Leasing car before applying for mortgage

[deannadb6]

My husband and I plan on applying for a mortgage in the next 2 months. We currently have a car payment for a loan but there is a really good special on a lease for a new car. The payment would be the same and we would hopefully receive some equity from our current car since it is worth much more than is owed. Is is a good idea since the dti ratio would be the same or would opening a new account be a bad idea?

[tooleman694]

If your DTI is the same then that is not a problem, the only other thing I would worry about is if your credit score is borderline. Because the new account will drop your score a little bit.

So if you have an 800 Fico and going Conventional, no problem. Or if you are scoring in the upper 600s and going FHA, no problem.

If you have a 682 and want to go conventional, I would wait on the lease.

[MovingForward_2012]

+1, I leased a car 3 months before closing on a mortgage 2/6/13 and I had no issues. My qualifying credit score was 703 and I went FHA. Min score required by my lender was 660 so I wasn't borderline.

[foofighter74]

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@deannadb6 wrote:
My husband and I plan on applying for a mortgage in the next 2 months. We currently have a car payment for a loan but there is a really good special on a lease for a new car. The payment would be the same and we would hopefully receive some equity from our current car since it is worth much more than is owed. Is is a good idea since the dti ratio would be the same or would opening a new account be a bad idea?

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How many payments are left on the car loan? Because if it's just a few, they won't be included in your DTI.  Opening a new lease, those payments would be included. 

[MovingForward_2012]

True. Good point. What is your DTI with the lease payments?