Is Your Credit Card Debt Interfering In Your Ability to Buy a House in NJ?

Buy A House In Nj

If you’re getting ready to buy a house in New Jersey, you’ve picked an interesting time! Finances are tight for many people, the Fed keeps raising the interest rate, and many homes have been sitting on the market for a while, just waiting for someone to make an offer to buy the house for cash, or to offer a higher bid. But something could be lurking in your wallet that keeps you from getting that home… a credit card with high debt! Keep reading to see why you should avoid credit card charges while buying a home.

Credit Card Debt is Higher Than Ever and Can Affect Home Buying

Bad news: credit card debt is skyrocketing for most people! New Jersey’s real estate market is starting to show the impact of tight finances as people struggle just to make ends meet. For many families, that means putting debt on a credit card. But if you’re buying a home in New Jersey, you want to avoid this high credit card debt. High credit card balances show that you may not be able to meet your monthly living expenses—and thus, may be a risk for a home loan.

Keep Finances Stable in Today’s Volatile Real Estate Market

In general, real estate agents in NJ advise that you keep your financial situation stable in the current market. That means no big spending, no big purchases on credit cards, no more loans. Just “coast” until your home purchase goes through, or your lender may start to have questions.

Buy A House With Cash To Avoid High Credit Card-Related Costs

If you already have a lot of credit card debt, or don’t want those lenders poking into your finances, you may be able to buy a house with cash. This is perfect for those who engage in a lot of investments, such as investing in real estate, or for those who know they have a big payment coming up from another source. Skip the lender and buy a house with cash if your credit is poor!
No matter what your financial situation, the real estate agents working with That British Agent can find a perfect home, and connect you with suitable lending options. Call today to see available homes in NJ.

The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than RE/MAX Real Estate Limited are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.
All information deemed reliable but not guaranteed. Last update: 06/05/18.
Source: New Jersey Multiple Listing Service, Inc