Getting 1st time Mortage

[Anonymous]

We will be getting our 1st time mortage within a year. My husbads FICO score is 713 and mine 722 I assume mine will be going up in a few months as I just paid off a 4 Grand Credit Card. I've never had a mortage but my husband has about 10 years ago. At this time we have about 5 Grand left in CC debt but no Auto Loans or Mortages. What are our chances on getting a great rate mortage wise? And can someone tell me about how long it takes for your scores to go up once you pay off high balance cards?

[Revelate]

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@Anonymous wrote:

We will be getting our 1st time mortage within a year. My husbads FICO score is 713 and mine 722 I assume mine will be going up in a few months as I just paid off a 4 Grand Credit Card. I've never had a mortage but my husband has about 10 years ago. At this time we have about 5 Grand left in CC debt but no Auto Loans or Mortages. What are our chances on getting a great rate mortage wise? And can someone tell me about how long it takes for your scores to go up once you pay off high balance cards?

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Pretty good, and immediately after the new balances get reported to the bureaus from your creditors.

Welcome to the forums, and most likely the mods will move this post over to the Mortgage forum where the experts in such things tend to hang out.

[Bondo]

I don't know how long it would take for your score to go up after paying down your credit cards. (I would assume pretty quick though) As for what rate you will get, it probably depends on your bank. I just got pre approved from my credit union and everyone gets the same rate 3.875. However if your score is above 680 you only need to put 3% down on a convientional through them.