@Anonymous wrote:
So I'm buying a house. The mortgage company wants me to refinance my car for a better debt to income ratio. They want me to refinance through my credit union. However I have a new baby. Car seat isn't going to fit in my camaro lol. I was looking into getting a truck soon as I closed on the house. (Waiting to close so that a new debt wouldn't block anything I had going on with the mortgage company). So with all that being said. I planned on financing the truck with my credit union. Im asking will they finance my truck even after I refinance my camaro with them?
Not enough info to know. I am making a couple of assumptions:
- You have to refi to reduce your auto loan payment to qualify for the mortgage since your current DTI is too high. However we don't have specifics from you.
- Your credit union has already approved you for the new refi on your vehicle
- You haven't yet purchased the truck (fortunately)
If you have a successful refi with your credit union and you close on your house there is no reason to believe that your CU would have an issue financing the new vehicle if you have sold/traded the Camaro. This could change if you still have the Camaro payment or if the new payment is much higher than the Camaro payment.
Take one step at a time - refi the Camero so you have lowered your DTI to get your new home. After you close on the new place, then work on getting the truck.
