Read before you swipe!

When on the search for a new home it is important to remember that the houses are not the only thing that are being evaluated. If you are applying for a loan, every purchase made can affect your final loan amount. This does not mean that you should stop buying groceries, but it does mean that new car should probably wait.

In fact, 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. So what does this mean for you? We at Red Properties recommend that until you close on your home, avoid making large purchases in general.

We all would be so sad to see your dream home slip away because of a large purchase made just before closing.