How Leasing a Car Affects Qualifying for a Home Mortgage – budgeting.thenest.com
By John Csiszar
Although you may need to finance both a vehicle and a home, these two basic needs can sometimes be at odds when it comes to qualifying for a mortgage. Leasing a car, albeit for a short period of time, affects your ability to afford a mortgage. Leasing a car takes a chunk out of your monthly income, lowering the amount you can put toward a home mortgage each month. A car lease, along with a new mortgage and other recurring debt cannot exceed mortgage lenders’ maximum limits.