Blunt Honesty
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AFTER. Major purchases can affect what and how much of a mortgage you will be approved for. ALWAYS MAKE MAJOR PURCHASES AFTER YOU BUY THE HOUSE. I have known people to lose their mortgage and not be able to buy the home they wanted becuase their credit changed before closing. |
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Lisa
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AFTER......not before |
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Qjuantum
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Why have a car payment and a mortgage payment? I'd say, buy the house, then if you can wait a year, refinance and buy the car w/ that money. Cheers & congrats on your future home. |
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asjrb
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After the home purchase. |
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Lori K
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Buy the car AFTER. Any large purchase, like a car, can effect your ability to get a mortgage. |
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yardbird_24
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after, over time a home appreciates in value, but a car depreciates over time. buying a home is a much better investment in my opinion. |
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Stephanie Y
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after. |
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SKYDOGSLIM
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house first especially if you can wait and pay cash. that is always the best and cheapest way to but a car. |
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Slappy McStretchnuts
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house first. car payment will worsen your debt/income ratio and make it harder to qualify for a home loan. |
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DrMikeonCall
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Wait until after, your finances will look much better. A mortgage brooker can help you decide as well. |
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yeeshayynn
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Most def. AFTER...it's harder to buy a home, the banks are very particular. Almost anyone will give you a car, and if they see that you got approved for a house, they'll give you a better interest rate. |
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papayosha
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If you finance a car, it will effect how much mortgage you qualify for. It would probably behoove you to wait until after the home purchase. |
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Curt
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HOUSE FIRST!!! put as big of a down payment on it as you can, maybe pick up a cheap used car in the meantime to get by. |
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Drea
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after home purchase becuase then u can get some more money and get a cooler car!!!! |
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josey s
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buy the house first, especially if you can pay cash after you buy the house. If you put more on your credit now, it could hurt your interest rate when you go to buy a house |
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jbowler
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If you can wait and then buy the car with cash, wait.
If you are going to apply for a mortgage soon, it is best to keep your credit under control until you get the house. |
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SWANY
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house first then a USED CHEAP CAR
dont go buy a hummer you cannot afford |
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LuckyChucky
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House first. |
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Wicked Good
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After. No big purchases should be made until after you have closed on your house. More people are pre approved for home loans get into escrow make a purchase on credit and throw off thier debt to ratio numbers. Do not buy a new car now, if you do you will be effecting your debt to income ratios which will effect your purchasing power. Unless you can pay it off before you buy the home. If you can't then you should wait. |
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Joe
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If you buy a car first that payment will be considered and calculated into your ability to qualify for the house you want. Those qualifying procedures are pretty strict and may preclude you being able to qualify for the house you really want to buy. If you're able to hold out, it should be easier to buy your house. Good luck.
P.S. Ditto what someone else said there. If you own your house you'll get a better deal on the car. |
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DEE
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I say it all depends on how good or bad your credit score is. While is not recommendable to incur on major purchases and acquire new debts before you start your home buying process, getting a car can sometimes be the factor that makes you getting the house a possibility.
In my case I did not qualified for a home loan before I bought my car due to my poor credit history, but now after I bought my car and have been making faithful payments my credit rating has improved greatly and I now qualify for the mortgage I was looking for.
What I am trying to do now is to get a loan for more money than what the house would cost so that I can use some of it to pay the car off completely or pay the car and use it as equity to acquire the home loan.
It all depends on how good your credit is, and how much you're willing to spend on the new car. Either way it has worked for me to buy the car first, so sit down and analyze the pros and cons and choose the one option that is more comfortable to your pocket.
Good luck |
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bob d
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Project what your debt to income(Monthly) ratio would be with the car purchase first and then the house. Do it the other way.
If you purchase the car first and your debt to income ratio with adding the mortgage is within the acceptable range, get the car first.
The ratio is normally in the 33 to 45 percent range. Can go up to 55 percent with excellent credit. |
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AB
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AFTER. When you apply for a mortgage, they look at your current debt to credit ratio. If you have a loan for a car with a $300/month payment, there goes $300 that could have gone toward a mortgage payment. If you can wait 1 to 1 1/2 years and pay for it outright, you need to wait. You would be surprised how much less of a mortgage you will be approved with an extra monthly loan payment. |
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whatevit
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Hands down, "BUY A USED CAR". You need to save as much money as you can to buy your house. You need something that is presentable as family transportation for the immediate future.
You will find that not having a car note will permit the purchase of the house to occur sooner than later. Also the purchase of the house will permit you to get a good deal on the car purchase when you buy a new one.
PS: In my case I got a $500 discount because I owned a car that was not of the same company as the one I was buying, eg Ford vs GM. |
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Mr. Burns
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If you think you can save enough to buy a car cash in one year, then buy the car now, it helps build your credit rating. Then when you are ready to buy a house pay the car off, that will give you another boost to your credit rating. A higher credit rating means better terms in your home loan. Also consider that if your one car breaks down, you are going to have lots of headaches. |
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live forever
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by the house first thats most important, and if you like you can buy a cheap car to hold you until you get a house. |
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lovin gurlsport's
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I say by your house first because as long you have public transportation then you are cool then.why by car in less you going to live in your car |
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?
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after |
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yidlmama
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After.....you want the home loan company to think you have more "free" income to make the house payment...if you tie up money on a car payment...you appear to be less able to afford the house payment. If you need a car that desperately....pay cash for a used one!!! |
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Jessica L
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This is hard to decide on... First off, how important is the car? Is having only one car causing you that great an inconvenience?
Next question is... how important is it that you move out? Are you looking for a new house out of necessity or desire? If its the car being necessary for income and the house is just something you want, definitely go for the car first.
Good luck! |
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?
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How long have you been using one car? If this situation is working for the both of you, then get the house. However, you may have to put off getting a car until much later after the house has been financed.
You can pay off a car faster. Do what is best for you and your wife. Look into the finances of it all.
The costs to homebuying vs a car. You have closing costs, downpayment, appraisal fee, realtor fee, property taxes, home repairs, appliances to purchase, added utilities, etc.
With a car you have downpayment, financing for at least 2 yrs and no more than 6, taxes and tags, maintenance, fuel
I hope this help to put things in perspective |
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