Are you Elon's monkey piloting Neuralink? How are the bananas? Have you beat pong yet?Lol, like Elon would have the time to be on here.
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It's not whether a person can afford to pay for the house or if the debt/income ratio degrades or improves, it set e volatility of seeking credit that the underwriters are wary of. Underwriters and banks do NOT like change when they're about to close a deal.YA THINK!?
If you can easily afford both the car and the house, there's absolutely NO reason why you shouldn't buy the car first, in my opinion, but don't take that as gospel because I'd rather not get into trouble, hah! All I can say is I did this very thing, and it had no impact on anything. The credit pull on the car dropped me a few points (so the hell what?), and that was it. It was never mentioned at any point during the house-buying process.
Again, just speaking for myself.
I'm of the believe that if you're at a point where you can't be buying a car at the same time as a house, probably shouldn't be buying the car/house in the first place... If that's not the case, I'd chat with someone about buying that car. $17k is not insignificant...
Getting the car would not change the probability percentage of securing the mortgage to zero, but it could create the need for a narrative that explains the decision.
I've been through all of this in the past. The narrative can assuage the underwriters fears, and likely the mortgage would go through anyway. But if the home is more important than the car, it's important to consider that the likelihood of securing the mortgage will move closer to a negative result than a positive result, although the positive result can still be obtained.
It's a risk tolerance and priority problem.
Game day today! Headed over shortly to pick my Model S LR Blue/ Cream/ Walnut 21” FSD at 10 am at the Fremont Factory!
Any advice from folks who picked up the car in Fremont?
Will post pictures soon!
Any advice from folks who picked up the car in Fremont?
Will post pictures soon!
Well put.
My experience - we were closing on our first house and in the last two weeks I opened an iPhone Upgrade Loan during the purchase of an iPhone. You would have thought I sent nuclear alarm bells by starting at $45/month two-year loan when I had plenty of income to cover both the mortgage and the new loan. I had to write and sign a letter stating what the loan was, the amount, terms and probably sign over my first born to close the mortgage.
Never again.
Yeah they get needlessly touchy about things like that. Fortunately, all final decisions are made by a person (not some black-box algorithm), and humans can be reasoned with, so it's very likely to still close, but also very likely will result in your closing date being pushed out a bit further than previously agreed upon.
For $17k, I'd definitely bring it up. Even if you end up having to stay in a hotel due to shifting of closing dates, it's likely still worth it. Just make sure you mention it to your loan officer upfront.
For $17k, I'd definitely bring it up. Even if you end up having to stay in a hotel due to shifting of closing dates, it's likely still worth it. Just make sure you mention it to your loan officer upfront.
Jet007
Member
- Wait till you get the text with the spot number before heading to the factory
- Go to the spot and check the exterior (to see any exterior defects) before heading into the showroom to talk to an advisor
- Make sure you have verified your identity in the app (not accept delivery). I had some issues with it and they had to regenerate the agreements (took 15 mins) and had to do it again in the app. If you're facing issues, you can complete that step with an advisor in the showroom
Good luck!
WilliamG
Hinge Fanatic
That's madness... How idiotic is this? Ugh. Glad I didn't run into this, but jeez, - a $45/month loan? Good grief...
AMPd
Well-Known Member
I took your advice and nowYA THINK!?
If you can easily afford both the car and the house, there's absolutely NO reason why you shouldn't buy the car first, in my opinion, but don't take that as gospel because I'd rather not get into trouble, hah! All I can say is I did this very thing, and it had no impact on anything. The credit pull on the car dropped me a few points (so the hell what?), and that was it. It was never mentioned at any point during the house-buying process.
Again, just speaking for myself.
I'm of the believe that if you're at a point where you can't be buying a car at the same time as a house, probably shouldn't be buying the car/house in the first place... If that's not the case, I'd chat with someone about buying that car. $17k is not insignificant...
AMPd
Well-Known Member
Houses are overrated IMO. Living under a bridge is the new hip thing to do.
It should be my choice if I’m over extending myself, but car loans are easier to secure and talk through debt to income ratio wise. House note puts me at ~35% and they won’t count my rental income towards that. I have friends that rent from me which income I can count when securing my car loan. My actual DTI is likely at 30% when closing both loans.
Who can I talk to about buying the car? I’m open to selling it but yeah the way interest rates are going I’m not willing to sacrifice my home loan. Frustrating my ticket came up at just the wrong time.
Hayseed_MS
Spreader of "Endless Non Sequitur"
BREAKING: Another dead-on topic post...
Seeing EP's avatar made me think of this one:
Seeing EP's avatar made me think of this one:
EightYears
Member
It is actually not when you're asking for 100's of thousands of dollars (or more) to purchase a home. The lender/investor get to make those decisions. I would just speak with your lender and let them know the situation. They will tell you exactly how it may or may not impact your loan decision.
There are guidelines for income and yes there are cases where income cannot be used for various reasons. It sucks but it happens.
It's all about upfront communication as others have said. Every problem has a solution. One of those may be exactly as you have stated, waiting until after you purchase the home due to DTI. What lenders do not like is when borrowers go buy that car or spend 50K on furniture for the house and do not say anything and it is found out days before closing on the final soft credit check. That is when things blow up and closings get delayed. It is all relative to each individual's financial situation. Everyone is in a different place. The bottom line is just clear honest communication with your lender and even better having a good lender that knows what the heck they are doing...
Interest rates have shot through the roof, it sucks! GL with the purchase of your home.
FWIW...I am a mortgage lender so I do understand this better than most...
Took hold off on 12th. Passed a VIN in Feb. EDD May - June
AMPd
Well-Known Member
My EDD starts today 3/16-3/30
Fully expect it to be delayed again, and then delayed again.
I’m never getting the car am I?!
Fully expect it to be delayed again, and then delayed again.
I’m never getting the car am I?!
Hayseed_MS
Spreader of "Endless Non Sequitur"
AMPd
Well-Known Member
I remember that a relative had a bulldog and on a hot day he would pant so much that I swear when you looked down his throat you could see his break wind gland!
EightYears
Member
I’m convinced they are done for the quarter. Trying to flush out all the old inventory refresh 1.0. Inventory tracker shows ~10 plaids.
It has been days since I’ve seen a VIN drop anywhere.
EndlessPlaid
⚡EV/Tesla Nerd 🔋
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