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When qualifying for a mortgage, do most companies look at monthly debt or total debt. I have student loans in the 60K range. My standard repayment is about $300 a month over 25 years, so it is no big stretch right now and I plan to pay them off early once I start making more money. However, I am hearing from people that the total amount of the loan might be a stumbling block to getting approved for the loan.
So, would it be more advantageous to take my downpayment savings of $25K and pay down part of the loan, or save it for the downpayment? I make about $65K a year and am looking for townhomes in the $150-175K range.
They look at everything, all monthly payments and debt to income ratios. You should talk to a mortgage professional about what to payoff/paydown that might help your ratios. Whatever you do don't apply for any credit if you're looking at getting a mortgage loan.
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