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tatum4315
Posts: 6
Registered: ‎11-15-2012
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Mortgage calculation for auto loan

My wife and I are both  working and both on the home mortgage. When qualifying for auto loan for myself only, do I have to factor in the full amount of mortgage, inc. taxes and insurance, or can I claim half the payment?

Thanks, Tatum

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Shogun
Posts: 12,952
Registered: ‎04-15-2011
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Re: Mortgage calculation for auto loan

The entire payment for the mortgage will be included in your DTI.  They won't deduct half.


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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Mortgage calculation for auto loan


tatum4315 wrote:

My wife and I are both  working and both on the home mortgage. When qualifying for auto loan for myself only, do I have to factor in the full amount of mortgage, inc. taxes and insurance, or can I claim half the payment?

Thanks, Tatum


Hi!  You may check with a CU and ask them to quote you both an individual auto loan, and one that is joint with your wife.  If there are credit blemishes on her report, they may not matter, as some Credit Unions only use the score of the primary applicant when determining the rate. 

Best of luck!


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guydiver
Posts: 540
Registered: ‎08-30-2007
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Re: Mortgage calculation for auto loan


Shogun wrote:

The entire payment for the mortgage will be included in your DTI.  They won't deduct half.


+1.  Any debt , either in your name only, or joint with others will be included in your individual DTI calculation.  Found that out when I bought an atv last year.  Got a .25% penalty added to my rate because of high DTI.  That was also because I was joint with my daughter on her car also, and had not paid off my student loans then.

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