Personal debt consolidating mortgage
02-Oct-2019 10:50
Your income and credit history aren't the only aspects of your financial stability that your lender evaluates when you apply for a mortgage.
Your lender also reviews your current debts – including your new mortgage payment – and compares them to your income to determine whether or not you can actually afford the new loan.
The lender does this by calculating your debt-to-income ratio or DTI.
Lender requirements regarding your DTI will differ, but if your lender believes you have too much debt to reasonably afford your mortgage payments, it may require that you pay down your debt before approving the loan rather than use your new mortgage to consolidate those debts.
Foreclosed homes often sell for considerably less than their fair market value, which gives you extra wiggle room where your LTV is concerned.
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She currently works in the real-estate industry as a consumer credit and debt specialist.Minimum monthly payments aren’t doing the trick to help nix your debt, and you’re flippin’ scared.
