Can a personal loan after mortgage closing cause problems with the mortgage?

[Anonymous]

I just closed on a mortgage last week.  It's a purchase, not a re-finance. It has funded and I have the keys and am moved in.

Prior to the mortgage my wife and I were planning to take out a personal loan in my name for debt consolidation.  I have several loans that were taken before some significant improvements to my credit score, and so have high rates.  When we accidentailly found the house we wanted we decided to prioritize the home purchase, and put the debt-consolidation on hold.

Now that we've closed I would like to start looking at the debt-consolidation again.  I've been told by someone who once worked in the mortgage industry that taking on new debt up to 3 months after the mortgage can cause the mortgage lender to revoke the loan.

If I take out a personal loan a short time after closing on a home can it affect my mortgage in any way?

The new loan will slightly increase my total debt-to-income, but would remove several "new" (past 2 years) loans and replace it with a single very new one, overall increasing the average age of my active accounts.  It wouldn't have much effect on my credit card debt, as I only have one card with a balance and it is below 10% utilization.

[Gladius]

Once the loan is funded (closed), you can go out and buy a $100k car if you want and it won't affect your mortgage.

[CreditInspired]

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@Anonymous wrote:

I just closed on a mortgage last week.  It's a purchase, not a re-finance. It has funded and I have the keys and am moved in.

Prior to the mortgage my wife and I were planning to take out a personal loan in my name for debt consolidation.  I have several loans that were taken before some significant improvements to my credit score, and so have high rates.  When we accidentailly found the house we wanted we decided to prioritize the home purchase, and put the debt-consolidation on hold.

Now that we've closed I would like to start looking at the debt-consolidation again.  I've been told by someone who once worked in the mortgage industry that taking on new debt up to 3 months after the mortgage can cause the mortgage lender to revoke the loan.

If I take out a personal loan a short time after closing on a home can it affect my mortgage in any way?

The new loan will slightly increase my total debt-to-income, but would remove several "new" (past 2 years) loans and replace it with a single very new one, overall increasing the average age of my active accounts.  It wouldn't have much effect on my credit card debt, as I only have one card with a balance and it is below 10% utilization.

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No way.

Matter-of-the-fact, most home purchasers can't wait until the loan is funded so they can get credit cards/loans to purchase new appliances, new furniture, renovations -- just a boat load of stuff. Like another poster said, you can buy a $100K car and it wouldn't matter.

The only thing that will affect losing your home is if you defaulted on the mortgage -- foreclosure.

So enjoy your new home without any worries.

[Anonymous]

I am searching all over the internet for this question! Did you ever take out the loan? I too heard they could revoke the loan if I take out a personal loan right after (1 week). 

Your reply is so appreciated.

Thank you,

Ray

[Anonymous]

I took out the loan about 2 weeks after, and had no problems. I don't know if this is just my experience, or they really can't do anything to the mortgage, so ymmv