When it comes to buying your first home, one of the most important thing is qualifying for the mortgage for your real estate property. Banks focus on what is called your “debt-to-income” ratio. Debt to Income ratio is the percentage of your gross monthly income, before taxes, that you spend on debt. This includes but not limited to your, monthly housing costs, including principal, interest tax, insurance, and homeowner’s association fees, if applicable. It will usually also include your monthly consumer debt, credit card bills, student loans, installment debts and etc. So the less debt that you have, according to Jeff Lowe, Chicago Real Estate agent, the better chance you might qualify for that loan from the bank. Jeff Lowe says that is not the only thing but it helps to have a low debt to income ratio when you want to buy that house.