Paying down debt before buying a home can help.
But paying the wrong debt first can waste cash you may need for closing costs, reserves, or your down payment.
Here is why:
1 – Credit cards can affect your score and monthly debt picture.
2 – Car payments may impact how much monthly payment you can qualify for.
3 – Student loans may be calculated differently depending on the loan program.
4 – Some collections may not move your score or approval as much as buyers expect.
That does not mean ignore debt.
It means do not guess.
A mortgage strategy looks at your actual income, credit, debts, cash, and timeline so every dollar has a purpose.
Message me PLAN if you want help figuring out which debt matters before you buy.
— If we haven’t met yet, I’m Richard Sarey, your go-to independent mortgage broker in Frisco Texas
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