With this in mind, the 28% rule is only effective if you remain conscious of your spending outside of your mortgage payment. If your monthly gross income falls within the 28% rule but the remaining 72% of your budget is taken up by car payments and other expenses, you'll have no wiggle room for essentials like groceries, daycare, gas, and more.
Don’t make any large purchases or take out any additional loans! This includes everything from buying a new car to financing a fresh mattress. These purchases may seem harmless, but any new loan transaction paid for in installments can impact your credit score . A dip in your credit score can impact the interest rate on your loan or even jeopardize your ability to qualify for the loan. We recommend waiting until after closing before making these purchases.
The information presented here was valid at the time of publication. Legend Homes reserves the right to make changes at any time and without notice, and assumes no liability for damages incurred directly or indirectly as a result of errors, omissions or discrepancies. Buyer must independently verify and confirm information. Copyright © 2024 Legend Classic Homes, Ltd.
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