Hello,
My wife and I are saving and budgeting this year with a goal of home ownership by this time next year. My FICO score is 802 and hers is 766. We both have good incomes. $0 CC balances.
She's paying off a college loan and a car loan, and I've got a car loan. My payoff is $6k, and I'm paying $400 monthly at 0% interest. By the time we're looking at mortgages, I'll have paid all but about $2k-$3k.
Should I just pay off the loan, or save that money for a down payment and closing costs? Housing prices are quite high here, so we'll probably have enough for 10% down by the end of the year.
I'm just wondering if it would be better to show less debt or monthly payments, more cash on hand, or if it will really matter with a low payoff amount.
Thoughts are appreciated.
THANKS!
Message Edited by FICOScott on
05-09-2008 06:25 PMMessage Edited by FICOScott on
05-09-2008 06:34 PM