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But what if the loan applicant pays off that balance prior to or at closing?
Under former rules, the lender would still apply 0 toward the borrower’s monthly debts.
But it can also help you get rid of high-interest credit card debt.
If you’ve been turned for a mortgage in the recent past, it’s a good idea to re-apply. Check your mortgage eligibility (Jul 18th, 2018) Nearly two-thirds of loan applications are approved by today’s mortgage lenders.
Under current mortgage rules, credit cards paid off at closing via a debt consolidation no longer count against a person’s DTI. For applicants on the brink of qualifying, cash in the bank can be used to pay down cards at closing, in order to lower DTI and get approved.