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Why You Should Not
Make Any Major Credit Purchases
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 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 accumulated enough savings, you should considering not
making any large purchases until after closing. The last thing you want is
to know that you could have purchase a new home had you curbed the urge to
spend.
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