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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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©2017 San Francisco Association of Realtors. All rights reserved. Information deemed reliable but not guaranteed. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purshasing. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of SFAR MLS. The listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Last updated 2017-06-26.

          

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