Beret (Bourree) Lam
speaker
435 appearances
6 recordings
1 series
first heard Apr 2020
last heard Jan 2024
Beret (Bourree) Lam’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · The Importance of Interest Rates in Paying Down Your Debt · 14 Jan 2024
podcast
You should look at your budget the way the banks look at your budget.
They scrutinize every account.
If you've ever been through a mortgage application process, they want to know where each dollar in your account comes from and are you going to pay them back?
And one of the measures that mortgage brokers and underwriters look at when they determine whether you qualify for a mortgage is your debt-to-income ratio.
Your debt to income ratio is a percentage, and you can use a calculator online to determine what it is.
But usually for different lenders and loans, they have different requirements.
But the general rule is that your debt to income ratio has to be under 36%.
If lenders are saying that your debt-to-income ratio for housing costs should be under 36%, that means that your monthly mortgage payment with all your fees and your insurance should be under 36% of your monthly take-home pay after tax.
Get rid of it.
Right now, car interest rates are hovering around 6%.
That's a little bit lower than the average last year.
But you won't be seeing like the 0% interest rates from a couple of years ago.
We're just in a different rate environment right now.
Yeah, that's right.
But when you're making a big purchase, and they say this for home purchases,
Exactly.
What are you going to do with a 0% interest rate if there's no cars for you to buy?
Same with housing.
Like I get that at one point people were getting like 2.8% mortgages.
But then how much did you have to bid for a house to actually get one?
Showing 121–140 of 435 · page 7 of 22
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