(Closed) Finance-Savvy/Home-Buying Bees – Question!

posted 5 years ago in Home
Post # 3
Member
9209 posts
Buzzing Beekeeper
  • Wedding: August 2013 - Rocky Mountains USA

I’m not sure, but it sounds like you’ve done a lot of research – nice work.  When I was gearing up for and going through the pre-approval process, I would just call a mortgage broker to ask questions like this.  You don’t even need to eventually get your mortgage through them.  I’d recommend just giving your local bank (or a mortgage broker in town) a call…

Post # 4
Member
1963 posts
Buzzing bee
  • Wedding: January 2013

@lolot:  I agree. Get in touch with a mortgage broker now and ask them about your debt. I think for us it would have been better if I didn’t have my small student loan, but we have both had credit cards for 7 years at the time getting our mortgage.

Post # 5
Member
3471 posts
Sugar bee
  • Wedding: July 2012 - The Gables Inn, Santa Rosa, CA

You’re definitely on the right track, but I would wait to pay off the loan.  It stays on your credit report as a “closed” account after it’s paid off, so that’s not the worry.  But when you’re actually putting offers in on houses, it looks good to a prospective seller if you’ve got more  cash-on-hand, this shows them that you’re more serious than someone who might not have the extra few thousand sitting around.  

Since your credit scores are both over 700 you’re already looking at being in the best interest rate bracket anyway, having or not having a $200/mo payment wont change that much.  

Also, once you buy a place there will be lots of little incidentals that come up, or in my case, some BIG ones (like driving over a piece of shrapnel and blowing out 2 tires that need a $700 fix 3 days after opening escrow!!), and having a little extra cash will make that transition easier and less stressful if you need it.  

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