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
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.
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