I was pre-approved for a mortgage loan 2 months ago 180k and was thinking now?

Deal Score0

I might be able to get approve for a little more

since then I paid off 2 credit card which save me $ 30.monthly
lower my car payment by $ 125. monthly
and now I make $ 150. more monthly

2 Comments
  1. Reply
    PJ
    February 22, 2011 at 1:19 am

    When you think about a mortgage, first you should think about how much you make. Any financial adviser with any brains and morals will suggest that your mortgage be no more than 25% of your monthly take home pay. I.E., if you bring home $ 2,000 your house payment should be no more than $ 500 per month.

    As far as getting approved for a loan, if you cancel the credit cards and thus get rid of the revolving debt, you might be able to get a bigger loan, but you need to decide if it’s something you can really afford.

    Before you jump into buying a house, make sure that you have 3-6 months worth of expenses in savings (an account that you can easily access) in case of an emergancy (car goes bad, not leather couch going on sale).

    I kind of went around in circles answering your question, but hopefully I gave you some things to consider…

  2. Reply
    tudorjason (matt)
    February 22, 2011 at 1:57 am

    I would actually suggest you save the extra $ 305 per month in a savings account. Use the account for emergencies, updates to the house, vacations, or making extra payments to your credit cards. It would also prevent a second hard inquiry on your credit report.

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