Profile picture for bennylori

DEBTS

what is considered "debts" when I am entering in my information to get quotes for a mortgage? Does that include rent, cars and utilities? Or is that only credit card debt?

Also, if I have a co-borrower, do I split our debts or lump them into one and put the same amount for both?

Thank you!!
Lori
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July 24 2010 - Houston
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Answers (3)

This seems like a good time to get pre-approved.  A loan officer can review all of your financial details and co-borrowers, review both credit reports if not a married couple, and will be able to determine best loan program and sales price/loan amount. Other debt that a lender does not count includes med. ins. premiums, auto ins. premiums, cable, phone, internet, utilties as mentioned, but all debts need to be considered when budgeting for a home purchase.
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July 24 2010
Profile picture for wetdawgs
Car, credit cards, student loans and many other things where you've received the service or item and are paying later.

Utilities and rent are not debts because it is more or less "pay as you go" (however, they will appear on your credit report if you fail to pay).
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July 24 2010
Any debts that show up on your credit report will be counted against your debt ratio. Rule of thumb, if your credit was run to get the credit it will be counted against your debt ratio. Utilities do not  fall into this classification (unless there is a negative reporting such as a collection connected to non-payment of a utility bill)

Also, if I have a co-borrower, do I split our debts or lump them into one and put the same amount for both?

When the lender runs your joint credit report it will bring up your individual and joint accounts. These will all be weighed together against your over-all debt ratio.  

 
 
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