I am currently closing on a house, the date is 11 days away.
Murphy's law has hit me hard, and my cars transmission just died, and I need a car asap.
You perhaps see my issue here: I cannot have any changes to my debt to income during my closing process, or it could jeapardize my home purchase
If I were to take out an auto loan within the next few days, with say a week left before my house closing, will my mortgage lender see this on closing day? (My lender has said they will often pull a credit check on the day of closing).
Often I see that it can take 45 days for new things to show on my credit report from my end, but other times it could be less...
Thanks in advance,
They will not see the loan but they will see the inquiries for the loan and it will mess things up for you.
Take the bus. Take Uber/Lyft. Get a ride with a coworker. Do whatever you have to do for 11 days. Even rent a car if you have too. Use the travel apps to get a good deal.
Gotcha... I hadn't even thought about the inquiries as being a negative, but that makes sense.
I have stocks that I will sell to buy the car then, and I'll take out a loan to backfill my stock account after the home has closed.
Thanks very much for the info!
You are going to sell stocks (and pay capital gains) to buy a car. Then take a loan out to rebuy the stock you just sold? That would be self-defeating
I had a car stolen during the construction of a new house. Ended up renting a car and then bought the new car the day after the house closed. I would reccomend the same for you. Of course now with Uber you may be able to go that way. The last thing you want to do while closing is touch your credit at all, it will derail things.
Thanks for the info... Uber might be a bit more pricey for me than capital gains losses from selling stocks
One other option that I forgot about was I can take out a loan from my stock account that is backed by my stocks...
It would avoid any capital gains loss, and it also doesn't require any credit check or preapproval since it is backed by the money I currently have invested with edward jones.
That said, it is still a loan, so I am assuming it will be reported to the credit bureaus, the only question is will it be reported to the bureaus within 7 days and thus show up on my report by closing day...