Why You Should Not Make Any Major Credit Purchases

Don’t go on a spending spree using credit or open any new lines of 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 at the time of closing.

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 have the closing of your home postponed or cancelled because you lost your mortgage approval...especially if that purchase could have been done after closing.

Dan Johnson

Platinum Realty - Overland Park


Office:
9393 W 110th Street, Suite 170, Overland Park, KS, 66210
www.MoveWithPlatinum.com
(888) 220-0988
Agent:
dan@danjohnsonrealty.com
(469) 237-9304
(469) 237-9304

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