Pay Off Debt Before Trying to Buy a Home? Maybe Not

Deciding whether to pay off your debt before buying a home is simple math. In fact, it's an excellent plan. To get an approval for a home loan, reducing your debt will impact your credit score, your debt-to-income ratio and the cash you have in the bank. If your credit score is under 700 or 680, you may want to pay off some or all of your debt to improve your score. One of the best ways to make the decision about your individual financial situation is to consult with a mortgage lender. Setting your priorities helps you understand the consequences.

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