| auto laon affecting a mortgage. |
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mikeb
New Member
Cash: $ 1.95
Posts: 9
Joined: 17 Oct 2005
Location: DC metro
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| auto laon affecting a mortgage. |
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I recently had an accident and as a result my insurance totalled out the vehicle. Luckily I was not upside down in the vehicle and the settlement is more than enough to pay the vehicle off. My situation now is that I'm worried that getting another car loan( most likely 60 months) will adversely affect my getting a mortgage in the next few months.
If this will not hurt me I'm planning on paying off my wife's 99 Camry in addition to paying off mine. Leaving us with only the new car payment at roughly $400 a month, instead of the two old payments totalling $650 a month.
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Mon Oct 17, 2005 5:26 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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Understand how mortgages work (Google, etc.).
Your monthly payments will directly impact your borrowing power. (28/36 rule)
Ask your lender what their debt-to-income ratio %ages are.
"Expect me when you see me."
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Mon Oct 17, 2005 11:51 pm |
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