Question

[butterfly40324]

Hello,

I am currently in a bad mortgage with an outrageous monthly payment.  My fiancee and I are planning on purchasing land sometime next year to build on.  We are thinking about selling the house we are in now to rent so that we can save more for a down payment.  We've crunched the numbers and renting makes more sense financially.  Will not having a mortage have a negative impact when we are ready to purchase a house again?

Thanks

[DallasLoanGuy]

no

[llecs]

Score-wise? No, not really. Your current mortgage will continue to report after you sell. It will not be included in your mix of credit if closed, but the point ding is so minor that you probably wouldn't notice it.