Posted on February 8, 2019 - 01:47 PM
by Al Lifsey
Don’t go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation.
Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage.
Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend.
IDX provided courtesy of Realcomp II Ltd., via RE/MAX Platinum, Copyright 2019 Realcomp II Ltd. Shareholders. Real Estate listings other than those of RE/MAX Platinum are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. Information deemed to be reliable but not guaranteed. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. Last updated on 2019-09-15.