It's important to be mindful of your spending habits when considering buying a home or when in the process of purchasing a new home. Your mortgage pre-approval is contingent on a final evaluation of your financial situation.
Keep in mind that every $100 you pay per month on a credit payment could potentially cost you about $10,000 in home eligibility. For instance, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage.
Even if you have enough savings, it's wise to refrain from making large purchases until after closing. The last thing you want is to regret missed opportunities to purchase a new home because of impulsive spending. It's important to prioritize your home purchase and avoid any unnecessary expenses that could jeopardize your eligibility or financial stability during the home buying process.
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