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Hi everyone,
My husband and I are getting ready to buy our first home. We are going with NFCU 100% Homebuyers (we think). We have decent income ($9200 gross monthly) and little debt ($900 monthly). In the past 24 hours I have paid down several credit cards to $0, which are obviously not showing on our reports yet. My question is, should I wait to do pre-approval when this is reflecting on our credit reports in hopes for a better rate or could I provide statements showing they are paid in full? I'm not worried about our DTI since with the balances outstanding our DTI was only 12%....I'm more concerned about the credit utilization showing high and the rate we may receive.
I have to say I'm terrified of this process and of being turned down. We've completed pre-qualification but I'm so scared I'm going to jump the gun on pre-approval when I would have been better off to wait a couple of weeks. Any advise??
I would say to wait for it to reflect but also look for your mortgage score, not just your standard scores.