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.
Lance helped my husband and I find a home to buy while we were on a house-hunting trip this past summer. The market was very tight and limited our selection in our price range, but Lance was great about helping us look at all our options in a limited time frame. His knowledge of the local building history was helpful in understanding the homes we saw. With his input we were able to find a home that fit our budget and had many of the characteristics that we were looking for. Hannah S