Home Buying in Chicago>Question Details

Shantay Livi…, Renter in Chicago, IL

Should I still try to get a pre-approval although I have debt to pay off?

Asked by Shantay Livingston, Chicago, IL Sat Dec 1, 2012

Im trying to buy a home by March of 2013, was told that I would have to pay off a certain debt before closing.

Help the community by answering this question:


always get a preapproval.. the process is in flux
0 votes Thank Flag Link Sun Dec 2, 2012
Dear Shantay,

It sounds like you have not gotten your pre-approval yet. It is always best to pay off outstanding debt so your overall numbers look better. Not knowing exactly what kind of debt your are referring to it is impossible to give you precise advice.

One of the things that agree with one of the brokers advised you is to take on a mortgage that makes sense to you. Even if you qualify for larger loan, make sure your monthly payments will be in line with the rest of your financial goals.

If you what to know exactly what you need to do in the next three to six months contact Mary Laurent at guaranteed Rate at 773-516-6859. Mary will work you until your credit and debt are at their best so you can get the lowest interest rate possible. She isn’t about trying to push a load through. If it takes 6 months or even a year if you are working hard with her she will dedicate herself to you.

Best of luck,

Manuel Brown, Broker
iMove Chicago
0 votes Thank Flag Link Sun Dec 2, 2012

If your lender said it has to be paid than it has to be paid. But feel free to speak to different lenders if you have doubts.

Good Luck!!
0 votes Thank Flag Link Sun Dec 2, 2012

Wieslaw (Wesley) Jura Vice President. NMLS ID 225274. Direct: 773-304-3412. Fax: 773-283-2788. Cell: 312-405-2404. wjura@unitedequity.us.
0 votes Thank Flag Link Sun Dec 2, 2012
A second opinion at this point would be a wise choice. The better your credit, the better the choices you will have and the less the loan will cost. Get rid of that debt!
0 votes Thank Flag Link Sat Dec 1, 2012
It doesn't hurt to speak with another lender. As with anything, getting a second opinion is always the wise choice. If you would like a recommendation, please contact me.

0 votes Thank Flag Link Sat Dec 1, 2012
Talk to a good lender and see where you stand. They should give you advice on what to do to get your financial situation it its best place to be ready for when you want to purchase.
0 votes Thank Flag Link Sat Dec 1, 2012
If the one lender told you to pay off debt, chances are that is what is needed to get a home loan. But, there is not harm talking to another lender, and no cost. I have I can recommend. Not all lenders require the same credit score, etc. You will need to get a preapproval before you can put in any offers.

Feel free to call and I would be happy to talk specifics and refer you to the right lender.

Suzanne Hamilton
Managing Broker/Owner
RE Marketing Consultants, Inc.
0 votes Thank Flag Link Sat Dec 1, 2012
A lender will let you know what you need to do in order to qualify for a loan. Should you need any assistance, please contact me.
0 votes Thank Flag Link Sat Dec 1, 2012
It sounds to me that you already talked to a lender who gave you the information you mention above.
It is simple, any good lender will be able to tell you what to do and what not to do (like by a new car etc.), try to save money for the down payment and potential repairs, and improve your credit rating
if possible, and yes pay off debts as best as you can.... So if you want to buy in the Spring, first clear
up your financials, discuss what you need to do with a reputable lender, and if need be
DELAY BUYING FOR A LITTLE, and do NOT under no circumstances overreach.... Buy what you truly can afford and you feel comfortable with..... have the lender calculate exactly what you will owe every month and have your Realtor (do work with a buyers agent!!!!!)
if you do not understand why, e-mail me and I will clear it up for you in much detail put in front of you
what the maintenance of the home, including insurance and potential future repairs may cost you.

Be careful and go slowly.... its good advice.
If you need a recommendation for a good local Realtor familiar with the area you want to buy in
let me know...
Good Luck to you ....

Sincerely yours,
Edith YourRealtor4Life
Working always in the very BEST interest of her clients
@Properties Relocation and worldwide Services
Free Market Evaluations & daily new listings for Buyers/Investors
0 votes Thank Flag Link Sat Dec 1, 2012

Do you know what your credit score is? I can put you in touch with some great lenders to talk to. You want to get your pre-approval in writing before you really start looking at places. You need the pre-approval before to can make an offer on a place.

Feel free to schedule a meeting with me to discuss the process.

Al the best,

Ivan Sagel
0 votes Thank Flag Link Sat Dec 1, 2012
If the lender told you that then you better hurry up and pay it off if you want to buy by March. It does not cost anything to get an approval letter although if they insist on running your credit only have 1 lender do it. The more times you run credit in a short time frame the lower you score goes.
0 votes Thank Flag Link Sat Dec 1, 2012
Sure. I would speak to a lender and see what your approved for.
0 votes Thank Flag Link Sat Dec 1, 2012
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