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.
"We purchased our home in a very high sellers' market - multiple offers were being placed on homes, getting higher than asking price. The first home Don showed us was my "dream home", but even though we made a great offer, the sellers accepted a full cash offer with no inspection, and so we moved forward. Don showed us many homes and he had to do several offers, finally landing a home that we liked. Through the inspection some major issues were found. Literally while we were at the inspection, Don found out the cash buyers on our "dream home" backed out that day, just before closing. He helped us get out of our current contract and although we wanted to offer more on the dream home than Don felt we should, we listened to him. He was right, and our offer was accepted! I couldn't be more happy in Don's knowledge, quick response and keeping our best interest at heart, that we now have "Our Dream Home". He did such a great job, we will probably never need his services again, but I would highly recommend him to anyone looking!"lana344
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