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.
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.
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