O que é um índice de endividamento?

Você pode estar pronto para comprar uma casa, mas suas finanças estão? Você deveria dar uma olhada nos seus débitos antes de aplicar para um financiamento.

Everyone has some debt and having some debt won’t prevent you from owning a home. But too much debt can make the process difficulty or impossible.

Before you spend time and energy on the house hunt take a look at your debt and figure out if it will hold you back.

Your Debt-To-Income Ratio

A general rule of thumb is that your debt-to-income ratio should be under 43% according to the Consumer Financial Protection Bureau. This figure is calculated by your gross monthly debt payments divided by your gross monthly income. The more debt you have the larger percentage of your income goes to paying it off.

In general borrowers with a high percentage have less money available to make complete and on-time mortgage payments every month so lenders tend to avoid them.

Take a minute and calculate yours. Is it under 43%?

How To Take Action

If your number is over 43% or creeping close you can take action now to lower it before you start applying for a mortgage.

The simplest way is to pay down some of your debt now. If you are making minimum payments and have a little extra available consider chipping away at your debt. You can budget your finances or even get a temporary side-job to generate a little extra cash. You don’t have to make a huge dent all at once, the goal is to lower it to a more appealing percentage.

You can also consult a financial expert (like us!) to get your finances in shape before you take on homeownership. There may be ways to lower interest payments and make meaningful progress that you might not be able to see yourself.

Whichever method you choose you are making positive steps toward financial health and will have that dream home in no time!

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