 |
Buy Now or Later |
| |
 |
Hi Edith,
Is it better to pay off debt or save money when preparing to buy a house.
I really want to get in on the $8,000 tax credit. I want to buy a foreclosure and do the dirty work to make it my own.
My debt to income ratios is horrifying, so I'm working a second job. If my math is correct I will have paid off $10,000 of my debt by December.
However, I will have paid off all of my credit card debt, $14,000 by March, and will be able to save $11,000 by December of 2011, which could be put towards paying off student loans, over $50,000 or a down-payment on a house.
Would it be better to continue to pay off my debt and work towards saving up a downpayment, or would it be fine to try and find a place before the tax-credit ends. |
| |
| |
 |
The first question is whether you could qualify for a mortgage loan at all, right now. It shouldn't cost you anything to consult a couple of mortgage brokers, to see if they think they find a lender for you. Once you know where you stand, you'll be in a better position to judge. In any event, better get going on it right away. If you do go for the tax credit you have to complete the purchase before December 1. |
| |
|
Edith
Originally published on August 10, 2009 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
