Nicki & Karen

Is it Better to Pay Off a Debt or Buy a House? Ask a REALTOR®

Nicki & Karen » December 13, 2009

Posted in

Tagged , ,

Share/Bookmark

Question My wife and I are looking forward to buying our first home this year. However, we go back and forth on one issue: our credit card debt is at about $15,000. Is it better to pay our debt off first and miss out on the $8,000 tax credit? Or, should we get approved and use the loan to pay off the debt and get in on the tax credit?
-Ray

Answer If you have a good FICO (credit score), loans are available with excellent interest rates along with the tax credit. You should check out the FHA loans with 3 percent down! It is absolutely the time to take advantage of this buyer’s market with historically low interest rates. I suggest that you pay down your credit card methodically after you’ve moved

Karen Crystal, REALTOR® at Ewing & Associates Sotheby’s International Realty, specializes in estate properties. She brings a unique blend of efficiency, honesty, integrity and business-savvy to her clients.

FINAL_1main

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: We do not claim ownership of any media used in our blog posts and we do our best to use only royalty-free stock photography, content licensed from other third party apps or social media, and content that we've produced in order to provide our visitors with the best possible user experience. If you are the owner of any content used on our website and would like us to remove your content, please contact us immediately and we will promptly remove this content from our website. Thank you.