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SVTPerformance's Chain of Restaurants
Road Side Pub
Credit Score / Report Gurus
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<blockquote data-quote="rborden" data-source="post: 16320546" data-attributes="member: 160221"><p>Yes. Depending on your income and debt to income ratio, it could cause your score to drop drastically. </p><p></p><p></p><p></p><p>So this works two ways. </p><p></p><p>If you pay the car off, the score will drop...BUT on the other hand, it also lowers your debt to income ratio AND it gives you more buying power for a house and raises the loan approval amount. </p><p></p><p>So, if I were in your shoes, pay off the car, wait a few months and let that score rebound, then buy a house and do a 15 year Fixed Rate Mortgage. You can also lock in your rate with Rocket Mortgage through Quicken Loans for 90 days. If rates go up, you get the locked in rate. If they drop, you get the lower rate despite being locked in. </p><p></p><p>Without the car payment you can get a little more house AND you’re not stuck with a 30 year mortgage. </p><p></p><p>Additionally, you make one full extra payment a year to principal and you reduce your interest by $60,000 or more over the life of the loan and you own your home in less than 15 years. Quicker if you throw more at it every month.</p></blockquote><p></p>
[QUOTE="rborden, post: 16320546, member: 160221"] Yes. Depending on your income and debt to income ratio, it could cause your score to drop drastically. So this works two ways. If you pay the car off, the score will drop...BUT on the other hand, it also lowers your debt to income ratio AND it gives you more buying power for a house and raises the loan approval amount. So, if I were in your shoes, pay off the car, wait a few months and let that score rebound, then buy a house and do a 15 year Fixed Rate Mortgage. You can also lock in your rate with Rocket Mortgage through Quicken Loans for 90 days. If rates go up, you get the locked in rate. If they drop, you get the lower rate despite being locked in. Without the car payment you can get a little more house AND you’re not stuck with a 30 year mortgage. Additionally, you make one full extra payment a year to principal and you reduce your interest by $60,000 or more over the life of the loan and you own your home in less than 15 years. Quicker if you throw more at it every month. [/QUOTE]
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