(Closed) Does vehicle debt affect how much of a loan/mortgage we would qualify for?

posted 8 years ago in Money
Post # 3
387 posts
Helper bee
  • Wedding: March 2014

@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
5421 posts
Bee Keeper
  • Wedding: November 2012

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
360 posts
Helper bee
  • Wedding: March 2012

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. 

Hold off. 

Post # 6
2424 posts
Buzzing bee
  • Wedding: May 2012

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.

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