Don’t buy a car before you buy a house! (Ep. 4)

ADVICE FOR FIRST TIME HOMEBUYERS ATTENTION!

Don’t take on a car payment before you have a house. You are giving yourself a hurdle to get over in the mortgage approval process and making it harder on yourself. That's the topic on episode 4 of Mortgage Fitness Breakdown. If you are earning $70,000 in income and are looking to put 5% for your down payment, you would be approved to purchase a house for a $330,000 (provided you don’t have any other liabilities) With a $500/month car payment, you would only be able to get approved for a house with a purchase price of $304,000. You just lost out on $26,000 in the purchase price!! Don’t do that to yourself! Even if you’re not ready to buy a house right now, plan for the future and avoid that monthly car payment.

Like, share, subscribe and leave a comment below!

Message me or give me call today and let’s discuss what options there are for your mortgage. Let’s put a plan together today!