That New Car Could Cost Cost You Your House!

Blog Post Image

So you're going to make a purchase on a property or you're already in escrow on a home purchase.  Making large financial moves (like buying a car) during that time can seriously hurt your chances of the deal closing. Here's what mortgage officer Zachary Gaynor shares about the process:

Don't go on a spending spree like getting a car or new furniture if you are thinking about buying a home, or in the process of buying a new home.

As a rule of thumb,  every $100 you pay per month on a credit card or installment loan could cost you about $20,000 in home eligibility.

For example, a car payment of $400/month could mean that you qualify for $80,000 less in a mortgage.  That amount could make or break someone's ability to purchase their dream home.

ZACHARY GAYNOR | Senior Mortgage Loan Officer | Home Loans Division
NMLS: 378781 
Central Pacific Bank
6 Hoolai Street Kailua, HI  96734
Phone: (808) 927-8231 | Fax: (808) 544-5962 |