topic Re: Should I refinance my car?...UPDATE in Mortgage Loans

Should I refinance my car?

Anonymous — Tue, 20 Apr 2010 16:53:04 GMT

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

Re: Should I refinance my car?

Anonymous — Tue, 20 Apr 2010 21:17:16 GMT

Anyone?

Re: Should I refinance my car?

happy0510 — Tue, 20 Apr 2010 21:21:20 GMT

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.

Re: Should I refinance my car?

Anonymous — Tue, 20 Apr 2010 21:39:47 GMT

Thanks, happy! I appreciate your response.

Re: Should I refinance my car?

Anonymous — Tue, 20 Apr 2010 22:44:28 GMT

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.

Re: Should I refinance my car?

Anonymous — Wed, 21 Apr 2010 16:24:37 GMT

@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.

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

Jelly

Re: Should I refinance my car?

Anonymous — Wed, 21 Apr 2010 19:13:12 GMT

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

Re: Should I refinance my car?

DallasLoanGuy — Wed, 21 Apr 2010 21:39:14 GMT

Wait until you talk to LO

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

Re: Should I refinance my car?

Anonymous — Thu, 22 Apr 2010 01:06:30 GMT

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.

Re: Should I refinance my car?...UPDATE

Anonymous — Sat, 24 Apr 2010 04:53:58 GMT

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.