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Suppose you earn $5000 a month and you have a car
payment of $400. At current interest rates (approximately 8% on a thirty-year
fixed rate loan), you would qualify for approximately $55,000 less than if you
did not have the car payment.
Even if you feel you can afford the car
payment, mortgage companies approve your mortgage based on their guidelines,
not yours. Do not get discouraged, however. You should still take the time to
get pre-qualified by a lender.
However, if you have not already bought
a car, remember one thing. Whenever the thought of buying a car enters your
mind, think ahead. Think about buying a home first. Buying a home is a much
more important purchase when considering your future financial well being.
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