1. Pay off any debts to qualify for loan approval - When starting the home buying process your lender will primarily look at this aspect of your finances. Having outstanding debts can interfere with the process as lenders focus on your debt to income ratio. Any chance given to pay them off can better your chances of approval.
2. Pay off credit cards for higher credit scores - Paying off your debts can help to raise your credit score and make it easier for you to get new credit, such as a mortgage loan. Consult with a mortgage lender to get a clear understanding of which debts to pay off to better increase your score.
3. Can be used as a down payment – Depending on…
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