Posted on August 1, 2018 - 04:40 PM
by Jim Clingman
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 was so glad to work with Jim! He was such a huge help! We were on a small budget but still VERY picky. He helped every step of the way, was always reachable through email and phone, and he showed us houses with the features we were looking for and kept coming up with more options! We close next week, and I couldn't be more thankful for all that he's done to get us into our perfect starter home!Stephanie Reinier