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awesomediaz

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What is the better option for my wife and I?
Last year, my wife became pregnant and due to issue with the pregnancy, she had to be out of work causing us, over time to get 4 loans, 2 each. We also had 2 appliance accounts under financing. Now, we are trying to get into a home and our down payment is exactly the amount we are getting in taxes. This amount is exactly the same as the payoffs for our loans and financed accounts. Now, we are in a hurry to purchase this home because of some other situations but we really feel and know the wiser idea is to get our monthly payments lower. Will paying off all of our debts do anything at all to our credit score? Will it affect our interest rate on the home if we buy it after?

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First thing to do is wait until after the debts are cleared up before even thinking of buying a home. Read the articles on this site and use the financial tools so you can learn how credit really works and how to improve it.  Rushing into a home purchase is not smart since there are other factors to consider like property taxes, homeowner's insurance, and having the means to handle the inevitable sudden home repair needed. 

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