Posted on August 26, 2018 - 04:43 PM
by Michael Johnson
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.
I had the great pleasure of working with Michael and Christine from Showplace Realty Inc. They helped me sell a property and then they assisted me with a purchase using the 1031 tax exchange method. Their expertise was invaluable and I would highly recommend Showplace to anyone looking to buy or sell real estate. Once again thank you and well done!