MORTGAGE/REFINANCE CAR???

[Anonymous]

I know this was already asked...but I was wondering..how would it affect me...I'm 23 years old...November 2006...I bought a 2006 Chevrolet Impala...14,000 miles...for $13,000...I was young...no credit...but bad credit...a newborn 1 month old...and TODAY...I found out my interest rate is 22%...monthly payments are $359.26...scores weren't even in the 500's...I have not problem paying the loan..never late...after being on myFICO for the last two months...I have been working hard on my credit...finding the value of interest rates and such...I want to refinance now...but...

I plan on buying a house in the next 6 months...I was told to wait until August...to do a new build...so about time the house is finished...I would have three strong TL's 12+ months old...how is this going to affect me...if I'm waiting for credit to age...would is be foolish to do this...

JUST WONDERING!!!...

[DallasLoanGuy]

everyone is different.

and i highly sugest that you ask your loan officer.

but

i have counsele some people to refi and some to not.....

refi will lower dti which is good. but a new trade line may slightly lower scores.

in some cases, the lower dti is well worth the few points lost in score. but usually not or someone hovering around 620 or some other benchmark....