What counts in total housing expense?
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malvin
Apprentice
Joined: 08 Jun 2007
Posts: 7
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 Posted: 06/12/08 - 05:17 Post subject: |
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| Good morning everybody. I would be very grateful if you could give me some information about mortgages. My mortgage application has been denied since my salary is not high enough to cover all housing expenses. I am not quite clear with that. Can you tell me what counts in total housing expenses? Is there something I could do about this? Thank you. |
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celle
Apprentice
Joined: 14 May 2007
Posts: 6
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| Posted: 07/12/08 - 02:28 Post subject: |
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| Hello. I am sorry to hear about your problem. It must be quite disappointing for you. The thing is that, when we estimate which mortgage to take, we fail to calculate all housing expenses. They are not just principal and interest payments, they include much more. Things that count in total housing expenses are also insurance premiums, various fees and taxes for debt maintenance and some other small expenses. They can affect the entire mortgage in a significant way. In general, total housing expenses cannon exceed 56% of your monthly income. However, I think that the ratio can be slightly different depending on provider. So, perhaps you should look for another mortgage deal which will be acceptable for your current income. I hope that you will manage to get a mortgage in the end. Bye! |
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