When an individual’s 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.
We 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.
But…don’t buy a car when right before you decide to buy a home or while you are in escrow…why?
Income and Real Estate Lending
It’s simple…it will effect your “debt-to-income” ratio and it could lower your purchase price on your home…see mortgage tips..
“A pre-approval letter tells the seller that you can in fact buy the home! It tells your buyer’s agent, that you are serious about buying a home. “
