@Anonymous wrote:
No problem. If you have any other installment loans/debt, losing the car wont hurt you much. If your CC utilization percentage is above 30% or so, paying that down should have a much bigger impact than losing the car loan.
I have a student loan which will be my only installment loan after the car note is given up. I just calculated my cc debt and its at 33% overall utility. I plan on paying that down as much as I could but with frantically saving for my closing costs estimated at $12,089, with the builder picking up about $10,789. I dont think it'll go lower than 20% by the last pull. I'm optimistic and trusting my instinct and praying incessantly. Please let me know what else I can do.
will the 95 conventional really be that different than the 97 conventional?
Make sure you have an itemized list you are working off of for these costs. Most builders push over the "standard" sellers closing costs to the buyer and provide a flat amount. This means the $10,789 doesn't go as far as you think it does at first glance. Have your lender itemize each expense based on what your contracted closing costs will be for this purchase. I know others say it doesn't make a difference, but if you are thinking that you only need to bring $ 1300 to closing and it is actually $5k, it is better to know up front so you can plan accordingly.
Also, student loans are installment payments so your payoff of the vehicle loan is a very good thing. Good for your DTI and you shouldn't lose points - because you still have open installment loans.
There is a big difference between the 97 and 95 conventional. Have your lender run the figures for you.
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