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should I wait to get approved for a mortgage?

I was recently in a car accident which ended up in me having to purchase anot her car. Now I have a new car loan. Do I need to wait to apply for a mortgage since I can new credit added to my credit profile? by syrethamcleod185 from , California. Apr 1st 2015 Reply


Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,250 contributions

First, are you back working ?? If your credit reflects the new car loan, and your income can absorb the new loan, yes, you can apply for a mortgage. Did your insurance pay off the other car ?? Do you have injuries that will require therapy?? yes, things are different now, when applying for mortgages. linda if you need a loan officer referral, I can provide a excellent one for you.. I have 30 years in the financial world.

Apr 1st 2015
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First, sorry for typos. Yes I am working, yes the old car was paid off. I am not injured; damages to the vehicle only. I can afford the monthly notes but was under the impression that applying for new credit close to the time you apply for a mortgage iS a big no no.

Apr 1st 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Glad you are ok! If someone has the choice, it is generally better to wait to open new loans or accounts when getting ready to buy a home until after the loan closes, but it doesn't mean it will make it impossible to qualify. We just need to make sure the new car loan is included in calculating your debt ratio's and general qualifications, and the new account will likely bring your score down at least slightly from where it might have been otherwise - but still probably workable. I can help: pdumouchel@primelending.com or 843-619-6025 Apply online at: http://pdumouchel.primelending.com **PrimeLending was #4 purchase mortgage lender in the US in 2012 and 2013 as determined by MarketTrac(c) for Jan-Dec 2012 & 2013

Apr 1st 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

You should get with a qualified mortgage broker and let him look at your complete profile.. once he has all the info, he should be able to advise you properly.. typically, buying a new car should not affect your credit too dramatically.. but it could reduce your buying power since you have an added monthly payment included in your debt to income ratios.. so long as you make enough money, or your not buying way above your means, you should be ok.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Apr 1st 2015
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