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BUY A CAR - OR DID YOU ALREADY BUY ONE?
buying a car reduces your purchase price
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
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.