Home Buyer Tips - Dont Make Any Major Purchases

Home Buyer Tips - Dont Make Any Major Purchases



Home Buyer Tips


Dont Make Any Major Purchases


Major purchases will cause you to qualify for less mortgage when purchasing your home.  The types of purchases to avoid prior to your purchase are:

  • Automobiles
  • Furniture
  • Appliances
  • Computer and Stereo Equipment
  • Jewelry
  • Vacations
  • Weddings
  • etc¦


So many of us have dreamed about that car we always wanted to own.  It is so difficult to put the brakes on when you finally have the funds.  But when making that purchase, however modest it seems at the time, reduces the amount of the home loan you can qualify for radically, it is time to get your priorities in order.  Remember what you think you can afford, and what the lender is comfortable with lending you, may vary substantially. 

Purchasing property is the most important investment you will ever make.  Nobody wants to find the home of their dreams only to be told they cannot qualify for it because of their car payment, yet this happens all the time. 



Debt-to-Income Ratios

Your lender will consider your ability to qualify for a mortgage based on your debt-to-income ratio.  That is the percentage of your gross monthly income that is reserved to pay down debt.  This will include:

  • Mortgage:  Principal, Interest, Taxes and Insurance
  • Homeowners Association Fees, if applicable
  • Student Loans
  • Car Payments
  • Credit Card Debt
  • etc¦
 
 
Home Buyer Tips - The entire 3 part series: 
 


How to Get the Best Home Loan - The entire 4 part series: 
 


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Posted on April 05, 2007 13:14:47 by Laurie Manny Professional Group
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