This is a YouTube video titled "Can I Buy things while getting a Mortgage?" containing a monologue or informational talk recorded on May 13, 2022, explaining the financial advice lenders give about not adding new debt payments during the mortgage application process. The speaker clarifies common misconceptions about spending while applying for a mortgage.
Buying a new home. You've probably heard lenders say, hey, don't buy anything. And many times that comes across as, hey, don't spend any money at all. Don't go get your family dinner tonight. Don't go buy that thing you need. That's not what it really, really means. And that's why I want to take a second to explain it better. What they're saying is don't add additional payments onto your monthly debt. So if you buy a car, that's a new payment. If you spend an enormous amount on your credit card, sure, your minimum monthly payment might go up. That'd be the one little gray area thing. But you can still spend money on your credit card because generally your minimum payment is not going to change from 25 or 50 bucks a month that it is. So they're just saying at the end of the loan, underwriting has to refresh your debt payments. If those have increased and you've added payments, then that's a problem. But you can still live your life.
