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.
