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Posted in Mortgage
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Question By
MDougay

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0 People Helped
Need vehicle and hosue
Need to finance a new vehicle and buy house in same year. Should they be purchased around the same time? Far apart? Don't want to ruin chances of getting mortgage loan.

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New car and house

Get your mortgage first!!   Even if you need a new car, wait.  If you can't wait for a new car, borrow one, rent one or purchase a clunker with cash.  Do not use any more credit cards until you get your mortgage.  

Reply by
joyful63

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I agree.  I'm in the same process and I've been advised to wait until after I get my mortgage first.  They look at debt to income ratio.   Plus your credit will be pulled.  Sometimes by mulitple lenders.

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Mortgage first then once that is done then you can turn around and by your car that you want but just don't get in over your head! Also its better if you can get both in the same two weeks(14 days).

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New Car & House

I'd forget financing the vehicle in the near future. Your DTI will not be as favorable.  This means most lenders think you can afford less house than maybe you want to buy. If you look at a mortgage affordability calculator, debt and how you handle your existing credit is a huge factor in the equation. However, if you have a 720+ FICO score and you are an excellent earner, you can pull it off. EVeryone has different lifestyle needs.

Drew Mitty

stopmoneyworries.org

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