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10-06-2006, 11:18 AM
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Re: should you pay off a car loan before mortgage?
Here's something to consider. Would paying off the truck loan before applying for a mortgage have any significant effect on the amount that they are pre approved for or the interest rate that they get? They may want to talk to their mortgage originator and find out.
 
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10-16-2006, 05:14 AM
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Re: should you pay off a car loan before mortgage?
Since they apparently have the money to carry both loans, why not see how much quicker they can pay off the home by adding $400 to the principal. You would be suprised how quickly you can knock out a mortgage payment if it is the only debt left. The other advantage that doesn't show up here if you strictly run the mathmatical numbers of this interest rate vs. another is the flexibility and peace of mind of having the extra room in the budget. Not a bad thing for newly weds considering money is a central theme in marital fights.
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