Often the impending arrival of a new addition gives one pause to re-evaluate their current environment. We often decide that bigger cars and bigger living quarters are in order and ideally try to take care of these things prior to the big day, or very soon thereafter.
There are a few key points around mortgages and new additions.
- The monthly payment on a leased or financed car can have a limiting effect on mortgage qualifications. Housing first, vehicles second.
- Being on maternity or paternity leave while shopping for a home is not a showstopper. The key is a job letter that clearly defines a return to work date, i.e., you have a full-time income position to return to.
- Being on maternity or paternity leave, or even having a new car payment in your life will not affect your ability to renew your mortgage with your current lender, although it can make moving to a new lender more difficult.
Before adding a car payment, or before listing you current residence for sale, give me a call.
After all, it’s not about the mortgage.It’s about developing a short and long term strategy that are customized for each individual client. My strategies include the best financing and mortgage with the most favorable terms and rates to suite your needs.