Getting a job teaching creative writing does not require an MFA. It's generally predicated on publishing and acclaim. An MFA would be a nice thing on your CV, but it is not worth going into debt for, especially as it's not such a huge factor in getting the job. I was advised strongly against going into debt or paying for it.
The true benefit of an MFA is having the stimulated time to work and exchange ideas; feedback and lessons from faculty; the community of writers; the new experiences; the connections; etc..If that is what you wish to gain, then by all means pursue it. I'm similarly inclined and so I applied this year, but did not get accepted. I only applied to schools with guaranteed funding, as you can see from my litany of rejections in my signature.
It is a costly and time-consuming endeavor to research and apply to programs. For this reason, you might benefit from taking time off and simply continuing to write. Additionally, any time you take between graduating and applying will allow you to be even more adept and with greater knowledge and experiences, hopefully increasing your chances of getting admitted. The well-funded programs are very competitive and you'll be competing against folks like me, who are applying for a second time or third time or who have gained perspectives outside of college that lend a little something extra to their writing (I'm 29 and have taken a circuitous and ever-interesting path to get here). This is not to suggest you should artificially do anything to 'increase' your chances. Ultimately it is really all about your writing. It's more of a question of whether you want to in the near future invest your time and money, or give yourself some time.
My advisor said that, since getting a teaching job requires primarily a publishing history and a reputation, even with the MFA in hand, it will take time to actually accomplish enough to get hired. She estimated a decade. She also advised NOT to take an adjunct position as that might limit your chances of getting a full position.
Having an MA, MFA, or PhD will affect the types of courses you're able to teach, thus affecting your desirability as a candidate. You might consider going the Literary Studies route, while continuing to do your own creative work as you are already well on your way with that. You would still have the ability to connect with and get feedback from others in the department and community. There are some programs like UC Davis that offer an MA that is essentially an MFA, but which would easily translate into continuing on to a PhD. There are fewer creative writing PhD programs, but they do exist. Typically MFA is terminal.
For instance, at my university there is a poet/professor named Ken Irby. He got his graduate degrees in math and Chinese. He then had a lengthy career as a published poet and became a member of the English department. He does not teach creative writing courses and his graduate degrees allow him (even out of the field) to teach literature courses. I'm not sure what the position is with regards to him being capable of teaching CW, but I'm sure he could if there weren't other faculty invested in that. Getting an MFA might help you to solidify that as your domain of expertise, but with an MFA you may not be teaching things like American Lit or Major Authors, etc.
Regarding the application/admissions process, my understanding is that they read your portfolio and if you are good enough they then also review your other materials (statements, letters, and transcripts; in that order). In other words, your writing is the most important part.
Sorry for this rambling assemblage of information.
In conclusion, you should try for an MFA if you wish for it for the right reasons, do not expect to be gainfully employed as a result of it, you do not go into debt because of it, and you find it worth your money, time, and effort now.
I hope some of this helps! Feel free to PM me if anything was confusing and you'd like further information or clarification.