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post #1 of 11 Old 08-08-2003, 2:52 PM Thread Starter
 
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Re: nother home buying question

i just got my bonus check and was trying to decide if it was better to pay down a CC or save the money for a house down payment

suggestions?




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post #2 of 11 Old 08-08-2003, 2:57 PM
 
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Re: nother home buying question

If you can handle the monthly payments of the CC, save the cash for the downpayment on the house. It's usually more money than you expect so you need as much cash as possible for anything unexpected.

If you have any left over then pay off some debt.

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post #3 of 11 Old 08-08-2003, 3:02 PM
 
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Re: nother home buying question

I'd keep it available until you sign your life away and are sure you don't need it - then I'd pay down the 9-22% debt instead of the 5-7% home loan.

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post #4 of 11 Old 08-08-2003, 3:13 PM Thread Starter
 
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Re: nother home buying question

so it would not be more beneficial to the credit score to get rid of that payment? It is a significant amount (thousands)

This will be (hopefully, if everything keeps going along) my second home purchase so I am aware of the costs.

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post #5 of 11 Old 08-08-2003, 3:15 PM
 
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Re: nother home buying question

If you think you won't be approved because of your revolving credit balances, then pay them down.
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post #6 of 11 Old 08-08-2003, 4:22 PM
 
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Re: nother home buying question

Actually paying down the card below %50 of the limit is worse than having it at 50% or slightly above. There is a magic formula they are looking for. They want to see some debt.
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post #7 of 11 Old 08-08-2003, 4:37 PM
 
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Re: nother home buying question

Tell you what Bub...You sign the back of that thing and send it this way and your problem will simply go away. aahhhhh
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post #8 of 11 Old 08-08-2003, 5:15 PM Thread Starter
 
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Re: nother home buying question

oh i have debt, that is not a problem - 2 cars, bike, 2 credit cards

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post #9 of 11 Old 08-08-2003, 11:21 PM
 
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Re: nother home buying question

I'd pay off the credit card. It's what I'm trying to do with all of mine. I'd rather have straight income, then make monthly payments and have no cash
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post #10 of 11 Old 08-09-2003, 12:57 AM
 
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Re: nother home buying question

If your down payment is close to 20% of purchase price, use it to get closer to 20%. If nowhere close to or over 20%, pay down CC. 20% typically will get you out of paying mortgage insurance (at least in Illinois).
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post #11 of 11 Old 08-09-2003, 8:16 AM Thread Starter
 
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Re: nother home buying question

Quote:
Quiet954 : If your down payment is close to 20% of purchase price, use it to get closer to 20%. *If nowhere close to or over 20%, pay down CC. *20% typically will get you out of paying mortgage insurance (at least in Illinois).
i may not have to come up with any down payment. if i reuse my VA loan, there is no requirement for a downpayment and NO PMI

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