- Posted January 26, 2014 by
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When Buying a Home No New Debt is a Great Idea
Hi My name is Philip Ganz I am a loan officer. I made this video so you can avoid one common mortgage mistake which I call a "mortgage gotcha" when buying a home.
True or false if a credit card has an interest rate of 0% and deferred for 12 months you can use the proceeds for a down payment on a house?
The correct answer is False, Personal unsecured loans are not an acceptable source of funds for the down payment, closing costs, or financial reserves.
You can not use personal unsecured loans include signature loans, credit cards, and overdraft protection on checking accounts.
I strongly recommend if you are buying a home due not take out any new debt for any reason because it could disqualify you form buying a home. In other words "No new home for you" !!!! If you need to borrow debt please make sure you notify your lender before you take out the debt or the new additional debt can decrease your purchasing power.
I hope this video was helpful! If you want to know more about this or other important mortgage information I am here for you.- Boston Mortgage Lender & Home Loans