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Qualifying for a Mortgage: Your Income, Job and Debts
Qualifying for a Mortgage: Your Income, Job and Debts
Qualifying for a Mortgage: Your Income, Job and Debts
Thank you so much for attending this workshop where we covered the basics of qualifying. The recording from the workshop is above.
In this Workshop, we addressed how your income, employment and debts factor into qualifying for a mortgage to buy a home.
Here are some articles you may find interesting that relate to this workshop:
Changing Jobs During the Mortgage Process
What are Debt to Income Ratios
How to Determine What Home Price You Qualify For
Your optional homework assignment is to determine your debt-to-income ratios.
- Refer back to the credit report you pulled from the homework assignment in Class 2 to use for your debts, or create your own list of debts using the minimum monthly payment due.
- Collect your income documents and determine the income that a lender would use. If you're not self-employed, you can use gross monthly income. Self-employed people should use their estimated net-income.
- Divide your monthly debts by your income to determine your front-end ratio.
- Add your monthly debts and the proposed mortgage payment (either from the worksheet or use your desired mortgage payment) and divide by your monthly income to determine your back-end ratio.
If you need help, please contact me! Click here if you would like to schedule a Discovery Call.
Warm regards,
Rhonda Porter, Mortgage Advisor
PS: Please sign up for our next home buyer workshop here.