Should I refinance my car?

[Anonymous]

I am hoping to get an FHA loan, but I also want to refinance my car loan in order to reduce my DTI. Should I refi now or wait until after I speak with the lender?

Thanks,

Jelly

[Anonymous]

Anyone?

[happy0510]

I considered this as well....it's best to ask your LO...they are 1million % on your side.

This question will be answered quickly by them.  Also, FYI....I app'd right after getting a new CC.  It was only 1 month old.  Peanuts.  Never heard a thing about it! I was told by my LO not to gain any new credit after the app though.

[Anonymous]

Thanks, happy! I appreciate your response.

[Anonymous]

I was in a similar position Jelly, but I spoke with my LO who told me I was able to be pre-approved without the refi.

Definitely speak with the lender first.

[Anonymous]

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@Anonymous wrote:

I was in a similar position Jelly, but I spoke with my LO who told me I was able to be pre-approved without the refi.

Definitely speak with the lender first.

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Thanks a bunch!! I will do just that! I'll you guys know what happens!

Jelly

[Anonymous]

Ok. I called my LO and asked her about this situation. She said that I should wait. Thanks all for your input.

[DallasLoanGuy]

Wait until you talk to LO

We can simulate things in the software... so you may not need the extra dti room

[Anonymous]

Thanks Dallas!!

I spoke with her today. I am going to go ahead with pre-qualification. She said that I should know something tomorrow. I'll post the results when I get them from her. I faxed her my info today.

[Anonymous]

Ok, I just went for it!! Was approved for $165,000 with automated approval, but due to write offs on my taxes b/c of a side business, the underwriters have to look at it. I'll know something next week. I'll keep you posted.