Posted on January 25, 2019 - 12:09 PM
by Meryle Sussman
Don’t go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation.
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.
Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend.
Meryle has been our agent and friend for almost 20 years. When it came time to sell our house, she advised on staging, prepping, as well as the marketing and pricing strategy. As a result of her solid advice and negotiation skills, we received multiple offers and sold our house in San Mateo in 2.5 days -- and for a price well over what we had expected. Meryle is an extremely thorough and astute person. The fact that she holds a J.D. meant that she left no stone unturned when reviewing our contracts, both on the "sell" and "buy" sides. Thank you, Meryle! We truly appreciate all your invaluable help!T.B. & G.R., Los Altos