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The ways you can borrow money are almost as diverse as the ways you can spend it. If you are thinking about borrowing money, make sure you know all your lending options. No matter your reason for borrowing money, you'll want to be sure you can afford to pay it back. Many lenders use a debt-to-income ratio, or DTI, as a benchmark to see whether a borrower can afford a loan. According to one common guideline, all debt, including your mortgage payment, should not exceed 36 percent of gross income. This paper gives some guidelines for deciding how to borrow, how much to borrow and how to finance a range of purchases.
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