What would be best in this financial situation?

I am applying for a home loan and want the very best interest rate I can get. I have $5,000 in credit card debt. I know that they (the mortgage broker) count the monthly minimum payment for each one plus what the home loan payment would be to come up with my debt to income ratio. I want to get a loan to pay off my credit card debt, the loan payment would be about the same as what the min payment would be of all the cards combined, so no the payments wouldn%26#039;t go down, but the interest would be less, but would it benefit me when I get the mortgage? Would they like to see one loan or all the credit card bills seperately? I am looking for whatever would be best, I want to raise my score a little as fast as possible to get a better interest rate.

What would be best in this financial situation?

I would avoid another credit inquiry on your credit report. The available credit on the card will also factor into how that debt is viewed.

What would be best in this financial situation?

I can%26#039;t necessarily tell you the right thing that the credit places will look for I can give my opinion. I am wandering if you can borrow more than the amount of the house??? Borrow enough to refurbish the house and also to pay off the credit card bill. This way you have combined everything and I think you might be able to get a better interest rate that way. I wish you much luck.....

What would be best in this financial situation?

Lowering your rate is always good. But if it%26#039;s the same the Lender would want to see who all has given you credit and how good you have been keeping up with the payments and how long you have had a loan. If you have had good credit for about 3 years you pretty much will get a good precent. If the debt to income ratio is still gonna be the same I would leave it the way it is b/c if you refinance right before you get a big loan they may question it and not give you such a good precent. Plus if you have your credit checked more than 5 times in a month it can go down, not a lot just a few points but if you are trying to raise it then you don%26#039;t want that. The best thing to do is to get the home loan then refinance the other loans into one. Well I hope I%26#039;ve actually helped you and not jabbered away! Good luck!

What would be best in this financial situation?

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