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Trying to decide if now is really the time to get a morgage.
As of 1/13/14 had a median credit score of 720, paid off all my debt this month so utilization will be 0 after my CC statements run.
I gross $5070 a month in retirement, have $37,000 in savings and access to an addtional $47,000 in my 401K.
I have spoke to a lender in the state I am moving to and he seems to think there will be no problen in qualifying me for a $200,000 mortgage. There are plenty houses in the area I am moving to that fit this price range and real estate taxes are low. I am planning on doing a 5% down conventional so as not to have PMI for the life of the loan.
I had orginally planned on waiting anywhere from 6 to 12 months after moving to allow my credit score to go up more as to allow for a better interest rate but with interest rates potentially starting to go up, I am now rethinking that. Seeing the possibilty that waiting for my scores to get higher after bringing my utilitzatioin down could potentially not save me any money over what I can get now.
Any input?
From a qualifying standpoint your debt to income ratio looks fine. Are home prices increasing in the area you are moving to? If so, then waiting 6-12 months you'd have to pay more for what you could get today. The difference between a 720 & 740+ credit score in terms of interest rates today is very marginal (basically you pay an extra 1/4 point to get the same rate), so I'd choose to purchase when it's the best time for you.