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Auto Loans
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.



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