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Refinance Mortgage / Auto Loan

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orange-n-blue
Valued Member

Refinance Mortgage / Auto Loan

Forgive me if this question has been asked.

 

Which one should you do first?  Refinance mortgage or new car loan?  Can both be initiated at the same time?  Thank you!

 

 

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Refinance Mortgage / Auto Loan


@orange-n-blue wrote:

Forgive me if this question has been asked.

 

Which one should you do first?  Refinance mortgage or new car loan?  Can both be initiated at the same time?  Thank you!

 

 


Refinance mortgage.  Your credit and finances are more scrutinized than refinancing a car loan.    And no both should not be initiated at the same time.   

Message 2 of 8
Gmood1
Super Contributor

Re: Refinance Mortgage / Auto Loan

I refinanced my car just a month before I applied for a mortgage. It wasn't an issue.

Message 3 of 8
DallasLoanGuy
Super Contributor

Re: Refinance Mortgage / Auto Loan


@Anonymous wrote:

@orange-n-blue wrote:

Forgive me if this question has been asked.

 

Which one should you do first?  Refinance mortgage or new car loan?  Can both be initiated at the same time?  Thank you!

 

 

    And no both should not be initiated at the same time.   <= correct


depends....  if dti is ok.... refi house first. if not, then refi auto to help dti.

 

one call to a lender can solve the puzzle

 

Retired Lender
Message 4 of 8
orange-n-blue
Valued Member

Re: Refinance Mortgage / Auto Loan

Thanks everyone for replying. To be more clear I AM NOT refinancing AN EXISTING car loan.

I haven't had a car loan in quite some time. I need to buy a car AND I would like to refinance my mortgage to take advantage of the lower interest rate. Thanks for the feedback.
Message 5 of 8
DallasLoanGuy
Super Contributor

Re: Refinance Mortgage / Auto Loan

mortgage first..... NO REASON to do it the other way around

 

Retired Lender
Message 6 of 8
Anonymous
Not applicable

Re: Refinance Mortgage / Auto Loan


@DallasLoanGuy wrote:

mortgage first..... NO REASON to do it the other way around

 


Exactly. New car loan will hurt DTI and possibly ding credit score.

Message 7 of 8
orange-n-blue
Valued Member

Re: Refinance Mortgage / Auto Loan

Everybody thank you so much!!!!
Message 8 of 8
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