“Major Purchases Prior to Buying a Home”
Just a quick question for you, I know I'm not supposed to make any major purchases during the mortgage process. Should I wait to buy a car after we close on a new house? AC crapped out in my car of course when I'm moving to Florida.
The simple answer most of time would be DO NOT make any major purchases prior to buying a home. When I say most of the time, the new payment will affect the debt ratio but if the income is strong enough a new purchase like this won’t matter.
Unfortunately a lot of clients react quickly and might go ahead and buy the new car even though I have already recommended “NO Large Purchases”.
In this case however it would have been a problem so I recommended that this type of purchase be made after the home closes. They are going to do just that and wait.
Image courtesy of stuartmiles/freedigitalphotos.net
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
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