Should I refinance my car now (July 2015) before applying for a mortgage in 2016?

I am planning to apply for a mortgage in January 2016. Should I refinance my car now (July 2015) before applying for a mortgage in 2016? I can reduce my current car payment $250, which would decrease my debt-to-income ratio.
(0) | asked by: Anonymous | share | 21 months ago | Report
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answer by Bill L    |   Contact Me
Hi Anonymous. At the time being, it is a wise recourse since by the time you apply for your mortgage, your house will already be in order. Talk to your lender and let him advise you on the course of action you should take. Please note the content is not intended to be, legal or investment advice. You should consult a licensed attorney or realtor for advice regarding your individual situation."
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20 months ago  |   Report   |   share
answer by Team Move OVM    |   Visit My Website   |   Contact Me
I would say that sounds like a good plan since you are buying next year. While in that mode of saving, make sure you have an up front planning meeting on your finances with an experienced mortgage lender. You have lots of time to get your credit scores and assets to be in the best possible position too Good question and good luck
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20 months ago  |   Report   |   share
answer by Underhill Associates    |   Contact Me
If you're going to wait that long to buy then yes you should. The credit point hit you'll take (small) will rebound by the time you go to get a mortgage and you'll have a lower DTI. Talk to your lender first but in most cases, this is a good idea.
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20 months ago  |   Report   |   share
answer by Amanda Nicodemus    |   Contact Me
Yes, you should refinance well before you consider purchasing a home (at least 6 months). Good luck.
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21 months ago  |   Report   |   share
answer by Brian Cox    |   Visit My Website   |   Contact Me
Definitely speak to your lender first. Refinancing your car could reduce your monthly payments, which could be a good thing for your debt to income ratio, but always talk to your lender before making any financial changes.
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21 months ago  |   Report   |   share
answer by Rhonda Fussell    |   Contact Me
Don't do anything until you speak to your lender.
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21 months ago  |   Report   |   share
answer by Sue Greer    |   Visit My Website   |   Contact Me
I would recommend you speak to your preferred lender. They can tell you exactly the positive/negative impact it would have.
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21 months ago  |   Report   |   share
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