Brooke Marion has more than 15 years of experience in the mortgage industry and she joined Mr. Cooper in 2011 as a loan originator — but her passion for connecting with people led to her role as our social media community manager. With her knowledge of so many aspects of the business, Brooke can help break down the mortgage process — and you might even find her answering your questions on Twitter and Facebook! Get in touch with Brooke at Brooke@MrCooper.com.
You’ve worked hard to get (or keep) your healthy credit score, and maybe you’ve been prequalified for a mortgage. As far as you’re concerned, you’re home free — at least on the debt and credit stuff until your lender calls with questions about monthly payments and whether you can send more documentation, billing statements, et cetera (which often gets cleared up quickly, especially if you’re prepared with the right documents).
However, there’s something should know: There are a few “debts” that borrowers always seemed surprised to learn are being counted. I’m going to break a few of them down here.
Before the not-so-obvious ones, let’s quickly recap the debts that you probably already know are calculated in your debt-to-income ratio.
Here are a few of the monthly obligations that do count towards your overall debt-to-income ratio that might surprise you:
Now that you are fully armed with the details, hopefully you can be better prepared with the right paperwork when the time comes to apply for a mortgage. Try to remember that the things above are not always deal-breakers; in fact, they usually are not — but frustration happens when you are asked to provide documentation you weren’t prepared for, which can lead to delays to your closing date.
When you have questions, know that Mr. Cooper has an amazing team of mortgage professionals ready and willing to walk you through and explain the process in detail. Get in touch with one of us today!
Brooke Marion has more than 15 years of experience in the mortgage..