I know that it is inadvisable to purchase a new vehicle, etc. after you have received a pre-approval from a mtg co (pending payment of CAs, etc). However, what if I traded in my vehicle for one with a significantly lower payment? Say, $50-$100 difference? Could this actually look even better to the underwriter, or might I be shooting myself in the foot to make a trade at all? Reason I'm asking is that a local dealer is offering me 120% of my payoff on my vehicle if I will purchase a car from their lot.... Wondering if it would be okay to do this...or if I should just wait until after I close on my home. Granted, that may be awhile, since I'm negotiating settlements with the CAs.... Thanks!
I'm doing the FHA 203K thing... The mtg guy says my scores are not counting, just my past 2 yrs of history, my long employment history, and my salary.
Future I would talk with your mtg person and get their opinion. I don't want to give you one answer and have them think you are going behind their back. I will say that generally, anything you do creditwise between the time you are approved and the time you close is not a positive thing. Most lenders will want an explanation of any inquiries that arise. fla-tan
