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In this week’s deep dive, Chris Allard wanted to highlight how car payments can impact buying power. If you took 2 borrowers with the same salary, down payment and overall debt profile, but borrower (a) had a 400 a month car payment and borrower (b) had a $700 month car payment; would you be surprised to learn that borrower (a) will qualify for a purchase price of about $60,000 more? This could be the difference between qualifying for a home vs a condo or qualifying for that perfect property.
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If you are looking to purchase in the near future, but are also considering getting a new car, be sure to watch the below video explaining how a $700/month car payment can significantly impact your buying power.
Chris Allard’s suggestion would be for you to reach out to your mortgage broker and ask how a new car payment can impact your ability to borrow or buy at all.
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