How is the rental property on my ability to buy a new home?
I currently own a home. I have about $ 228 000 and the value of the house in the current market situation is likely to be current on $ 260 000, although the evaluation and assessment is closer to $ 270,000. My mortgage payment is $ 1,850 a month, and I collect $ 1600 per month rent. My tenant has always paid on time, usually early, so I do not have late payments or anything. I would buy a new house to serve as my primary residence that we are currently renting. Before contacting a banker, I wonder how it affects me in rental property to a new home loan? Did they even have my $ 250 rent a home is a short-term debt covered? I have heard of them, only 75% of what I used to rent and the rest can be considered a debt? Does anyone have input, how does this affect me? Thank you.