Wouldn’t it be nice to have new appliances, such as a new refrigerator or washer and dryer, the day you move into your new home?  Here’s the problem… If you add to your current credit card balances or open a new account (such as Lowe’s or Home Depot) between the time you apply for your home loan and prior to funding on your new loan, you may not close on time or even at all.  Most of us who have been in the mortgage business awhile have had loans bust ...

The vast majority of the time, lenders will not allow you to pay off credit card debt to qualify for a home loan if the debt is still on your credit report when the first report is pulled for your home loan pre-approval.You are usually allowed to pay off installment debts,such as car loans, in order to remove them from your monthly obligations, but not revolving debts, such as credit cards. An exception may be made if you can prove you paid off a debt prior to the credit report, ...