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Down payment or pay-off bills, what should I do?

I am receiving enough money to put down on a house in the next few months, should I do it or use the money to pay off bills even if I can afford the house payment?
  • January 12 2009 - Napa
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Answers (3)

It really depends on all of the details of your situation. If you are paying off high rate credit cards then your best bet is to pay down that debt first. You can get into an FHA loan with as little as 3.5% down. I'm not sure how much you have to put down. If you had around 10%, you're better off paying off high rate debt and getting a hight loan to value FHA loan. Why? Well credit cards can be between 15-25% interest, an FHA mortgage will be in the 5.50% range.
  • January 12 2009
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Ditto...

Nickers, you weeee now?
  • January 12 2009
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Grated thayt you can afford the house payment at this time and will be locked into a fixed APR rather than an adjustable - your best best at this time since it's a buyers market would be to buy, your benefits now and in the future are favorable. 

  • January 12 2009
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