It won't be too much of a problem. Just be sure to do it after the closing. Make sure all is done before you app for anything.
You could do it before the mortgage but MAKE SURE your DTI is still okay with the new payment. I had similar scores as you back in Nov. My car died so I traded it in for a lease on a new Acura. I was preapproved for a mortgage in Jan and closed Feb 6th. New auto loan was not an issue. I went FHA. If you go conventional, I would wait until after the mortgage closes as the drop in score will affect your interest rate...not so much so with FHA. If you wait until after closing, I would apply BEFORE the mortgage reports so you don't run into DTI issues. The earliest I have read a mortgage report is 3 weeks after closing. Mines just reported a week ago.
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@jnkp2001 wrote:Our car died the day we got our keys. (that was fun..lol). We got another car, but with all the HP's from mortgage co., and we went VA, We had to pay a couple more points for interest. But I just figure we'll refi in a couple months. They also gave us 3 months of no payments as well.
No payments + high interest=upside down loan
I hope you can put a lot down and be able to refi.
@MovingForward_2012 wrote:
You could do it before the mortgage but MAKE SURE your DTI is still okay with the new payment. I had similar scores as you back in Nov. My car died so I traded it in for a lease on a new Acura. I was preapproved for a mortgage in Jan and closed Feb 6th. New auto loan was not an issue. I went FHA. If you go conventional, I would wait until after the mortgage closes as the drop in score will affect your interest rate...not so much so with FHA. If you wait until after closing, I would apply BEFORE the mortgage reports so you don't run into DTI issues. The earliest I have read a mortgage report is 3 weeks after closing. Mines just reported a week ago.
+1
After close, but before it reports.
@Dustink wrote:
@jnkp2001 wrote:Our car died the day we got our keys. (that was fun..lol). We got another car, but with all the HP's from mortgage co., and we went VA, We had to pay a couple more points for interest. But I just figure we'll refi in a couple months. They also gave us 3 months of no payments as well.
No payments + high interest=upside down loan
I hope you can put a lot down and be able to refi.
it was only 11,000 a couple grand below blue book, I should have said, they made our first 3 payments. And with simple inrerest. It shouldn't be a problem. Hell, we were just happy to get a car. it's hatd to move into a new house with a fridge on your back
.... Also a couple more points doesn't make it upside down.