Lenders give careful consideration to your present liabilities. Depending on the type of loan for which you are applying, they may count any debt on which you must pay for more than 6, 10, or 12 months. Car loans are among the most common liabilities in this category. Before you arrive for the mortgage application session, list your debts, including loan numbers, monthly payments, balances, and time left to run. Student loans are considered obligations if payments are presently due. Child support or alimony is considered an obligation; so is childcare if you are applying for a VA or FHA loan. |
