we are not looking till next year what i mean by not paying our debts is that we are paying them put we dont want to pay them all out before we get a home loan we are paying them and will keep doing so we will have a deposit
2007-12-02 08:22:14 · 5 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
WTF are you asking.
Please read the question. Does it actually make sense to you?
2007-12-02 08:29:05 · answer #1 · answered by Anonymous · 2⤊ 1⤋
Work on getting your credit score into the "A paper" range, above 680 at least.
Mortgage interest rates are almost always based upon your credit score. If you have poor credit your payments will increase dramatically compared to what someone with good credit would pay. This can easily DOUBLE your monthly payments! Rent is not based upon your credit score so use the next couple of years to pay down your debt, clean up your score, and save further money for the down payment.
If you have been setting aside funds for a down payment and ignoring current bills this is not a wise strategy. Use that money to pay off your current debt and then start saving for the down payment again. You'll save money MUCH more quickly as you won't be paying interest on the debt AND your credit score will start to improve.
If you rush in to the purchase of a home with poor credit you're only screwing yourself. Your payments will be so high that even a minor financial emergency -- think a blown engine in your car for example -- could literally leave you homeless on the street. Take some time to get on sound financial footing FIRST. THEN go forward with the home purchase.
2007-12-02 16:37:39 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋
best advice is to pay down your debt to less than 50% of available credit.you should see a good improvement in credit score. DO NOT keep transferring balances to those promo offers for 0 or 1% and you still have the same balance month after month
2007-12-02 22:29:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your credit score is king here. If you have troubled credit, you will pay more for your interest rate, insurance, PMI - this will effect you in more ways than just your home loan.
Pay your bills on time, you don't have to pay them off unless your debt to income ratio will keep you from getting a mortgage.
2007-12-02 17:18:28 · answer #4 · answered by godged 7 · 1⤊ 0⤋
bad credit and wanting a loan!!
ever wondered why you are in bad credit - loans! u nitwit.
save up - it works
stop buying crap - it works
instead of boozing, smoking, dining out, holidaying - go for a walk - its free, honest! you don't have to pay for walking, isn't that great.
2007-12-02 16:40:15 · answer #5 · answered by Scraggle_aggle_baggle_laggle 3 · 2⤊ 1⤋