Posted on: 25th Feb, 2010 04:29 pm
I am looking to get on a mortgage for a vacation home with several (3)friends. How will this negatively affect my debt to income ratio if I were to purchase another property in the future?
I was told that my debt to income ratio would be treated as if I was the ONLY one on that mortgage. Is that true?
I was told that my debt to income ratio would be treated as if I was the ONLY one on that mortgage. Is that true?
Hi Chaos,
As far as I know, while you apply for another mortgage, the debt on your vacation home would be considered as a whole while calculating your debt to income ratio. Also, if you have a mortgage on one property, the lenders may not be ready to give you a mortgage for buying another home.
Thanks
As far as I know, while you apply for another mortgage, the debt on your vacation home would be considered as a whole while calculating your debt to income ratio. Also, if you have a mortgage on one property, the lenders may not be ready to give you a mortgage for buying another home.
Thanks