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Should we pay off debt or save?

I have just started doing some real estate on the side. I recently got a comission check for about $6000. After paying a few things I know have about $4000. My husband and I would love to buy a house in the next year or so and this would be great to put towards a down payment (a low priced house would be about 400,000).
Should we use this money to save or pay off 2 bills we have a personal loan that has 1100 left on it, we pay 75 a month and the interest rate is 9.9%. We also owe 2200 for our sons cord blood banking. We pay 49 a month and the interest is 11.9%.
We also have my car loan which is about 14000, but I think we will leave that for now.
I was thinking we could take the 49 and 75 that we usually pay in bills every month and save it. I also thought if we pay these things off, it will improve our credit and hopefully get us a better mortgage.
What do you think?

I recommend:
1) Find out what your FICO credit score is first. If it’s in the mid to high 700′s, then you’re likely not going to need higher credit scores for better mortgage rates.

2) If you save the $4000, say in a CD or Money Market Account, you will likely get paid under 6% interest, with taxes coming out of it to lower it to under 4%. However, you are paying 10~12% on your loans. The net difference is you will lose about 6~8% per year on the $4000 by saving it.

If instead, you pay off the debt and saves the monthly debt payment of $124, in one year, you would have saved up $1488.

So, the question is when will you need the $4000? If you definitely want to buy a house within the next 12 months, then you should save it knowing that you are paying more interest for this convenience.

If not, then pay off your debt and you can accumulate enough cash in two and a half years for the down payment.

Good luck!

Just Be!

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