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When an individualâs 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 didnât have this
car payment," he might begin, "you would certainly qualify for a home
loan to buy that house."
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