Buying a home, but also want a new car or truck?

By , On , In Mortgages

Are you looking to purchase a house or refinance soon, but also need a new vehicle?

One significant point to remember when you’re looking to purchase a home and obtain a mortgage, or even refinance an existing mortgage, is that it affects your debt ratios. If you overspend on a vehicle, it may restrict or negate your ability to secure mortgage financing.

When making a lease-or-buy decision, it is essential to look at your budget and also how the bank will assess your financial abilities regarding your debt ratios. Do you have any questions about how leasing or purchasing a vehicle will affect your debt ratios, speak to me before you sign those final papers. After all, a quick call could save you lots of time or a headache later. In most cases, with some guidance, we can get the mortgage and the car or truck, worst case you may want to wait a little longer.