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Posted in Mortgage
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Question By
Mgwai

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Can I refinance or consolidate other loans right after a home purchase?
Or do I have to wait a specified amount of time? I can't seem to find specific information regarding the instance.
Specifically, my credit is great right now, and I've been dying to refinancestors my student loans and possibly my car. I'm trying to buy a house so I've been avoiding any credit changes like the plague.
I'm curious of once I close, I can start moving on the refi's?

Of course I could wait, but it wouldn't benefit anyone other than my existing lenders.

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Routinely, getting a new mortgage loan will lower your credit score and many lenders may shy away from you until you have shown a track record on the mortgage, however, the word is "many" not "all".   You will not want to begin the process until you are closer to a close date on the new home as the new credit inquiries will be a flag for the mortgage company and they won't want to see any new debts in the approval process.   One area that could assist you is that if the new home has a higher value then the loan you would need in which case, you could roll some of that debt into the mortgage process. 

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