U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 07-15-2011, 02:20 PM
 
45 posts, read 185,517 times
Reputation: 37

Advertisements

I know it's a bad idea to apply for any credit/debt before closing on a home but what about let say 2 days after closing on a home ? I would think even if after 1 week my credit probably still not update with the home mortgage and so would be easier to get a car loan.. maybe ?
Quick reply to this message

 
Old 07-15-2011, 04:31 PM
 
451 posts, read 702,922 times
Reputation: 230
wow, interesting question. I'll wait for a reply, too!
Quick reply to this message
 
Old 07-15-2011, 04:50 PM
 
21,720 posts, read 37,184,337 times
Reputation: 10714
Well the fact is that all the credit reporting agencies do multiple updates of new mortages throughout the day so the odds of a lender not finding out you have a mortgage are pretty nearly ZERO.

Further whenever you apply for credit / new loan the lender asks you to list ALL debts and certainly they would use your mortgage payment to calculate your debt-to-income ratio to gauge how much they can safey lend to -- believe it or not the lender really does not want you to be in such deep water that they can predict they'll be repossessing the car...

The other issue is what sort of CREDIT SCORE will you have hours / days after closing on a home / getting a new mortgage. This is trickier to predict, but IN GENERAL the forumalae used by the credit bureaus to "score" your risk of default in the manner pioneered by Fair Issac do not penalize you for behaving in a rationale manner -- if you had a mortgage before and you are now getting a bigger house with a bigger mortgage that is NOT a sign that you are worse risk. In fact, over time (like six months or mmore...) if you stay current with a bigger mortgage and continue to mange / pay down things like credit cards and student loans your score OUGHT to go up...

SO, to summarize:

#1 -- Be honest with lender that you did just buy a home, they WILL see this on your credit report pretty much instantly.

#2 -- Assume mortgage won't really change credit score too much.

#3 -- If you can hold off your score ought to improve .
Quick reply to this message
 
Old 07-16-2011, 10:27 PM
 
Location: Lemon Grove, CA, 91945
4,536 posts, read 4,829,119 times
Reputation: 1627
Quote:
Originally Posted by google9 View Post
I know it's a bad idea to apply for any credit/debt before closing on a home but what about let say 2 days after closing on a home ? I would think even if after 1 week my credit probably still not update with the home mortgage and so would be easier to get a car loan.. maybe ?
I bought a home in Nov 2010, the lender didnt actually report to any of the agencies until 3 months afterwards. Well, at least from what I was able to retrieve on my credit reports.

However I am not certain if this is standard practice.
Quick reply to this message
 
Old 07-18-2011, 10:20 PM
 
Location: MID ATLANTIC
4,030 posts, read 8,732,468 times
Reputation: 3042
Most mortgages aren't delivered to the investor until the first payment has been made. Where are you getting your mortgage? BofA? Wells? Or a smaller, savings and loan? Obviously if you go to the same place as your mortgage, yeah, thump yourself on the head. But, if you got your mortgage from say, Navy Federal or Local Regional Bank, or even, The Real Estate Company's Mortgage Company, there's a good chance it won't show.

What you do after you close on your mortgage and all is filed in the courthouse, you can do as you wish............Now, the next statement is going to seem bassakwards.....for whatever reason, after you buy a home (even right after), you can get almost any credit you want. Disclosing isn't only the smart thing to do, it's the legal thing to do. Lying on any bank application is a federal crime. Charges and prosecution are usually reserved for mortgages......
Quick reply to this message
 
Old 07-19-2011, 08:33 AM
 
45 posts, read 185,517 times
Reputation: 37
my lender is through Sovereign Bank.. so you're saying mortgages usually show up on your credit report a day after closing with big bank ?
Quick reply to this message
 
Old 07-19-2011, 09:37 AM
 
Location: East of Seattle, originally from SF Bay Area
14,759 posts, read 18,084,357 times
Reputation: 10312
Auto loans are still easier to get than mortgages, they simply raise the interest rate for lower credit scores. You must have decent credit and income to get the home loan, so I can't see why you would be turned down for a car unless maybe it's a $240,000 Lamborghini. If you have State Farm insurance, they have their own bank for auto loans and your agent can get you a loan, for them your length of time as a customer is
more important than your credit.
Quick reply to this message
 
Old 07-20-2011, 02:41 PM
 
Location: Las Vegas/Williston
6,141 posts, read 5,672,410 times
Reputation: 2925
I actually purchased a car 4 months before I purchased a house. Everyone kept telling me that it was the worst thing that I could ever do. Even my wife. Didnt really affect our home buying purchase at all.
Quick reply to this message
 
Old 07-21-2011, 01:57 AM
 
451 posts, read 702,922 times
Reputation: 230
that means your credit was good enough and, even more importantly, the debt-to-income ratios! In that case, why not?
Quick reply to this message
 
Old 07-21-2011, 12:24 PM
 
Location: Albuquerque
5,553 posts, read 9,548,734 times
Reputation: 2462
Auto loans are a form of slavery. Why would anyone want one?
Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Mortgages

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top