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.
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