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Paying OFF at lot of debt before close?

I know you are NEVER supposed to take out a lot of debt before starting loan process and closing. What effect would paying OFF a ton of debt have?

I bought new land with a short term note $85k to start build process. We are in underwriting for our construction to home single close loan right now. Oir old house is on market and just recieved offer that will cover old homes mortgage AND the new land short term note.

Will closing those accounts tank my credit rating and screw up my new construction to close mortgage? Or since it's all real estate, no big deal?

EDIT: We already have cash reserves for move, etc. Only other debt is car note at 4.75%. Have zero balance credit card too. The offer is CASH on old house so quick close.

submitted by /u/Margali2
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source https://www.reddit.com/r/RealEstate/comments/1ulr1qf/paying_off_at_lot_of_debt_before_close/
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