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For Every $350 In Monthly Debt You Eliminate = $50,000 More Home!

February 8, 2022 | Posted by: Matt Broom-Hall

Lowering Debt: The Secret to Unlocking More Buying Power

When it comes to buying a home, many people focus solely on saving for a down payment or shopping around for the lowest mortgage rate. While those are crucial steps, there’s another game-changing strategy to consider: lowering your monthly debt.

Did you know that for every $350 you can eliminate in monthly debt payments, you could potentially qualify for $50,000 more in home financing? That’s right! Cutting down on debt doesn’t just lighten your financial burden—it significantly boosts your buying power and puts more homes within reach.

How Debt Impacts Your Buying Power

When lenders evaluate your mortgage application, they look closely at your debt-to-income ratio (DTI)—the percentage of your income that goes toward debt payments like car loans, credit cards, or personal loans. A lower DTI signals to lenders that you’re a responsible borrower and have enough room in your budget to handle a mortgage payment.

By reducing or paying off some of your monthly obligations, you can shift your financial profile in your favor. This gives you more flexibility in your mortgage approval and increases the maximum amount you’re eligible to borrow.

Real-World Example

Let’s say you’re paying $350 a month toward a car loan or credit card debt. By eliminating that payment—whether through paying it off early or consolidating your debts—you could qualify for $50,000 more in home financing.

Here’s how this might work:

  • Monthly debt payments reduce the amount of income lenders count toward your mortgage approval.
  • By reducing those payments, you’re freeing up room in your monthly budget, which directly translates to increased affordability when buying a home.

Steps to Increase Your Buying Power Through Debt Reduction

  1. Review Your Current Debts: Make a list of your monthly payments for credit cards, car loans, student loans, or personal loans. Identify which ones you can pay off or reduce.
  2. Focus on High-Interest Debt: Start with debts that have high-interest rates, as these are typically the most expensive to carry long-term.
  3. Consider Debt Consolidation: Combining your debts into a single loan with a lower interest rate can reduce your overall monthly payments, leaving you more breathing room in your budget.
  4. Avoid Adding New Debt: Hold off on big purchases or financing items until after your mortgage closes. New debt can throw off your pre-approval or lower the amount you qualify for.
  5. Consult a Mortgage Professional: A good mortgage broker can help you analyze your financial situation and identify the most impactful ways to reduce your debt and maximize your buying power.

The Bigger Picture

Lowering your debt isn’t just about getting approved for a mortgage—it’s about making your homeownership journey more financially sustainable. By reducing your monthly obligations, you’ll not only afford a better home but also free up more of your income for savings, emergencies, or home improvements down the road.

Ready to Take the Next Step?

If you’re thinking about buying a home, now is the perfect time to take a closer look at your finances. Let’s work together to identify ways to lower your debt, increase your buying power, and find the perfect home that fits your budget and lifestyle.

Contact me today, or check out the Hello Mortgage App for tools and tips to simplify your mortgage journey.

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