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Mortgage Qualification Gap: Approval vs Budget | Your Mortgage Minute
Mortgage qualification is not the same as affordability. In this episode of Your Mortgage Minute, Sarah and Mouli explain the mortgage qualification gap and why a lender’s maximum approval should never automatically become your household budget.
You’ll learn how Gross Debt Service and Total Debt Service ratios influence borrowing capacity, why property taxes, condominium fees, childcare, transportation, and savings goals can make an approved payment uncomfortable, and how to calculate a safer personal affordability limit.
The episode also examines longer amortizations with real numbers. A…
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