Posted on
June 15, 2009
at
10:43 am
my husband and i have been really wanting this house for so long. we have been renting for eight years and we believe it is high time for us to purchase a house for us and our kids to live in. the thing is, i currently have $24,000 in credit cards and loans debt and as much as i would like to pay for this and everything, the offer on the house is just too good to pass up. what do you think should i do? thanks so much
Posted on
June 15, 2009
at
11:07 am
I say pay off your debts first. It would be much easier for you and your family in the long run, because you and your spouse would have less to pay and more to invest in.
Posted on
June 15, 2009
at
11:20 am
You can buy the house if you wish, but you also need to consider that it will take a long process for you in order to do so. The risk of having a higher interest rate from your mortgage lender is quite possible. The best thing to do right now is focus on paying off your debts before getting a home that you might have difficulty making payments on moving forward.
Posted on
June 15, 2009
at
11:39 am
It's always a good idea to repair your credit first. Pay your bills on time, or pay them off if it's possible. Sell assets that you have so you can feed the kids
and be able to pay bills off. Try also to do odd-jobs that can help with the family income.It may take a much longer time for you to do so but you can actually utilize help from DestroyDebt.com in order to do so. Just fill out a form on the top of the page and you are good to go.
Posted on
June 15, 2009
at
12:31 pm
I would say it is never a good idea to commit to something as serious as a mortgage while you are in debt to other lenders. First, you run the risk of falling behind on one or the other at some point in the future by tyring to keep up with all of your monthly payments. And second, if you have a poor debt to income ratio right now the interest rate on the mortgage loan may be fairly high. When you say you have a "great deal right now" what exactly is the offer?
