RaiseThatScore Posted January 23, 2012 Report Share Posted January 23, 2012 i'm looking to purchase a home in the near future??My current lease runs out in June and I plan on buying a house at that time. If I refinance my auto loan now will my credit score go down and affect me in not obtaining a mortgage around June? Thanks! 1 Link to comment Share on other sites More sharing options...
Denita Posted January 23, 2012 Report Share Posted January 23, 2012 What is more important than that is your debt to income. Do you know what your ratio's are?How much do you plan to put down on the new house? What type of loan are you planning to use to purchase the property?The amount of your auto loan affects your debt to income (back end ratio). You might consider meeting with a loan officer at a mortgage banker to get the information you need so you can plan appropriately. If you want to wait until June to have him/her pull your credit, then bring a copy of your report with FICO scores you can obtain so you can discuss what ratios that lender uses for the type of loan you plan to obtain. FHA ratios are different than conventional loan ratios. If can can provide a little more details we can help with some general guidelines. Link to comment Share on other sites More sharing options...
margaretB Posted February 14, 2012 Report Share Posted February 14, 2012 I think, you should refinance your auto loan. Chrysler is seeking to produce an in-house financing arm, reports Reuters. Chrysler Group LLC is currently in negotiations with several banks to produce a financing partnership that would serve to increase sales momentum. Sources show that a relationship would look like the working partnership between Chrysler majority owner Fiat SpA and Credit Agricole SA. Link to comment Share on other sites More sharing options...
Taz Posted March 14, 2012 Report Share Posted March 14, 2012 The others have mentioned very good points. It would typically be better to buy AFTER you have closed on the house. Most lenders don't seem to hold loans with very short times to they are finished in your debt:income ratios.The car loan lenders are more flexible with these ratios. I'd wait and buy the car after you close on the house if you can possibly do so. Link to comment Share on other sites More sharing options...
bloomingdale Posted March 20, 2013 Report Share Posted March 20, 2013 The key here is keeping your account up-to-date and paying on time. Link to comment Share on other sites More sharing options...
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