Which is More Important: Car or Mortgage?
It seems like a simple question: which is more important, a car or a mortgage? But in reality, this question has some large financial implications. Both of these things are important, and if you can afford both at once, you are very fortunate. So in order to help you become more aware of your decision, here are some points regarding each.
Is a Mortgage Right For You?
You may have finally saved up enough to get that new home you want. The down payment will be no problem, and now all you have to worry about are the mortgages payments. If you have poor credit, this will negatively affect your payments. You will have higher interest rates that will result in higher monthly payments. Your credit can profoundly affect this decision because if you have a high score, then you will get low rates. With low rates, you might be able to fit both car and home payments into your budget. You also need to pay attention to how much house you can afford. Over-buying may result in further debt or even foreclosure.
A Possible Way to Get Both a House and Car
We all know how very important transportation is in today’s world, so not having a car is basically out of the question. Taking on large car payments is probably not wise right after you get a mortgage. As a compromise, you might think about getting a used car. It may not sound very appealing at first, but you can save thousands of dollars by buying used. That might be something you cannot afford to pass up. Plus, those kind of savings are just what you need when you enter into a mortgage because you will not be taking on two very large payments. With the used-car approach, you might be able afford both a new home and a car comfortably.
Remember, regardless of the route you choose, you will need to do your homework. Make sure you know what you are entering into and how much you will be paying because there are ways that you can afford both a car payment and a mortgage payment. With the right research, you can simultaneously enjoy the privileges of homeownership and driving a new car.
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