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Boomer1969

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Is it wise to take out a loan to pay down debt if your trying to get a mortgage?

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Top Contributor
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In reality, you would just be moving it

from one creditor to another.  The debt will remain the same. So those numbers won't change.  By taking a loan, you may decrease the interest rate but you will also raise the min. required monthly payment, Giving you less available cash for the mortgage payment.   Also, my rule of thumb, you don't want any new loans or credit cards in the 6 months before you take out a mortgage.  

Good Luck 

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