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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 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.

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Richard McMahon
Julia McMahon
Real Estate Associate Brokers and
Partners in Real Estate Advantage

Direct Line: 716-483-3300
Office: 716-484-2020 Ext: 252
Ricks Cell: 716-665-8972
Julia's Cell: 716-485-3202
Email: rickandjuliarealtors@yahoo.com

800 Fairmount Ave
Jamestown, NY 14701
16 Main Street
Bemus Point, NY 14712

 

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