You know you want to get into homeownership, but the idea of mowing lawns and shovelling snow just isn’t your thing. You’d rather spend your time on recreational activities, hobbies, or your side business, and you aren’t interested in losing your weekends to the typical home maintenance routine.
It was bound to happen sometime. You’ve spent years living in your home building memories with your family, watching the kids grow up. But now they’ve all moved out and you have noticed the house feels big. And empty.
It was bound to happen someday. It’s Sunday again, and you’re cleaning empty bedrooms and wondering why you spend your time this way these days. The kids have moved out, and the house is starting to feel too big.
Homeownership is something you’re considering, but if you have outstanding debt it can seem daunting to also take on a mortgage. You may worry about being able to pay all of your monthly payments, or if you’ll even qualify for a mortgage while carrying additional debt.
Having debt of any kind is normal for anyone, and that includes today's home buyer. Credit cards, lines of credit, auto loans, they’re all commonplace in a typical household. But how much debt is too much, and will it affect your mortgage qualification?