Posted on: 01st Jun, 2012 02:20 pm
I am curnetly looking to purchase my first home. I will soon be recieving a lump some of money to put down 20%. should I wait till the money is in the bank befor looking for a preapproval or start the process now. I would like to move on the purchase this summer if possible. Also I have a current car loan should i pay that off as well to help with credit rating. current mid range 694 high of 735 10 years same job. all my past old bad credit is clean now with about a year of all positive payments ect.
Welcome dbartlett,
If it is possible for you, then you should try and pay off the car loan. Paying off the car loan in full will help you in increasing your credit scores to some extent. I will personally suggest you to wait for some time so that you have the down payment in your savings or checking account at time of application for the loan.
If it is possible for you, then you should try and pay off the car loan. Paying off the car loan in full will help you in increasing your credit scores to some extent. I will personally suggest you to wait for some time so that you have the down payment in your savings or checking account at time of application for the loan.
Hi dbartlett!
Welcome to forums!
I agree with Adonis that it will be a better option if you could wait for sometime so that the money for the down payment gets transferred in your account. Thus, when you apply for a loan, you will be able to show the lender that you have the required down payment in your account.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with Adonis that it will be a better option if you could wait for sometime so that the money for the down payment gets transferred in your account. Thus, when you apply for a loan, you will be able to show the lender that you have the required down payment in your account.
Feel free to ask if you've further queries.
Sussane
I would pay it off but only if that does not deplete your savings/reserves neede to close your loan.
