YOU NEED TO KNOW HOW MUCH YOUR DEBTS ARE HURTING YOUR MORTGAGE APPLICATION! Mortgage Breakdown Ep. 14 is all about that buying power,……also staying power
Let’s just take a look at some numbers:
- Annual income: $70,000
- Down payment: 5%
- Qualifying Rate: 5.25%
- When you throw in a $500/month car payment into the mix you go from being able to purchase a house with a price of $320,000 down to $285,000.
YOU LOSE OUT ON $35,000 IN BUYING POWER!!
DON’T DO THAT TO YOURSELF!
Keep the debts low, you never know when you are in a position to buy a house, refinance, or switch and when those times come up, you want to make sure you are prepared.
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