Yemeni Mason explains how to qualify for a bigger mortgage: add a co-borrower or another income source, or pay down existing debt to improve your debt-to-income ratio. Either move lets you afford homes in better neighborhoods.
I'm looking to purchase a home, right? But I can't get qualified for anything that's in an area that I actually want to live in, like good school districts, you know, grocery stores close by. You are 99%. Everybody wants to own a home where they want to own a home. That's just it. Like, what are the steps that I would need to take to start getting myself better qualified for better locations?
Yeah, well, there's two ways that you can really increase the amount that you're pre-approved for, and the main two ways is one, either We can look at adding a co-borrower or some kind of additional source of income, which 9 times out of 10 doesn't necessarily need to be as much as you would think. Option number 2 is paying off debts, right? The equation that we use to qualify somebody for a house is what's called a debt-to-income ratio, right? So either we're gonna get more income or we're going to bring down your debts, right? So your debts are lower to your income.
