#1 Budgeting Rule for Home Buying SUCCESS! | Homespire Mortgage

#1 Budgeting Rule for Home Buying SUCCESS! | Homespire Mortgage

living comfortably or house poor i mean is that even a question when you move into your new home the last thing that you want to worry about is how am i going to afford this thing and everything else so how much of your income should go toward your monthly expenses so you can live comfortably and really enjoy your new home i'm glad you asked when you apply for a mortgage your lender will qualify you based on among other things your debt to income ratio or dti so generally speaking you want to stay under that 50 mark so how do we calculate it easy for example if your gross monthly income is 5 000 remember this is pre-taxed money your minimum monthly obligations so this would be a mortgage payment credit card minimum payments personal loan payments any court ordered monthly payments student loan payments you get the idea that all equals twenty five hundred dollars a month so that would mean your dti is 50 of course this number is not set in stone it's different for everyone depending on their situation if you're a first-time home buyer you'll probably want to play it safe and not get so close to that 50 number to give yourself some wiggle room in case of surprise repairs to buy furniture to hire the kid next door to cut your grass perhaps a zumba class so i guess what i'm saying is give your homespire loan officer a call they can quickly run the numbers and give you a good idea of how much home you can comfortably afford and still have money left over for the fun stuff if you like this video please give it a thumbs up and be sure to subscribe and hit that notification bell so you don't miss out on future videos and if you have a burning mortgage-related question leave it in the comments below and maybe your question will be featured in a future video [Music]

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