February 25, 2020
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Real Estate & Business

Scott Sheldon
Finances matter when buying a home
September 6, 2019

How to support this going forward? Not everybody is ready to buy a house and not everybody should be a homeowner. A few things that can completely cripple your ability to purchase a house are not having enough income to support a desired housing payment and the other monthly expenses in your life. 

The other thing that can be problematic is those monthly expenses in your life; a car loan, student loan, credit card payments, installment loans. These are all things that erode income which otherwise could be allocated towards a housing payment for the roof over your head. It usually will make more sense financially if you’re trying to get the equilibrium balance between your cash credit and income to take some cash that you otherwise would have used for the down payment and use that to pay off debt. 

If that money is your down payment money, leaving you with no down payment or perhaps paying off that debt will free up more of your income to start saving to better position yourself to purchase a house down the line when your income and finances otherwise permit. If you’re unsure about whether you qualify or what it takes to get qualified talk to a lender. 

Pick a lender who has the long-term picture in mind and who is not only interested in right here right now today. You want a lender who is willing to work with you over the course of time if there’s something in your financial profile that otherwise would inhibit you from being able to purchase a house as s sound financial decision.


Scott Sheldon is a local mortgage lender, with a decade of experience helping consumers purchase and refinance primary homes second homes and investment properties. Learn more at