Banks use a formula called the monthly housing cost to gross income ratio to determine whether or not to provide a mortgage to an individual. Which of these items is not considered in this formula? Principal payment on the mortgage Interest payment on the mortgage Income taxes paid Homeowner's insurance premiums

Answer rating: 100% (QA)

The item not typically considered in the monthly housing cost to gross income ratio formula used by banks is income taxes paid The monthly housing cos... View the full answer