Utah County Real Estate - Car Payments and Your HOme Purchase

By
Real Estate Broker/Owner with Home Buyer Realty 5705835-PB00

Utah County Real Estate - Car Payments and Your Home Purchase

When determining your ability to qualify for a home loan, a lender looks at what is called your "debt-to-income ratio.  The debt-to-income ratio is the percentage of your gross monthly income (before taxes) that you spend on debt.  This will include your monthly housing costs, including principal, interest, taxes, insurance, and homeowner's association fees.  It will also include your monthly consumer debt, including credit cards, student loans, installment debt, etc.

Buying a new car during the Home Loan Process can drastically affect the outcome of your Mortgage.  Let's suppose you earn $5,000 a month and your car payment is $400.  Depending on the interest rate you are able to get, you would qualify for between $50,000 and $75,000 less for your home purchase than if you did not have the car payment.

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.

Search Utah MLS Listings

Utah County Real Estate  Utah County Homes  Utah Homes For Sale  Provo Real Estate WS  Orem Real Estate WS  Utah Homes 4 Sale  Alpine Real Estate  Alpine Real Estate  Cedar Hills Real Estate   Highland Real Estate  Eagle Mountain Real Estate   Springville Real Estate   Utah County Real Estate  Utah County Homes 4 Sale  Utah County Real Estate 4 Sale  Springville Real Estate  Lehi Real Estate  American Fork Real Estate  Pleasant Grove Real Estate Alpine Homes for Sale  American Fork Homes for Sale  Lehi Homes for Sale  Pleasant Grove Homes for Sale   Saratoga Springs Homes for Sale  Provo Orem Homes for Sale  Utah County Realtors  Mapleton Homes for Sale  Utah County Realtor MLS Search  Utah County Realtor Map Search Utah County Real Estate MLS Search  Utah County Homes MLS Search Draper Real Estate, Draper Homes for Sale, Herriman Real Estate, South Jordan Real Estate, Sandy Homes for Sale, Salt Lake Homes for Sale, Eagle Mountain Homes for Sale, Eagle Mountain Real Estate, Eagle Mountain Realtor, Saratoga Springs Homes for Sale, Lehi Homes for Sale, Highland Homes for Sale, Cedar Hills Homes for Sale, Orem Homes for Sale, Provo Homes for Sale, Utah Homes for Sale us, Utah County Homes for Sale net Alpine Utah MLS, Utah Real Estate MLS, Provo MLS, Utah County MLS, Utah MLS Listings

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Utah Utah County Pleasant Grove

Spam prevention
Rainmaker
282,094

Utah County Realtor Provo, Utah

Provo Utah Top Listing Broker
Free CMA Available here:
*
*
*
Spam prevention

Additional Information