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Which Will It Be...The Car or The House?

Recently there have been a couple of scenarios where I've come into contact with people who have expressed a desire to invest in a home.  They are currently renting, so each of these people would be a first time home buyer.  Upon turning in their loan application to a lender for review, I've gotten word back that both of these people cannot qualify for as much as they would need to buy an entry-level home.

Part of the reason? Car payments for one vehicle in the amount of $400+ per month.  I totally understand that most of us must have a decent car.  But as far as I know, a decent car that adequately suits your needs can be had for closer to $200/month. By purchasing a car with payments of around $200/month, you are saving $200 per month; the money that you would be saving translates to roughly $25,000 in buying power. Something to think about if your desire is to purchase a home in the forseeable future, and would like as much buying power as possible.

Right now there are so many great home buying opportunities out there.  If you've been considering investing in your first home, find a knowledgeable lender and find out what kind of loan/terms you may qualify for, preferably before you splurge on a pricey car.

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You can reach me at 206-595-5866, or e-mail me: LisaBosques@PNWRealty.com

Or visit my website:  www.98146online.com

I am an Associate Broker and Marketing Specialist with Prudential Northwest Realty Associates.   I specialize in homes located in the Burien/North Highline/West Seattle area, and I am here to serve all of your Real Estate needs. 
Your success is my goal!

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Comment balloon 13 commentsLisa Bosques • June 22 2008 09:43AM
Which Will It Be… The Car or The House?
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Recently there have been a couple of scenarios where I've come into contact with people who have expressed a desire to invest in a home. They are currently renting, so each of these people would be a first time home buyer. Upon turning in their… more