Will consolidating my debt hurt my credit
If you consolidate student loans, you have other options.
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Let’s say there’s ,000 left on your car loan, you have the cash in the bank and the car loan payment is 0 per month.
0 per month on a car loan reduces your ability to purchase to the tune of more than 0,000 in loan amount.
Refinancing debt is also a smart strategy, especially for those in the post-grad plateau— the early stages of a promising career—with plenty of raises just around the corner.
Now, the strategy for paying off debt to qualify differs when buying a house from refinancing.
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The average American household carrying a credit card balance has over ,000 in debt, but you sure wouldn’t know it.
Let’s look at the differences: When buying a home, and prior to attaining an accepted purchase offer, paying off debt to qualify is simply a function of learning how much more buying power is achievable by eliminating debt like credit cards, student loans or car loans.
A qualified mortgage lender can run “what if” possibilities, which could become crucial in your endeavor to purchase not only the right home, but ultimately the home you can afford.