Hello! This is Joe Harris with Morgan Financial and here is your “Joe Knows Mortgages MINUTE.” This week, we answer the question:
If I already have debt, can I still qualify for a mortgage?
The answer is: Yes!
It all comes down to your debt-to-income ratio (or DTI for short). To calculate your DTI, your lender will take a look at all your existing monthly debt obligations (such as credit cards or student loans), and compare those with your monthly income. As long as your DTI still falls within the required parameters after adding your expected monthly mortgage payment, and you meet all other standard loan requirements, you can absolutely still qualify for a mortgage!
We have a variety of mortgage calculators that are free for you to use! You can calculate your expected monthly mortgage payment, determine the costs of renting vs. owning, explore your options for debt consolidation, and more.
Everyone’s situation differs depending on your individual qualifications and mortgage needs, as well as loan program, so contact us today to get started on your home loan quote with our team of mortgage experts you can trust!
Thank you for tuning in to this Joe Knows Mortgages Minute. If you have any home loan related questions, we want to hear from you, so please comment down below! If you liked this video, please share this information with your family and friends. See you again soon!