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Hey all , So i'm trying to obtain a mortgage in about six months. I have about $4300 in debt that needs to be paid first. I wanted to not use my savings because it's needed for down payment. Would in matter to underwriters that I obtained a personal loan from my bank to pay these debts? How would lenders view this bad or good ?
They're going to look at your total DTI, so owing CC's or a loan is the same in that regard. The new inquiry and new account isnt so good bc they like to see 6 months of no new credit.
Good Luck!