Can you have an auto loan and mortgage loan open at the same time?

Just to keep it short, can you have an auto loan and mortgage loan open at the same time?

  • Yes
    100% (2)87% (13)88% (15)Vote
  • No
    0% (0)13% (2)12% (2)Vote
And you are? I'm a GirlI'm a Guy

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Most Helpful Girl

  • Yes you can. They wouldn't allow you to have both if you didn't qualify for the right sum of income. But having both is possible.

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Most Helpful Guy

  • It is very much possible!

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What Girls Said 1

  • I was pre-approved on my own for a mortgage of a certain amount only if I had 20% down payment, since I already had a car loan. She said I could get pre-approved without such a big down payment if I paid off the loan for car, but I didn't want to pay it off so soon.

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What Guys Said 9

  • Yes

    ,,, ,,

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  • As long as you have the credit to approve you for it. When it comes to buying a house, the bank want you to have any debt on your credit payed off and at least 5% of the closing cost to put down.

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  • Yes but you'll have to be making a lot of money.

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  • Only an idiot would take out a loan.

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  • Yes it was possible as long as your credit score is good it would much easier to have both.

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  • Of course. America is all about credits and loans.

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  • As long as your income is sufficient to service all debts, they'll happily give you both.

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  • No, at least in my case they asked me to clear out the car loan by paying it off. Then they proceed with the process.

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    • When you apply for pre-approval on a mortgage, lenders will compare your debt-to-income ratio and housing expenses such as property taxes and insurance to determine how much you can borrow for a home. If you have a large car payment to make each month, it will lower your borrowing power.

      “A $430 auto payment [could] reduce your mortgage borrowing power by $100,000,” Grabel said.

      With less borrowing power, you’ll have less money to work with and may have to opt for a smaller or cheaper home if you cannot raise the additional funds yourself.

  • ... um... Yes...

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