Will financing central air affect me refinancing?
OK, I am refinancing a home to have it solely in my name. It is an old home with out heat or air conditioning. I want to put central heat and air. I have been approved for the refinance, but have to wait for the appraiser. Will financing the air unit affect me getting the loan? It is going to cost over 15,000.
Answers (2)
FIRST ANSWER
Misty,
You need to find out the terms of the financing the A/C. The lender will look at the min monthly payment. If the minimum payment still allows you to qualify for the loan, it should not matter. But if your debt ratio exceeds the limit, you will be denied. I suggest running the scenario by your loan office before you do anything.
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