Posted on: 01st Jan, 2013 11:05 pm
i want to buy a home and for which i have 15-20% saved up for the homes within my purchase range. my purchase range is around 150-200k. however, i also have about 43k in student loans and 13k of car loans left. the car loan has 7.99% fixed interest; the student loans have a variable interest that dropped to something like 3.5% due to the economy. the student loans also have my mom as a cosigner, and she wants me to refinance them to get her name off. my question is should i refinance my student or car or both loans to get better terms before applying for a home loan, and how long should i wait after refinancing before applying for a home loan?
Welcome Guest,
I personally don't think it will be a good option to refinance the student loans and the car loan now just before you apply for a home mortgage. Once you take out the home mortgage, you can then think of refinancing the student loans and the car loan.
I personally don't think it will be a good option to refinance the student loans and the car loan now just before you apply for a home mortgage. Once you take out the home mortgage, you can then think of refinancing the student loans and the car loan.
Hi Guest!
Welcome to forums!
I agree with what Jerry has said. You should try avoiding any kind of refinancing for any loans just before you take out a home mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what Jerry has said. You should try avoiding any kind of refinancing for any loans just before you take out a home mortgage.
Feel free to ask if you've further queries.
Sussane