Delaying purchase due to mortgage pre-approval

[SCharged]

I'm in the situation that my Model X order may end up being ready for delivery at around the same time as I'm buying my first home. My understanding is that any big purchase or new debt after mortgage pre-approval and before funding can be a disaster, so I may end up having to ask Tesla to delay the purchase and delivery. Has anyone had to do that and, if so, was Tesla accommodating?

Thanks.

This happened to us on re-finance. I had to delay applying for the MS loan until we closed on the refinance.

 

[Tigers]

HISTORY LESSON TIME!

Before the 1930s, there was basically no such thing as a 30-year mortgage. The standard was 15 or 20 years. During the 1920s, there were a lot of dangerous exotic products like "balloon mortgages". Folliwing the 1929 crash, huge numbers of people were losing their homes to foreclosure. The banks were unable to actually handle the house reposessions and were letting the houses rot and go vacant. (Sound familiar? It happened after the 2008 crash too.)

As one of the emergency measures to fight the Depression, FDR passed a law which replaced most of the 15-year or 20-year mortgages to 30-year mortgages. This allowed people to make lower payments and not lose their houses, while allowing banks to get an income stream rather than trying to handle all the house repossessions. This worked well as an emergency measure.

However, for some reason -- habit, popularity -- the 30-year mortgage persisted. It makes no economic sense for the most part; for it to make economic sense, you have to (a) plan to live in the house for more than 30 years, and (b) have a house of such high build quality that it will *last* more than 30 years with minimal maintenance, and neither is true in a typical house. Basically the 30-year-mortage market has been backstopped by federal government agencies for its entire existence, and would probably disappear if the goverment were not the primary mortgage financer, or if the government decided to stop extending what was actually a 70-year-old emergency measure.

If you're on a 30-year mortgage you're basically a renter. If you can afford a shorter mortgage and you plan to keep the house, you want a shorter mortgage.

Came in to post this. Running head first into two major pieces of debt is a huge no-no. I wouldn't even consider the Model X personally if you can't pay cash. A 30 year mortgage makes your house a liability, not an asset. Even with today's super low mortgage rates, you're going to pay double what the house is worth over the course of the mortgage.

I hope with financing, your goal is to pay both loans off in less than half of the time you are actually requesting. Debt brings shackles, shackles keep you at a job you don't like, make the home life very stressful, and ruins relationships. I'm not your mom or your dad, but invest the money instead and live with *just* a car that's half the price or less until you can pay cold hard cash without blinking much of an eye for the X.

God speed to you.

 

[AMPd]

Came in to post this. Running head first into two major pieces of debt is a huge no-no. I wouldn't even consider the Model X personally if you can't pay cash. A 30 year mortgage makes your house a liability, not an asset. Even with today's super low mortgage rates, you're going to pay double what the house is worth over the course of the mortgage.

I hope with financing, your goal is to pay both loans off in less than half of the time you are actually requesting. Debt brings shackles, shackles keep you at a job you don't like, make the home life very stressful, and ruins relationships. I'm not your mom or your dad, but invest the money instead and live with *just* a car that's half the price or less until you can pay cold hard cash without blinking much of an eye for the X.

God speed to you.

What if you like your job?

 

[Tigers]

What if you like your job?

Doesn't matter, because one day, your job may decide it doesn't like you (no matter how hard you work).

Also, if you are working for someone else and you are getting a $100k car... L O L. Have fun with the ball and chain, brah.

 

[SCharged]

When you work for someone else and you purchase a $100k car, that someone gets butt hurt and thinks you make too much money. Good luck asking for a raise.

I bought a used Model S and hear the snide remarks all the time.

 

[aerodyne]

When you work for someone else and you purchase a $100k car, that someone gets butt hurt and thinks you make too much money. Good luck asking for a raise.

I bought a used Model S and hear the snide remarks all the time.

I hope you were able to invest some if the savings by buying used, into TSLA.

Then you might have the last laugh.

 

[r1200gs4ok]

Doesn't matter, because one day, your job may decide it doesn't like you (no matter how hard you work).

Also, if you are working for someone else and you are getting a $100k car... L O L. Have fun with the ball and chain, brah.

here comes the cancel.....

 

[SCharged]

I hope you were able to invest some if the savings by buying used, into TSLA.

Then you might have the last laugh.

Oh I did then it split .

 

[Ribeyesteak]

You're only as good as your last day on the job. Simply how it works.

 

[Roadsailing]

i was in this situation in december. applied for our 3rd refinance of 2020 on 12/18 last year and locked the rate same day, then got a notification a week later that my MYP would be ready for pickup on 12/27. i was doing 50/50 cash/loan, so just proactively told the lender what was going on. they said no worries and just had me upload proof of the note (it was just a screenshot with the loan details from my account). no terms were changed and we closed on 1/2.

so yes, generally the rule is no other inquiries or lines while in the mortgage/refinance process. but it's not the end of the world especially if it doesn't dramatically change your DTI.

this is just my experience.