Here is the friendly version of the debt conversation.
Lenders look at required monthly payments. So a car payment or other debt can reduce the room available for a housing payment.
But there is no universal rule that $850 of debt always equals $100K of buying power.
We have to compare the loan under the same assumptions and make sure paying off debt does not leave you short on cash to close or reserves.
Comment “HOUSE” and I’ll help you identify which payment is worth testing in the mortgage calculation.
— If we haven’t met yet, I’m Richard Sarey, your go-to mortgage broker in Frisco Texas
• monthly debt and mortgage
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