Asked by WantToBuy, Palo Alto, CA • Tue Jul 19, 2011
I want to buy a new house soon. I have a HELOC on current house with $2000 balance($60K limit, $400 monthly due). I'm keeping the current house. Will pay it off help new house mortgage application, in teams of both credit score and new loan affordability?
I assume it'll allow me to borrow more, but may affect my credit score. Not sure how long I need to wait after paying off so the affordability and credit score changes.
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