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
Central Pacific Bank
6 Hoolai Street Kailua, HI 96734
Phone: (808) 927-8231 | Fax: (808) 544-5962
firstname.lastname@example.org | centralpacificbank.com