You and Your Balance Sheet – Pay Off Debt???

So often I hear both experienced and first time home buyers indicate a need to pay off credit card or auto loan or student loan balances before discussing this perceived need with a mortgage banker. If this strategy is carried out without proper counseling, valuable cash required for down payment or other closing expenses may be used up in error, thus delaying your entry into the housing market. ¬†Your ability to handle debt is one of several important factors in the loan approval process, so double check your plan with a capable loan officer, before letting the horse out of the barn – you may be pleasantly surprised. P.S….You’ll find related topics in some of my other blogs…

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