What is included in debt to income ratio?


so you’ve been dreaming about buying a
new home you’ve been looking at homes online and on TV and it’s what you want
to do but you don’t know where to start well here’s the first thing you need to
do and we’re talking about that right now HI there its Janni Realtor andBroker
Associate at Home Legacy Realty and I help people just like you buy and sell
real estate in Southwest Florida if you’re new here consider subscribing
because I post about all things real estate and living in Southwest Florida
and if you hit that notification bell you’ll be the first to know when I do a
new video in this video we want to talk about the first thing you need to do
when you’re ready to buy that house and that is to get pre-qualified today I’m
here with Chris and he’s going to tell you all about it hi I’m Chris Fulton
with Movement Mortgage, so the first step that you’ll want to take is you’ll want
to fill out our easy app okay you can do this online you can do this on your
phone you can do this on a computer a tablet, it makes it super easy, you can actually come
in, exactly so there’s many different ways you can fill it out but the number
one thing I want you to know is it’s very easy it doesn’t take much time to
do it’s the most important thing that you need to do and getting with Chris to
start is the way to go now there’s a lot of different things that he’s gonna ask
you and we made a video about that I’ll link that up there and you can tell them
a little bit more about that conversation so once you fill out the
easy app it’s gonna allow me to access your file which will enable me to pull
your credit and look at your debt-to-income all right so what’s
debt-to-income you might ask yes how much can I afford that’s how you figure
out how much home you can afford so different kind of loan programs will
allow you to have different debt to incomes but what it is for basic sake is
we take your income that you make things that they’re gonna look at are gonna be
car payments student loan payments revolving debts credit cards things like
that so they’re gonna take the minimum payments of all of those things and then
they’re gonna add the new housing payment so principal and interest plus
taxes on that house now we’re just going to estimate that because we haven’t
found a house yet or maybe you have and then you tell me here’s what the taxes
were so they’re gonna get taxes and insurance and and then mortgage
insurance if you have that they take all those together and that’s
what determines your debt-to-income right so basically what you make as
opposed to what you owe on a monthly basis exactly okay
that sounds good so for more questions about how to get pre-qualified for a
mortgage you’re going to ask those questions in the description box below
I’ll be linking Chris’s information there so you can get straight to that
easy app it’s super simple and it’s something that you can do right now so
if you found this video helpful don’t forget to give it a thumbs up and make
sure you subscribe because we post videos all about real estate and gettin’ that
mortgage right here on this channel thanks for watching and we’ll see you
soon

Paul Whisler

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