FTHer Series - 9. Paying off Debt

I’ve mentioned MANY times how important your FICO score is to obtain the best loan for your first home. It really is up to you to correct errors in your financial past and get rid of debt you have now. Perhaps you need a little help to see how long it takes to pay off those current debts and I’ve found the website to assist you:

 http://partners.leadfusion.com/tools/kiplinger/card04/tool.fcs

Simply go to the website and plug in the specifications of your current debt: how much you owe, monthly payments, interest rate, and the big question: desired months to pay off that loan, credit card, etc… It then calculates what your monthly payments need to be to get rid of that debt.

This tool could help re-work your budget to pay those debts down. Or if you receive some extra cash, perhaps you’ll put it towards your debts instead of that new toy. All of this not only helps your budget out and lowers your blood pressure but it helps raise your FICO score and puts you on the road to getting a loan and purchasing your first home.

This blog is specific towards residential real estate in Southern California and is intended for informational purposes only and should not be construed as real estate or financial advice and is not an endorsement nor has Sara Kirk been compensated by the company above. The information in the blog is opinion of Sara Kirk and not the opinion of Tarbell, Realtors. When posting a comment your personal information will not be shared or sold to anyone.