HellBill » Hell Bill Area: » Bill/ Bills » My mortgage lender has requested I write a letter explaining what bills we pay- help

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: help

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  #2 (permalink)
: Assuming you are seeking a mortgage, the lender is likely seeking if you have management of money knowledge, so put in the typical monthly bills that you get. So utilities, insurance, commuting, clothing and food, cable bills, rent, etc.

So if you are already spending too high of your income without factoring in a mortgage, then it will raise flags.
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: Well do you already have a mortgage and they are asking this? If they are asking this it is probably a hardship letter explaining why you are late or cannot pay etc... This will obviously explain what all bills you pay and why you are coming up short.This is so you can modify your loan, because of loss of income etc... If they are asking and you are trying to get a mortgage, then it is simply to see how much money you will have left over. It is simply to see what type of monthly mortgage payment you can afford.
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: It sounds like your debt to income ratio may be close to the limit. This letter is to show what regular bills your have. The idea being that you don't have much in the way of additional bills and can actually afford to make the mortgage payment.

You may want to rethink that house. You may be stretching your finances too thin trying to buy more house than you can really afford.
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