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Housing expense is the monthly amount a borrower has to make towards the mortgage, property taxes, association fees, and related insurance premiums.
It can be used by lenders for assessing borrower profiles during underwriting.
It is also most commonly used to compute housing expense ratio.
This ratio is used to calculate the ratio of housing expense against a borrower’s income.
Thus, showing how taxing these expenses are to the borrower, and whether he will be able to afford the home loan he is requesting.
for the last 36 months?
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