|
When
determining
your
ability
to
qualify
for
a
mortgage,
a
lender
looks
at
what
is
called
your
"debt-to-income"
ratio.
A
debt-to-income
ratio
is
the
percentage
of
your
gross
monthly
income
(before
taxes)
that
you
spend
on
debt.
This
will
include
your
monthly
housing
costs,
including
principal,
interest,
taxes,
insurance,
and
homeowner’s
association
fees,
if
any.
It
will
also
include
your
monthly
consumer
debt,
including
credit
cards,
student
loans,
installment
debt,
and….
…car
payments. |
