Mortgage Loan & Debts?

Question by cdcsctennis: Mortgage Loan & Debts?
I have a credit score above 700 (around 720). The only debt I have is a small student loan payment and a car payment which has less than 1 year left on the loan. And I pay off in full credit card transactions every month so I don't carry a balance. I have the money to payoff the car note. If I did that, would it possibly get me a better mortgage rate? I have done the debt ratio calculators and it shows I have about a 16% ratio and paying

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