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| *Loan,banking and credit>>>debt loan |
How soon after you pay all your debts in full can you receive credit or a loan? |
I am receiving a substantial chunk of change in July. I am going to pay off my children's (grown) and my own debts. I will then seek financing on a home. Can it be done? with $10,000 left in the bank There's nothing to prohibit you from getting loans and financing now. Even people who have outrageous debt receive offers regularly. The difference is in the financing rates/costs. When I was in dire straits and about to have my home foreclosed on, I was able to get financing, but the loan fees cost me 10% of the loan on top of an adjustable rate. It was ridiculous, but was what I had to do to keep my home. Now that things are better, we've paid off debts, and established a much more positive credit history, we're getting offers that are much better. So just remember to look at the interest rate AND the loan origination fees - that's where the companies get a lot of people. Good luck. I don't know, ask your local bank. Yes, it can. 10k is a decent down payment, and having no debit will help ya get the loan. Assuming u r not declared a credit risk already .... Use the rule of thumb - u can borrow 'short term' what u have in 'assets' For a Home, go to a mortgage lender. They will factor in your family income, your total assets, then tell you what you can borrow/finance towards a home. After that, if you need more financing, you will have to pay more via secondary mortgage lenders NO LOAN SHARKS OK :-P Gd Lk If I were you my priority in using the money would be as follows: 1. My high interest loans 2. My children's very high interest loans 3. Down payment and closing costs for home 4. My low interest loans(student loans/car loans) 5. Debts of my children You want your debt payments to be as low as possible and your savings to be as high possible when you are applying for a home loan. A very important step in the home loan process is determining what you can afford to pay monthly. The bank will loan you more money than you can afford, because they know people will do pretty much anything to keep their house. |
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