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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
Name:
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WWYD?
I have no school loans or credit card debt,
just a monthly 374 payment for my car.
I was approved for a house @ most at X amount, and if I bought a home at the max price, I'd have to only have taxes of 7,000ish.
I owe around 13k on my car, and have $ now to pay it off in full..it would leave me with enough for closing costs, etc, and paychecks will still be coming in.
I was thinking of paying off my car, just so I'd have more wiggle room in my loan amount.
Thoughts?
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Posted 4/12/10 12:45 PM  |
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Salason
♥
Member since 6/05 9878 total posts
Name:
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Re: WWYD?
I don't think it will give you all that much wiggle room. Do you have "cushion" in savings (i.e. at least 6 mos expenses)? If not, I'd keep the liquid cash to cover unanticipated expenses than payoff the loan at this point.
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| Posted 4/12/10 12:53 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD?
Posted by Salason
I don't think it will give you all that much wiggle room. Do you have "cushion" in savings (i.e. at least 6 mos expenses)? If not, I'd keep the liquid cash to cover unanticipated expenses than payoff the loan at this point.
agreed- it's not going to make much of a difference and the bank would rather see that money in the bank now
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| Posted 4/12/10 1:03 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: WWYD?
Not sure of your financial situation as far as job security etc. but I think this could give you pretty substantial wiggle room and would consider if you found a house a little higher than the x amount you were originally looking at
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| Posted 4/12/10 2:10 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD?
why don't you have the Loan officer re-run your pre-approval based on this to know for sure?
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| Posted 4/12/10 2:33 PM |
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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
Name:
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Re: WWYD?
thanks guys!
i spoke with my guy, he said he'd rather i leave the $ in the bank and it wouldn't make a huge difference.
thanks anyway
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| Posted 4/12/10 3:39 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: WWYD?
Posted by rileysmama
thanks guys!
i spoke with my guy, he said he'd rather i leave the $ in the bank and it wouldn't make a huge difference.
thanks anyway
at least you know for sure now and aren"t wondering
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| Posted 4/12/10 3:42 PM |
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