Home buying tool
Check mortgage readiness.
This uses your estimated housing payment, income, and monthly debt payments to calculate your debt-to-income ratio. That means how much of your monthly income would already be committed to housing and debt.
What is debt-to-income ratio?
Debt-to-income ratio compares your monthly debt payments to your gross monthly income before taxes. Lenders use it to understand how much room you may have for a housing payment.
Plain English: if too much of your income is already spoken for by debts, a new mortgage payment may be harder to qualify for or harder to afford.
Mortgage Readiness Check
This uses 42% as a planning ceiling. Actual lender rules vary by loan type, credit, reserves, and other factors.