finance or home mortgage guys?

[HIGHRISK]

I am a registered investment advisor, I've been reading this thread but reluctant to give my advice because finance is very gray. In my opinion I would not add any additional loans under my name. If you are looking to finance a house you want no new loans for several years. The difference in interest rates and the cost it will be over the 30 year or 15 year mortgage is incredible even with just a few basis points difference. 4.14 is very different from 4.17. Do whatever you can to get the lowest basis point loan you can.

That's what I assumed plus I really didn't want any more debt. I really was just wanting to help my son. @gr8whitetrukker gave me the kick in the ass reminder I needed. I've been working to hard to be debt free to go pick up payments. My plan is to build this house and pay it off in 5 years and be completely debt free. I appreciate your input @Rockclimber

 

[anfee]

As a banking/finance professional who deals a lot of intermin construction of properties, do not buy a car via loan financing before starting this process. You want the lowest DTI, debt to income, as possible so that you will approves for the most house.

Also, when you are constructing a home, the real paperwork comes after the build is complete and the bank needs a mortgage company to take out the commitment. Lots of people fail at the end of the process because they buy furniture, appliances, or something else on credit which fucks their DTI. In consumer lending, if you don’t check All the boxes, you don’t get the loan. Banks are so fucking highly regulated that if a person with a 400 credit score comes in for a loan, they have to do a full underwrite of the person even though they know he won’t qualify. Fucking fair lending bullshit. End rant.

Moral of the story - you want the lowest and least amount of minimum payments on your credit lines , which includes autos. Also, if you were to purchase a car. They will pull credit and another inquiry could drop you from 740 to 738. A good score to a “fair” score. And this will really mess with your rate!

 

[HIGHRISK]

As a banking/finance professional who deals a lot of intermin construction of properties, do not buy a car via loan financing before starting this process. You want the lowest DTI, debt to income, as possible so that you will approves for the most house.

Also, when you are constructing a home, the real paperwork comes after the build is complete and the bank needs a mortgage company to take out the commitment. Lots of people fail at the end of the process because they buy furniture, appliances, or something else on credit which fucks their DTI. In consumer lending, if you don’t check All the boxes, you don’t get the loan. Banks are so fucking highly regulated that if a person with a 400 credit score comes in for a loan, they have to do a full underwrite of the person even though they know he won’t qualify. Fucking fair lending bullshit. End rant.

Moral of the story - you want the lowest and least amount of minimum payments on your credit lines , which includes autos. Also, if you were to purchase a car. They will pull credit and another inquiry could drop you from 740 to 738. A good score to a “fair” score. And this will really mess with your rate!

Makes perfect sense.
Thanks