Replying to @jenstein_ Why would a mortgage broker not want someone to pay off high interest debt?

Published: Sep 03, 2024 Duration: 00:00:55 Category: People & Blogs

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Michelle kilman a local mortgage broker in the Denver metro area I got asked this question when I had posted a video regarding a borrower paying off all of their High interest debt right before closing and then their credit score changed because of it and so of course I want somebody to pay off high interest debt uh do this before we get qualified and in the process of almost closing um so we do rent everything again right before closing and if you make huge financial moves like paying off all of your debt um it can change your credit score and then you might not be able to qualify for your loan and so that's what that video is about definitely pay off your high interest rate debt before you qualify for a loan have no problem with that and definitely endorse that so thank you for the question

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