WHAT HAPPENS IF I BUY A NEW CAR WHILE I’M CLOSING ON A MORTGAGE?
If the automobile payment will actually go down, will this cause a problem with getting a mortgage approval?
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IF A HOUSE IS IN “LOAN ACCELERATION”, CAN YOU APPROACH THE MORTGAGE HOLDER TO BUY THE PROPERTY?
about 2 months ago - No comments
Question by : If a home is in “loan acceleration”, can you approach the mortgage holder to buy the property? I want to buy my asshole neighbor’s home as a rental, a home which I know is in loan acceleration because I spoke to the lender’s surveyor who was out there measuring the property lines
about 2 years ago
if your credit is good…. 700+….then not a problem… if your credit is bad..or OK..then your pretty much screwed…
about 2 years ago
It would be very stupid to undertake a major financial transaction like that in the midst of closing on a mortgage. It may not cause a problem if the payment goes down, but why not just wait until you have the final loan commitment from the bank?
about 2 years ago
If you can afford it, buy it after you buy the house. The mortgage company will do a final credit check prior to closing, it does not matter if you buy it after mortgage approval. You are going to have to show a great deal of documentation all through the transaction and right before closing.
about 2 years ago
Its in your best interest to wait on the purchase this vehicle. The lender will run another credit check prior to you closing on this home. Even if you credit is good, the issue could be the income to debt ratio, and that maybe what will jeopardize you purchase of this home. Wait until you close escrow.
about 2 years ago
NO NO NO NO.
I advise my clients that until the loan funds, NO NEW PURCHASES.
Even though on paper it may seem like a good idea to lower your monthly payments, I would strongly advise against making any changes that may effect your credit score or debt to income ratio.
about 2 years ago
If the payment goes down, it more than likely will not matter, as the higher car payment would have been figured into your debt ratio. It is common for a lender to re-check credit and employment very close to closing. They want to make sure that you are still employed and haven’t further encumbered yourself with additional debt that would put their loan to you at greater risk.