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Why You Should Not Make Any Major Credit Purchases
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.
The information provided by the Upper Cumberland Association of Realtors® Corporation is compiled from miscellaneous sources and neither the Upper Cumberland Association of Realtors® Corporation, nor the Listing Broker, nor its Agents or Subagents are responsible for the accuracy of the information. The information provided by the Upper Cumberland Association of Realtors® Corporation is for its Participants, Participants\' Associates and Subscribers only and is not intended for usage by the public. Under no circumstances should the information contained herein be relied upon by any person in making a decision to purchase any of the described properties. Multi-List users should be advised and should advise prospective purchasers to verify all information in regard to the property by their own independent investigation and, in particular, to verify, if important to them, room sizes, the square footage, lot size, property boundaries, age of structures, school district, flood insurance, zoning, restrictions and easements, fixtures or personal property excluded, and availability of water and sewer prior to submitting an offer to purchase the property.