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ffemt451

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New Boat Loan and New Mortgage
My wife and I are in the process of meeting with a builder to build a new house. We are prequalified for the amount we need for the new mortgage. We are also seriously considering buying our friend's used boat, but this would require a loan for $14,000. We both have credit scores around 800 and we have the combined income to support both purchases without issue. What I am wondering is if purchasing the boat with the $14,000 loan will affect us when it comes time to finalize the mortgage.

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applying for a new boat loan

could seriously effect your application for the mortgage.   A lot would on your income to debt ratio and your cash flow.  If your builder can give you a hard timeline for the construction of the house,  you may be able to do both if the new loans are far enough apart. 

When we built a custom house, we had to actually take 3 loans to finance it all.  the First 2 were short term construction loans. once the house  was built, we refinanced the 2 plus the balance due into one new loan.   With a boat loan that would be 4 new loans in about a year.

Not knowing all your financial details, I would suggest that you contact the loan manager that pre-qualified you and ask their advise.  They may be able to do a little creative financing for you.

Good luck

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