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When you apply for a real estate loan (and even long before that, when you first speak to a REALTORŪ) the first question may likely be "How much is your income?" In making this determination, lenders consider the income of all parties who will be owners of the property. Be prepared to provide a monthly accounting of all sources of income.

Calculate the monthly income of you and all your co-borrowers (if applicable).

Figuring Out Your Monthly Debt

Lenders are interested mainly in your present monthly payments because they want to be sure you can handle the mortgage payment you'll be applying for. Different mortgage plans consider payments on any debt that won't be paid off within, for example, six months, nine months, or a year.

Calculate the monthly debt of you and all your co-borrowers (if applicable).

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