If that new boat – or sports car is calling your name… I’d suggest you take a step back! Especially if you are looking to buy a new home in the near future.

Avoid a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation.

Get this: Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility.

A Quick Example for you:

Your car payment of $300/month? It could mean that you qualify for $30,000 less in a mortgage.

Yikes!

Even if you have accumulated enough savings, consider not making any large purchases until after you close on your new home.

So, Keep the Credit Card in the pocket – (or like Dave Ramsey says – Cut ‘em up!!) The last thing you want, is to know that you could have purchased a new home — if you could have curbed the urge to spend!