Kate Speigle, Home Buyer in Fort Lauderdale, FL

Should I wait to buy a home if I currently have debt?

Asked by Kate Speigle, Fort Lauderdale, FL Mon Apr 29, 2013

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BEST ANSWER
You need to talk to a mortgage broker. Call one that realtors rely on. Preston Ware 561-329-0075. Or go to http://www.PrestonWare.com. He will be able to help you determine whether you can afford to purchase a home now or whether you will need to wait.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Mon Apr 29, 2013
Most people will always have some debt, like a car or student loan. Only a lender can tell you if you are to far in debt to be able to get a loan or if your debt is minimal and will not affect. Actually having debt / credit and paying on time is a good way to improve your credit score.
1 vote Thank Flag Link Mon Apr 29, 2013
HI Kate,

The best thing to do is get a consultation with a mortgage professional and let him/her review your financial situation. Once he/she determines what price level you can consider, take a look at what is available at that price point.

If you don't qualify for a mortgage at this time the loan officer or mortgage broker will give you a road map to what your next steps should be to secure a loan.

Best of luck,
Maria Sabio
Chane Realty
954-336-5156
http://www.chanerealty.com
0 votes Thank Flag Link Thu May 16, 2013
Thanks ya'll! Appreciate all the kind advice.
0 votes Thank Flag Link Wed May 15, 2013
Hi Kate,

Every buyer who buys a home has debt, don't be afraid. Without debt you can't have a credit score and without a credit score you can't get a mortgage !!!!

Gary Hitchcock
Remax Professionals
561-213-2252
0 votes Thank Flag Link Tue Apr 30, 2013
Hello Kate,

I would be more than happy to discuss with you different loan products and their requirements for the debt-to-income ratio.

Please fee free to contact me at your earliest convenience.

Best Regards,
Beate Rodriguez
Lic. Mortgage Specialist
NMLS# 299 244

Cell: 954.695.4849
BeateRodriguez@gmail.com
0 votes Thank Flag Link Mon Apr 29, 2013
It would depend on the amount of debt that you have. Call a lender and let them determine if you would qualify for a mortgage. They will check your debt to income level and let you know if they can provide a loan to you at this time.

If you do qualify and are ready to go out and take a look at some of the great properties out there please give me a call and I will be happy to assist you with finding a great new home for you and your family.

I am a full time top producing Realtor here in Fort Lauderdale.

Barbara Easton-Irvin
Atlantic Properties
954-740-7855

Check out my website at http://www.FortLauderdaleHomes4U.net
0 votes Thank Flag Link Mon Apr 29, 2013
The best thing to do would be to get pre-qualified with your bank. They can compare your current debt vs income to gauge what is affordable for you. At that point you can weigh your options of buying vs renting. In a lot cases buying will be more affordable than renting taking advantage of today's historic low interest rates. If you need any help getting pointed in the right direction let me know if I can help.

Sincerely,

Ryan Hanrahan, PA
Christopher White Group
954-608-0527
rkh5656@aol.com
http://www.lauderdalebeachproperty.com
0 votes Thank Flag Link Mon Apr 29, 2013
Most people who purchase homes have debt. The question is...how much debt? How much income?
0 votes Thank Flag Link Mon Apr 29, 2013
If you have good credit and the down payment, you should buy as soon as you could:
That said; balancing the Interest rates vs. the better financial situation for you, can be daunting.
Some Lenders/Mortgage brokers will charge an application fee for a loan. Some will just change is small fee to run your credit. They can advise you if you qualify and how much you qualify for.
After hearing that; you may wait, or you may move ahead.

Good luck and may God bless
0 votes Thank Flag Link Mon Apr 29, 2013
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