The quick answer is “Not Necessarily”.

Before you rush out to pay off student loans, vehicle loans, visa’s and mastercards’s, you may want to call me first.

Paying off your bills depletes your savings and may eat up the cash you were planning on using towards the down payment.

Don’t get me wrong, being debt free is a great idea, but if it hinders your purchasing ability, it might not be your best option.

On the other hand, if you need to lower your total debt to income ratio, paying off some debt may be a good thing.

Typically, debts with the highest monthly payments affect you qualifying ability the most.

Remember, there so much more to a mortgage than just great rates

For the Right Advice at the Right Time

604-273-2002 or on the web

at www.notapennydown.com

As usual, make it a great day and we’ll talk to you soon.

Mark Fidgett, Your Vancouver Mortgage Broker For Life

www.notapennydown.com

604-273-2002

P.S. Who’s the next person you know who needs Help with their Stuff?
Be sure to give me a call so we can help them get on that path!