Shark week has come and gone for 2014 and thankfully here in San Diego we all still have our limbs intact. Other enhancements to our well-being are in the home-loan lending world as lenders are looking for any way to boost their loan production and end the lending depression they find themselves in.
One way they are doing this is by allowing consumers to pay off revolving debt to qualify for a home loan but not require them to close the account. If you didn’t know this comes up quite a bit during the pre-approval process. Many times borrowers are forced to pay off AND close long-standing accounts that are great contributors to a solid credit history. This often times severs a valuable credit relationship. Now borrowers won’t have to close those accounts which makes the benefit of paying off the debt two fold.