Wisdom in financing a new vehicle before mortage is closed on?

Answers:3   |   LastUpdateAt:2012-09-07 06:16:02  

Asked at 2012-08-16 00:57:03
My boyfriend is waiting to close on your home and decided that he also needs a new vehicle. ( You can pay the payments , which is not a concern at all. ) I said maybe I should wait until after they actually close at home before he joins a loan to your financial profile , but said that because his mortgage was initially approved for $ 80K and that's more than your home ( $ 50K ) and combined car ( $ 15K ) to get the loan that the first car will not make a difference.

For me , common sense would say you should wait until after your home is safe before buying a vehicle - at least , I think the mortgage papers would have to start again soon as there is this debt of $ 15K to be included in your finances, but I have never encountered this before. I'd just hate for him to ruin the prestige of your mortgage - thoughts?
Answer1AubreeAnswered at 2012-08-16 17:47:03
Mortgage debt and auto loan debt is NOT ! ! ! ! ! ! numbered in the same manner .

BEFORE ! ! ! what does anything , he should talk to the lender . If you lose the loan because he bought the car, he could lose the deposit.

Tell grow and wait.
Answer2John HenryAnswered at 2012-08-28 10:00:15
You're right ! It is based on payments not balance what the car loan amount does not matter , but the payments on a 15k car loan will be higher because less time is funded . We, as a re -run lender credit before closing many times. If a new debt that you have to start over. It was approved for $ 80k so meaning any additional debt will reduce the amount of the loan . Rates also are increasing and could not get the same price when it starts again. BAD IDEA ! Tell him to wait .
Answer3rimmAnswered at 2012-09-07 06:16:02
Do not incur any debt while trying to get a mortgage . You can get declined ! MedlinePlus MedlinePlus WAITWAITWAIT ! ! ! ! ! ! ! ! !
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