• ¡Welcome to Lending Network!
  • America's Fastest Growing Loan Scenario Online Forum
Hello There, Guest! Login RegisterLogin with Google+


Welcome to Lending Network! America's Number One Loan Scenario Help Center For The Public Join Our Lending Network Online Community Forum And Ask Your Loan Case Scenarios To Our Moderators & Real Estate Professionals.
It takes seconds to become a member. Lending Network was created and launched as a mortgage, real estate, and credit information center for the general public to utilize it as a loan scenario help desk online community forum.

Poll: Was this topic helpful?
Yes it was very helpful
No, it was not helpful
[Show Results]
 
Note: This is a public poll, other users will be able to see what you voted for.
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Auto Loans
#1
If you are intending in getting a mortgage in the very near future and are thinking of purchasing a car and getting an auto loan, you need to think twice. Auto loans can impact your debt to income ratios. A typical auto loan is $400 per month on a $20,000 vehicle. A $400 per month monthly payment is equivalent to a $80,000 mortgage payment. An auto loan is normally amortized over 4 to 5 years so the monthly payments are larger than a home loan payment which is amortized over 30 years. If you are a home buyer and intend in getting a mortgage, it is strongly recommended that you wait until you close on your mortgage loan before getting an auto loan. Here is an article on auto loans.

http://gustancho.com/auto-loan-auto-loan-basics/

 
Reply
  


Forum Jump:


Browsing: 1 Guest(s)