beautifullif…, Home Buyer in Santa Rosa, CA

we are refinancing our house, and the mortgage company has already checked our credit score. can we buy a car now? our car lease is up in 2 weeks.

Asked by beautifullife3392, Santa Rosa, CA Fri May 3, 2013

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8
I would definitely wait until the refi is complete. The lenders will possibly ask for updated bank statements before the refi funds, so try to avoid any big transactions until it's completed.
1 vote Thank Flag Link Fri May 3, 2013
I would wait until your refi is closed. You can ask the car dealership for an extension. You'll just pay another months payment.
Susan@susanbour.com
1 vote Thank Flag Link Fri May 3, 2013
Thank you so much Susan!!! i will take your advice and wait until the refi is done.
Flag Fri May 3, 2013
DO NOT....AS THE LENDER MIGHT RE-PULL YOUR CREDIT PRIOR TO CLOSE OF ESCROW.
1 vote Thank Flag Link Fri May 3, 2013
Thank you so much for your advice, Thierry!!!! we will postpone that until the refi is closed.
Flag Fri May 3, 2013
I would strongly suggest you wait on the new car
0 votes Thank Flag Link Wed May 8, 2013
WAIT! I've seen too many deals fall apart by buying a car. I'm sure you can keep the car a little longer...
0 votes Thank Flag Link Tue May 7, 2013
Thumbs up to all who suggesting waiting until the loan closes. I've seen too many delays requiring last minute credit checks.
0 votes Thank Flag Link Tue May 7, 2013
Talk with your loan officer. If you can document the credit inquiry and support the payment in your qualification, you will be OK. But you cannot leave things to chance. For the vast majority of loans that are made these days, there will be a prior-to-funding credit check that will reveal if any new debt has been taken on. If you have not disclosed this to your loan officer and gotten his/her OK, it can sink your ship.

Let me know if you have any questions.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Fri May 3, 2013
Personally, I would wait until the mortgage closes. Sometimes lenders will check credit again at the close.
0 votes Thank Flag Link Fri May 3, 2013
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