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Re: Pay off car or buy house?
Well, no, that's not the only reason. I want to put that amount down to have a low mortgage payment as well as a good interest rate along with improving my chances of even getting a mortgage.
I agree, that's a great idea to get a low interest rate, but not if it's costing you more for not paying off a higher interest rate on something else. You don't have to worry about your "chances of getting a mortgage." You can get a mortgage with your credit score no problem. Yes, some lenders want X amount of employment with X amount of so and so, but if you just have to find the one that's for you. You can get one, no problem, so that shouldn't factor into you decision, as with a little digging you can get a good loan with your score regardless of what you put down. Obviously the rate goes down the more money you put down, but I think opportunity costs of putting $25K down in your situation is a bad idea. I'll probably speak with a professional before I make any final decisions. I used to be a loan officer for a mortgage company. My advice to you is to be careful, because probably 90% of the people I encountered while in the business will not look out for your best interests. Whatever someone tells you, I would quadruple check it with a bunch of other people before you decide to do anything. I'll bet a good % of the time if you check what guy #1 says with guy #2, they will call his bluff. |
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