Refinancing before mortgage

[martypav7]

Hi all! Im planning to try to get mortgage early spring next year. However i have two car loans, if i refinance them now to lower monthly payment does that messes up my chances for mortgage approval? My current payment on both is $920 but i can lower it to low 600! It would be my only monthly payment reported per month besides $25 cc!

[NC_Mtg_Loaner]

Go for it.

It might impact your score it might not.   

More importantly it saves you $320 / month which might allow you to afford financing an extra $300k in a mortgage loan----assuming you have the income and the desire to purchase/finance such a large amount in addition to what you already qualify to purchase.   Some folks might say the additional purchasing power is worth whatever points might be added or subtracted from your score by adding inquiries, closing older and more expensive auto loans while opening newer more affordable ones.