Most of the time there won't be a problem, but YES I have had buyer's financing fall apart over this topic. It is something you want to take serious.
Maybe you are going VA and coming from NC? What I may suggest is getting in contact with a local lender here in Minnesota that can help you with this question, and any others you have down the road. I would be more than happy to give you a referral? Just contact me.
Bottom line is you need to make the question more complex. Something like â€œmy income is X, my debt is Y, my credit score is Z, I want to get this type of mortgage on this date and wonder if I should refinance my car today?â€ and then the answer gets easier.
Give me a call and we can talk about what you want to do in a little more detail. Or, call a couple lenders, and see which one asks the most relevant questions before giving you an answer.
If you're talking about refinancing and not buying a new car, it might not be a bad idea.
And, more importantly, this might be the best time for you to start discussions with a lender before you do anything. While we have great acquaintance with the workings of the mortgage process, it would be best for you to talk to a lender to determine how that will impact your financial picture, whether it will help or harm.
Mind you, it doesn't mean you have to make a commitment to this person, BUT, you may discover that you have a rapport with this person. That makes your home buying process SOOO much easier, to know you have a lender you can call with questions, problems, ideas. The same goes for your agent, too!!!