New Member
Posts: 3
Registered: ‎01-24-2013
Re: How to look the best for mortgage approval by April?

Thanks for the information. We could pay off 100% of our debt and were planning to, and wait to buy a house until next year, but as I said before, we decided it may be better to take advantage of the rates and lower prices (they are going up like crazy in the area we want to live).  So basically it's pay the debt off now and wait and probably be priced out of the area, or buy the house now and pay the debt next year.   


I actually had double the credit card debt that I do now and have paid half of it off.  Mixture of having a LOT of fun traveling, buying a house at a young age that ended up needing a lot of work (foundation, roof, ceiling cave in, etc) and getting married.  Whatever the excuses, we have the debt, we paid half off but think it's probably better to get into the house now instead of waiting another year, with another year of paying rent that goes toward nothing.


There will be no more down payment than 5%, even though I know that is better.  I think my question is pretty much answered, keep the cash, bc paying off a card won't make a huge impact and put me into the next credit level for interest rate purposes.  Sounds like we can get a mortgage with 710 as the lowest middle score.  Hopefully all those online calculators are correct and we can get approved for what we want.


Thanks for all of your help!