Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Buying a home/credit question
We just sold our home and unfortunately didn't make as much as we would've liked. We sold lower to buy lower, so we're cool with it. Anyway, we're not going to be buying until at least September because we need to build up a down payment. Even then, we're most likely going to build again, which would put us at closing in December/January at the absolute soonest.
Our REA told us not to make any major purchases and stuff because it'd mess with credit. Ok, fine. No biggie, but that comment was made when we were looking to buy sooner, like within a month or two. Now we're not.
Now, we're seriously considering trading in our car on something a little cheaper/newer while the prices/incentives are good (b/c of closing dealerships). Is this a bad idea if we're looking to move within a year? Should we just wait until we move? I don't want to screw us when it comes to a new home!!
Re: Buying a home/credit question
Generally speaking, yes. BUT I don't know your exact finances, debt to income ratios, etc. Nor am I a loan officer. And that is the one person who can REALLY answer this question for you. Call the person who gave you your pre-approval and talk to them! They may even need to check with their underwritter! And also, interest rates are higher than they were even a month ago, so some people aren't qualifying for as much based on that fact alone!