03-17-2009 08:57 AM
03-17-2009 09:01 AM
How will the added payment affect your DTI ratio? This plays an important part of being qualified for a home.
03-17-2009 09:11 AM
If it were me and there was any possible way that you could wait until after you got the mortgage, I would.
When I spoke to a LO at BoA last summer, just getting some estimates and feel for things, she said they wanted to see that I hadn't take on any new debt in the last 90 days(I think). However, this could have been because if my DTI, my credit, etc. Any number of reasons.
I wouldn't risk it, but you have to do what you have to do.
Possibly move the mortgage and do that sooner?
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.