Paying off Credit Cards prior to Closing?

loanhunter · ‎06-26-2014

Hey Y'all,

Can a loan officer in here or someone in the know tell me exactly when credit cards need to be paid off if its a requirement for mortgage loan. Is it 60 days prior to closing or before closing date?

Thank You

ShanetheMortgageMan · ‎06-27-2014

If you actually need to pay them off & close them to qualify, then you just need to do it for the final loan approval... no need to do it 60 days prior, etc.

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StartingOver10 · ‎06-27-2014

@loanhunter wrote:
Hey Y'all,

Can a loan officer in here or someone in the know tell me exactly when credit cards need to be paid off if its a requirement for mortgage loan. Is it 60 days prior to closing or before closing date?

Thank You

Are you talking about just paying off the cards or paying them off and closing the credit card? These are two very different actions. If you are paying them off, then do so as soon as you can. If you are talking about closing them, wait until the last possible moment to close them. In fact, verify carefully that the cards need to be closed - that is a very drastic action.