How a New Car Payment Reduces Your Purchase
Price
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. WE sell golf homes in gated
communities.
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.
This site was developed to
provide information on Pinehurst real estate including Pinehurst Golf
and Waterfront homes, Pinehurst condos, and Pinehurst and Southern Pines
Commercial real estate.
Sotheby's International Realty
Dale
Heck – Realtor/Broker
910-528-4652
