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When appyling for a home loan, you should take several things into consideration including interest rates, monthly payments, and whether or not you can comfortably afford to make that payment. Just because you get approved for a $400,000 home, it doesn't mean you can afford to make that payment. Lenders like to see your total debt-to-income ratio around 45% including your housing expense. Just for your home loan, or what is called the front-end ratio, lenders like to see around a 28% ratio. then you add up all your other expenses like your car payment, student loan payment, etc. Add up all the numbers and this is your back-end ratio. Expenses that do not show up on your credit that will not show up on any credit report is things like gas, vacations, things of this natural. Never over extend yourself to the point of not being able to make your payments.
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Ronnie Bredahl, Austin Realtor
Austin Real Estate Broker
4802 Woodside Drive
Austin, Texas 78735
info@austinreferralrealty.com
Telephone: (512) 785-9050
