Must I Pay Off All Credit Cards To Get a Mortgage Loan?
August 31st, 2008 By Peter G. Miller
No. Mortgage lenders do not expect individuals to be debt free — though that certainly would be helpful.
What lenders do expect is that prospective borrowers will have debt which is within their means — not too much in total, and not too much in terms of monthly payments and always paid in full and on time.
Generally, borrowers get better credit scores by having credit cards — but having credit cards with small balances or no balances.
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