Should You Pay Off Your Debt Before Buying a Home?Posted by Jen Dollar on
When it comes to buying a home, one of the most important steps you can take is to reduce your debt. Debt from credit cards, student loans, and other debts can lead to significant concerns for lenders who you may be applying for a loan through. In short, lenders want to know that you can make all of the required debt repayments for your mortgage. If you have a great deal of debt already, you may struggle to make your monthly payments, putting the lender in a worrisome position. However, paying off all of your debt may not be a good thing.
Pay Down Debt
It is a good idea for most consumers to work to pay down their debts. That is, you should be avoiding adding to any debt that you have. By paying down this debt balance, you will be creating more gaps…
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