What do I do with my massive fortune?
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Ok, Not really. Here's my situation. I'm currently living in a rental, however I have a house that I am selling. When all is said and done (commisions, mortage, etc.) I will come out with approx. $37500. However I have roughly $22k in combined credit card debt and an additional $13K in auto loans, split 10K and 3K between the 2 vehicles. Mine and my wife's combined income is roughly 98k. I want to buy a house for 450k. What should I do with the 37.5k from the house sell?
What do I do with my massive fortune?pay the cards off and cancel some of the cards.
fianance the balance of your car into your mortgage if you can. 13K over 30 years is is an extra $70 on your mortgage payments and the car is yours.
Explain your intentions to your mortage company that you want to payoff your car at closing and this loan will be figured into your overall credit picture and it will be more favorable as your liabilities will be much less. Let the banker know that your cards will be paid off at closing of your other home.
contact your mortgage company for more/better info
What do I do with my massive fortune?Pay off your debt first to improve your FICO score which will give you better ability to BORROW for a house of that price. BUT beware as housing prices are trending down for at least 12 more months. I would pay off the debt, save the money each month you would have made in payments towards a 10% down!
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