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When to get a loan

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Anonymous
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When to get a loan

I just received final approval and will be closing early next week on a new house and property!  Now I need to finance a new metal barn for this property.  My question is, do I apply for a loan before the mortgage hits my credit report or after?  Not sure what to do here.  My debt ratio after my mortgage payment is figured in will be 30%  it is currently lower than that because I rent.  my scores currently thru myfico are 719 on both TU and Equifax but TU671 and Equifax of 719 when they pulled my scores.  (I understand myfico uses a different formula than lenders)  Any advise? 

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JM-AM
Valued Contributor

Re: When to get a loan


@Anonymous wrote:

I just received final approval and will be closing early next week on a new house and property!  Now I need to finance a new metal barn for this property.  My question is, do I apply for a loan before the mortgage hits my credit report or after?  Not sure what to do here.  My debt ratio after my mortgage payment is figured in will be 30%  it is currently lower than that because I rent.  my scores currently thru myfico are 719 on both TU and Equifax but TU671 and Equifax of 719 when they pulled my scores.  (I understand myfico uses a different formula than lenders)  Any advise? 


Once you close on home you can apply for anything, but make sure you close on your home first. Whether or not you would be approved there are many different circumstances that can have an impact on approved or not. It is like anything else you apply for YMMV. What I have noticed is that when people purchase a new home and apply at home depot and or lowes have a good success rate in being approved. The question would be does home depot and or lowes have the type of metal building available in your area that you would like?

Good Luck
May all your dreams and wishes become a reality!
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