Getting House loan when I am still paying my car loan

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FB01
Posts: 602
Joined: Fri May 20, 2011 12:36 am

Getting House loan when I am still paying my car loan

Post by FB01 »

Hi,

I bought the house and got the loan. Next I bought the car on loan. Paying both regularly.

Now, if I need to sell my house for which I am still paying the loan and would like to buy a different house.

Because of the existing car loan, is it difficult to get the house loan for 2nd house or it just goes by credit history - no issues with credit history.

-Fb
Thanks, | JR
PFInterest
Posts: 2684
Joined: Sun Jan 08, 2017 12:25 pm

Re: Getting House loan when I am still paying my car loan

Post by PFInterest »

it will count against you as debt.
but otherwise no.
dbltrbl
Posts: 900
Joined: Thu Mar 01, 2007 11:52 am

Re: Getting House loan when I am still paying my car loan

Post by dbltrbl »

you will be fine. No issues.
tim1999
Posts: 3768
Joined: Tue Dec 16, 2008 7:16 am

Re: Getting House loan when I am still paying my car loan

Post by tim1999 »

Unless you bought way more car than you can afford, and/or are going to try to buy a house you can barely afford, then it should not be a problem. Mortgage lenders will look at your debt to income ratio in determining whether or not to lend to you.
delamer
Posts: 10673
Joined: Tue Feb 08, 2011 6:13 pm

Re: Getting House loan when I am still paying my car loan

Post by delamer »

How your debt affects getting a mortgage:

https://www.consumerfinance.gov/askcfpb ... rtant.html
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