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The lender does this by calculating your debt-to-income ratio or DTI.
Lender requirements regarding your DTI will differ, but if your lender believes you have too much debt to reasonably afford your mortgage payments, it may require that you pay down your debt before approving the loan rather than use your new mortgage to consolidate those debts.
Ciele Edwards holds a Bachelor of Arts in English and has been a consumer advocate and credit specialist for more than 10 years.
She currently works in the real-estate industry as a consumer credit and debt specialist.
When you begin house shopping, consider looking for foreclosures.Available consolidation loans often carry stringent qualification requirements.If your lender allows you to include short-term debts into your home loan, however, doing so can make your financial obligations more manageable.Foreclosed homes often sell for considerably less than their fair market value, which gives you extra wiggle room where your LTV is concerned.You can also make a sizable down payment to lower your LTV, but if you have the extra money to make a large down payment, you might realize a greater financial benefit by using the money to pay down your debts directly.