IF YOUR’E PLANNING ON BUYING A HOME IN
SALT LAKE CITY,
Don’t Finance Any NEW Purchases…
even if offered 0% financing.
Fastest way to wreck your chances of buying a home in Salt Lake, or anywhere else, is to finance purchases while waiting to close on your new home. Once your credit gets pulled and you’ve applied for your mortgage loan, don’t do anything that could change your credit worthiness. Don’t change jobs or quit your job.
Never open new credit accounts, even if you don’t use them.
And my favorite…
Don’t finance ANY new purchases.
Even offers of 0% interest,
Balance Transfers, or
“90 days same as cash” could kill your deal.
Why?
1.When window of 0% interest rate closes, you’ll get charged 25-29% on your balance. OUCH.
2.The purchase could max out your credit line…Lenders want you to have AVAILABLE credit not used.
3.Every credit inquiry takes points from your score.
4.Encourages impulse buying and WILL bite you later…could lead to foreclosure.
5.Balance Transfer ‘deals’ are biggest cause of never ending credit card debt.
Just stick to your budget.
Balance Transfers, or
“90 days same as cash” could kill your deal.
1.When window of 0% interest rate closes, you’ll get charged 25-29% on your balance. OUCH.
2.The purchase could max out your credit line…Lenders want you to have AVAILABLE credit not used.
3.Every credit inquiry takes points from your score.
4.Encourages impulse buying and WILL bite you later…could lead to foreclosure.
5.Balance Transfer ‘deals’ are biggest cause of never ending credit card debt.
Just stick to your budget.
Postpone gratification.
Buying a home in Salt Lake is way better deal
Buying a home in Salt Lake is way better deal
Tags: Buying a home in Salt Lake City, First Time Home Buyers, First Time Home Buyers in Salt Lake City, Get a mortgage in Salt Lake, Loan qualifications
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