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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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