Ask Terry Questions 1st Purchase Home Mortgage

1st Purchase Home Mortgage

By Terry Savage on October 12, 2016 | Housing / Real Estate

My 29 year old daughter is looking to buy her first house. She is wondering if she should pay off her car loan prior to purchasing the home? Is has a balance of about $5000.00 . She is financially sound and has an excellent credit score with no credit card debt or other loans. She also has a savings mentality since college. She also has no student loans since that is the parents responsibility.

Terry Says

So what's her rush to buy a home?  Does she have enough savings for a down payment -- or are you footing that bill, too?  Does she have a reserve for all the unexpected expenses that come along with home ownership?  Is she secure in her job -- and unlikely to be transferred or to want to move?  I'm not sure why she wants to take on this burden at this stage of her life.  something is missing from this story. If you can fill in the blanks I could give a more reasoned response.



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