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Tried to get a pre-approval from my local credit union in Tacoma and the number was way lower than I expected
I went in feeling good about my finances, but they only offered me $275,000 based on my student loan debt. I learned that even with a solid down payment, your debt-to-income ratio is a huge deal. Has anyone else had a lender come back with a much smaller amount than the online calculators said?
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taylor6325d ago
Same thing happened to me, my car payment totally wrecked what the calculator said I could afford.
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kai6575d ago
Yeah, those online calculators are basically useless for real life. They never ask about your actual monthly debt payments, just your total income. A lender actually looks at your full credit report and sees that $500 student loan payment every month. That money isn't going toward a mortgage, so your buying power drops hard. It's a brutal reality check that hits a lot of first time buyers.
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