Getting a Mortgage

paul — Wed, 16 May 2007 15:37:01 GMT

Planning to buy a home in the next 2 months,but not sure if i should start applying for a mortgage now.My current condition is like this.

FICO : 706 (middle)

Current debts: balance/limit

CC1 - 2400 / 9900 - 2% until paid off

CC2 -1400 / 3000 - 2% until paid off

CC3 - 3600 / 4400 - 5% until paid off

Other Cards 0 / 6000

Auto Loan : 0$ ( Recently paid off)

Investments : 2000$

I m looking at the 80/20 loans that would enable me to put no money down.I do not want to pay my CC's off too fast as i have the interest rates locked until i pay them off.

Which scenario is better ?

1) Saving some money for downpayment and apply later. Pay minimum on CC balances.

2) pay off all CC balances and do a 80/20 loan.

3) pay off all CC and save money for downpayment , buy later

I know the third option is the best choice,but would it hurt a lot to try options 1 and 2 ?

Message Edited by paul on 05-16-2007 08:37 AM

Re: Getting a Mortgage

Anonymous — Tue, 26 Jun 2007 22:55:17 GMT

You're in good shape to do a 80/20 but you will need reserves to go Fanniemae or Non Fanniemae you can try to get by. Both are prime but Fanniemae always has better rates.

topic Getting a Mortgage in General Credit Topics

Getting a Mortgage

Re: Getting a Mortgage