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Dave's Listings
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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 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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