is meant if it says "NOT approval based on gross income"
oh and Gross is exactly the 100% determinant.....AGAIN.
You also just said (bolded and quoted)
"I did write: “ Every mortgage app in the country requires filling out liabilities and expenses as well as assets and income” ... because they do."
That is also incorrect.
Go ask any poster (other than the squad) who is backstroking. It is painfully clear. In fact I know it is clear because TR95 referenced that you are saying exactly what I wrote a few posts ago and I have no relationship nor do I know TR95.
As I said I am good. Every poster now can see what you wrote and hopefully they can finish before breaking out in a full laugh.
Mortgages are approved based on a net worth / net income computation / evaluation. Every mortgage app in the country requires filling out liabilities and expenses as well as assets and income. Basically it’s a simple subtraction ... though there can be a variety of other factorings involved (such as 20%-30% rental income down-adjustment to account for vacancy losses ... etc.). If you make $1,000,000 a year but your expenses (such as other mortgages, high credit card and other loan debt) suck up $950,000 a year, you’re not going to qualify for any jumbo loan. Lol.
And while pension funds are, indeed, structured to “earn” through investments, that is still subject to plenty of risk ... right up to complete fund collapse ... and don’t tell the readers that has never happened.
SS meanwhile is structured on a perpetually growing national economy and population. Which has always proven true, so far.
That said, both (investment funds and SS) are stupid. Because both exist requiring perpetual growth. The difference between both of those stupidities and Ponzi is, as 2Sleepy said: fraudulent intent. A Ponzi has always a limited ceiling, understood from the inception ... except to the suckers who buy in later and later to the ruse.
Ouch. I did not touch one thing other than bolding the exact quote. This ought to be some incredible spin coming. Posted today Feb 15 at 11:20AM for anyone keeping score here.
Quote:
Originally Posted by Tulemutt
No sir. Quote the post using the quote function that identifies the post number.
"Debt to income ratio approval is NOT approval based on gross income."
There are only 2 types of income. Gross or Net
Can any other poster please tell me what type of income is meant if it says "NOT approval based on gross income"
oh and Gross is exactly the 100% determinant.....AGAIN.
You also just said (bolded and quoted)
"I did write: “ Every mortgage app in the country requires filling out liabilities and expenses as well as assets and income” ... because they do."
That is also incorrect.
Go ask any poster (other than the squad) who is backstroking. It is painfully clear. In fact I know it is clear because TR95 referenced that you are saying exactly what I wrote a few posts ago and I have no relationship nor do I know TR95.
As I said I am good. Every poster now can see what you wrote and hopefully they can finish before breaking out in a full laugh.
Sorry, but gross income is NOT the “100% determinant” ... THAT is absurd. The 100% determinant is the ratio of the DTI (and credit worthiness).
And yes, ALL mortgage applications require the applicant to list debt obligations as well as assets so that the DTI can be computed. How absurd to suggest all a banker wants to know is your gross income.
Sorry, but gross income is NOT the “100% determinant” ... THAT is absurd. The 100% determinant is the ratio of the DTI (and credit worthiness).
And yes, ALL mortgage applications require the applicant to list debt obligations as well as assets so that the DTI can be computed. How absurd to suggest all a banker wants to know is your gross income.
OMG. I can't believe how much you don't understand this. Gross income is the 100% determinant when looking at a DTI ratio. I can't believe I have to spell this out for you. This was extremely obvious when I wrote this. In fact it was so obvious TR95 posted about it thus supporting what I said. I literally am the one who posted the 28/36 rule
...And no all mortgage applications do not require this. Currently there are totaled over $25.9 billion in owner-financed loans across 2,137 counties in the United States. Many of these are for owner financed/funded mortgages. Almost all of these will have whatever requirement they decide with their own criteria and application (if there even is one as many do not have them). I know of many owner financed mortgages (in CA ironically) among the Asian communities that did not require (to use your words) "the applicant to list debt obligations as well as assets so that the DTI can be computed.". Advanced Seller Data Services found that 91,605 first-lien-position, owner-financed loans were created and recorded in public records in 2018.
Again you are speaking about things you have no clue about.
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