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Lenders typically calculate your debt-to-income ratio to determine how much you can realistically pay for a monthly mortgage payment. In general, a high debt-to-income ratio makes it more difficult for you to obtain financing tobuy a house. ...
Property taxes and mortgage interest paid. This typically appears on aForm 1098, Mortgage Interest Statement, which you will receive from your mortgage lender.5If you have no mortgage or do not have an escrow account paying yourproperty taxes, then you will need to keep a record of your prop...
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For homeowners, the CFPB recommends keeping your DTI ratio for all debts—including your monthly mortgage payment—at 36% or less. The CFPB also notes that 43% is typically the highest DTI ratio you can have for aqualified mortgage.
Mortgage lenders prefer a debt-to-income ratio that is below 36%. When it comes to calculating DTI, divide monthly debt payments such as child support, student loans, and credit card debt by your gross monthly income.
How will this mortgage affect the quality of living in the house? Will you have the money to make repairs when they’re needed? Will you be able to handle emergencies and still pay your mortgage? If you are a senior age 62+ you may find comfort in eliminating your mortgage payment altog...