Post # 1
I’m looking to buy a motorcycle soon but was wondering if that debt will affect the amount of loan/mortgage we would qualify for in the future? I have student loan debt as well, but I understand it’s not looked upon as badly as consumer debt. Is a vehicle a consumer debt?
Post # 3
@mrsbruff2b: Yes. I would advise holding off on that and any other large purchases that affect your credit profile until after you close. Speak with your lender!
ETA: it also matters how soon you are trying to take out your mortgage, ie it won’t matter as much if the loan is almost paid off and you took it out 4 years ago vs. new debt right before closing.
Post # 4
All debt plays a part on your mortgage possibilities. I would stay away from hard inquiries on your report they banks don’t like it
Post # 5
Yes. Everything affects your mortgage application. They do a debt to income ratio and all debt is considered. I’d pull a credit report to see what you have and get anything cleared up that hasn’t been settled…you’d be really surprised what kind of “surprises” you will find. I found something on mine that was from comcast like 6 years ago for missing a payment, which wasn’t even accurate.
Post # 6
Yes I believe it does. DH and I just paid off his student loans and neither currently have a car payment, so we are hoping to make it with our current cars until we apply for a mortgage sometime next year.