Suppose that you want to purchase a home.Your lender has told you that the standard limit for your total debt limit ratio is ________ including your mortgage debt.

Question

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The standard limit for total debt limit ratio is 36%, including mortgage debt. This means that your total debt payments (including mortgage, car payments, credit card payments, and other debts) should not exceed 36% of your gross monthly income. This is a common guideline used by lenders to assess your ability to manage your debts and still afford your mortgage payments.

Suppose That You Want to Purchase a Home