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If you are thinking about buying a home or in the process of
buying a new home, do not go on a spending spree using credit . 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 your 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 enough in savings, you should 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 not spent big on your credit.
Every $100 you pay per month on a credit payment could cost your 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 enough in savings, you should 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 not spent big on your credit.
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Dorothy Armstrong, GRI |
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