topic Re: Timing Question in Mortgage Loans

Timing Question

Anonymous — Tue, 23 Apr 2013 03:12:36 GMT

All,

I will be closing on my condo at the end of May. Immediately after closing I am interested in refinancing my car and applying for a credit card at my credit union and obtain another prime cc. How should I proceed relative to the timing of it all? Should I go for the auto refi as soon as I can right after I close? Should I apply online for the other credit cards online the same day? I think one pull for the refi and credit card can be done at my credit union. What do you think?

Re: Timing Question

oscar_actuary — Tue, 23 Apr 2013 07:15:03 GMT

I had applied for and received 3 cc's within 45 days; then I applied for an auto refi with one of the issuers (Pen Fed). Before the auto refi was even finalized (Pen Fed is not the fastest operators), my home lender contacted me for a refi. We had 25% equity and DTI < 25%. So, it all worked out. I'd say you are doing it in the correct order, getting the big stuff taken care of first. Maybe it depends on how established (aged) your credit history is. Sorry I have nothing more than anecdotal evidence for you.

Re: Timing Question

Anonymous — Tue, 23 Apr 2013 19:35:24 GMT

Great info! Thanks so much for your input. Truly appreciated!