Important Things To Avoid Before Buying a Home Part 3

Real Estate Agent with Champion Realty, Inc DLLR# 94660
No Major Purchases of Any Kind

Review the information below and apply it to any major purchase that would create debt of any kind. This includes furniture, appliances, electronic equipment, jewelry, vacations, expensive weddings and automobiles, of course.

Don't Buy a Car

When an individual’s income starts growing and they manage to set aside some savings, they commonly experience what may be considered an innate instinct of modern civilized mankind.

The desire to spend money.

Since North Americans have a special love affair with the automobile, this becomes a high priority item on the shopping list. Later, other things will be added and one of those will probably be a house.
However, by the time home ownership has become more than a distant and hopeful dream, you may have already bought the car.
It happens all the time, sometimes just before you contact a lender to get pre-qualified for a mortgage.
As part of the interview, you may tell the loan officer your price target. He will ask about your income, your savings and your debts, then give you his opinion. "If only you didn’t have this car payment," he might begin, "you would certainly qualify for a home loan to buy that house."

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Pat Ogle, Associate Broker, CRS, DSAC, e-Pro, GRI, MCJ, REALTOR®
Certified Residential Specialist / Certified Internet Marketing Specialist
Over $73,000,000 in Settled Sales
Champion Hall of Fame
Best of the Best 2003, 2004, 2005, 2006, 2007, 2008
National Sales Award, 2003, 2004, 2005, 2006, 2007, 2008
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Champion Realty, Inc. 711 Bestgate Road, Annapolis, MD 21401
410.224.0660 (O) 443.569.2736 (C) 410-224-0632 (F)

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Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Wise advice, indeed!

Oct 20, 2009 12:50 PM #1
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Pat Ogle

Associate Broker,CRS,GRI,ePRO - SEMPER FI!
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