How long to maintain shock payment?

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  • #62337
    JR0312
    Member

    I am currently paying $1550 in rent and plan to have a mortgage of $2000. I should hopefully be homebuyer qualified by next week. With the holidays coming up, I would like to purchase Christmas gifts. Do I still need to show a savings of +$450 every month?

    #62338
    Nelsont
    Member

    Until the day you close on your new house without fail. This is one of the non-negotiable hard stops.

    2 exceptions: eliminate debt in lieu of saving like paying off a loan entirely (if it doesn’t lower your monthly payment it doesn’t count) and 1 time emergencies like hospital bills.

    #62339
    Peapod0609
    Member

    Yeah, buying Christmas gifts will not likely count as an exception to payment shock. You are supposed to do it every month without fail until you close.

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