Now that you have calculated your yearly and monthly gross incomes you will need to track you debt and expenses. For some people this can be a painful experience and people often omit major expenses, however, it is in your best interest to include everything so you do not end up getting a mortgage you cannot afford to pay monthly. When you expect to apply for a mortgage the two best things you can do are:
1. Pay off as much debt as you can
2. Make sure your credit is in good.
Homebuyers who have the best credit get the best interest
rates and terms for their mortgage.
Use the worksheet below to calculate your monthly expenses:
