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Answers (6)
- Mark Charles, "Mark Charles"
- Contributions:4
Your Lender will include monthly payments that appear on your credit report, your proposed new house payment (along with taxes, insurance, mortgage insurance, and HOA dues. You lender will also ask you about any other debts you have that do not appear on your credit report such as any new credit cards or installment loans you recently obtained.
When it comes to 'adding up your bills', you will want to include all your living expenses including non typical expenses such as auto repair, health insurance co-pays, etc... What your lender says you can afford might be more than you want to afford. Make fully informed decisions..be realistic and conservative.
When it comes to 'adding up your bills', you will want to include all your living expenses including non typical expenses such as auto repair, health insurance co-pays, etc... What your lender says you can afford might be more than you want to afford. Make fully informed decisions..be realistic and conservative.
- Mark Wilkins, "TheMortgageMark"
- Contributions:349
Anything on your credit report, Mortgage, Payment, Taxes, Insurance, HOA fees if applicable.
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
also:
unreimbursed business expenses
and any business losses (that side job your not using to qualify, the losses still count as debt)
unreimbursed business expenses
and any business losses (that side job your not using to qualify, the losses still count as debt)
- Scott & Marla Wynn, "WynnTeam"
- Contributions:79
The best way to figure out what the lender will use will be to pull a credit report. You can do this for free at annualcreditreport.com. You do not have to pay for a service, your credit score or the report...it should be 100% free.
Once you pull the report it will show you the amount of monthly debt payments you are required to make. This is the first step.
Next, add your court ordered payments such as child support, alimony, separate maintenance, tax debts and judgments (assuming these debts do not show up on your credit).
Lastly, you will need to calculate your new mortgage payment including:
- Principal
- Interest
- Property Taxes
- Homeowners Insurance
- Mortgage Insurance
- Home Owners Association (HOA), if any
Add all of these debts and that is what the lender looks at when calculating your monthly debts for qualifying purposes.
Once you pull the report it will show you the amount of monthly debt payments you are required to make. This is the first step.
Next, add your court ordered payments such as child support, alimony, separate maintenance, tax debts and judgments (assuming these debts do not show up on your credit).
Lastly, you will need to calculate your new mortgage payment including:
- Principal
- Interest
- Property Taxes
- Homeowners Insurance
- Mortgage Insurance
- Home Owners Association (HOA), if any
Add all of these debts and that is what the lender looks at when calculating your monthly debts for qualifying purposes.
- Dan, "the_country_hick"
- Contributions:4700
You remember taking out a loan on stuff?
Every month you get a bill from those loans wanting you to pay them off.
Those bills are it.
Taxes, insurance, electric, water, and sewer bills are NOT monthly debts. They are monthly expenses.
Debt is stuff like revolving credit card debt, student loans, mortgages, car payments, personal loans and so on. All things you signed your name so you could borrow money you need to repay.
Every month you get a bill from those loans wanting you to pay them off.
Those bills are it.
Taxes, insurance, electric, water, and sewer bills are NOT monthly debts. They are monthly expenses.
Debt is stuff like revolving credit card debt, student loans, mortgages, car payments, personal loans and so on. All things you signed your name so you could borrow money you need to repay.
- wetdawgs
- Contributions:26854
Credit card payments, car loan payments, student loan payments, child support, and anything else that is continuing payments. But, this does not include rent, utilities, grocery store costs etc.
what consists of my Monthly debts
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