Help! Please

[Anonymous]

Hey Everyone. I have a quick question. I am currently within my 90 days of pre-approval. I recieved my confirmation letter in March and if I dont find a house by June I will have to fill out a new application.  I dont plan on finding one anytime soon as the market in my area is currently selling above asking price and is mostly above my budget. My relator told me to plan on July/August to really find something due to this. SO with that being said I have one credit card with a balance Barclays MC its around 6300 with a 9000 limit. I am working on paying it down but the interest is killing me. I havent tried calling them to see if I have any offers as I know they can be sensitive and I dont want any AA as this is my highest limit card. How terrible would it be if i opened a new card to do a balance transfer for the no interest? I plan on having it payed down within 6-9months but not at the rate I am gaining interest. I am currently 2+ years out of BK7 and my middle mortgage score is 677. I have never taken huge hits with inquires because of the "dirty bucket" i am already in I believe. I just dont want to spook the bank. Any advice?

[Anonymous]

You have a LO your working with that gave you your prequal, run your thought process by him/her. You have to ask your self though, what if the perfect house comes on the market soon and this derails your ability to get it.

[oldman425]

No new credit and do not close any accounts.

[ShanetheMortgageMan]

A balance transfer in itself isn't a problem.  You might need to document the paper trail of the new card paying off the old card, plus will need to explain what the new credit inquiry was for, and also provide documentation of the new account (a monthly statement should suffice).  The inquiry and opening of a new card could reduce your credit scores though.  Automated underwriting takes into consideration new accounts, inquiries, and credit scores into it's analysis... so if you aren't able to close by the time your current credit report expires, then it could have a potential negative impact on the credit report that would be re-checked and thus your chances of continuing to be pre-approved.  If the credit card payments are really a burden though, then that could be more important than buying a home right now... after all it's probably more comfortable to be debt free as possible when purchasing a home.

[Anonymous]

I realize thats the best senerio to be 100% but unfortuntaly I dont really have a choice. My landlord (or I shoudl say Slumlord) is rasing my rent $400 so whether it be a mortgage or rent payme sent its going to be around 1400 a month. I would rather go with the mortgage then pay him a dime more. I spoke to my LO he states that I should be fine opening the account and transfering the balance I just dont want to close any accounts or open anything other than that one.