Continued from Off Topic Landfill 4
I’ll admit I had this mindset at some point, then I did the math that between a local lumber yard that will deliver pretty much anything for free as they have deliveries all over the area, so a consumer small order will be on the way to somewhere. Local nurseries will deliver pretty much most things for a fairly reasonable prices or free. And for those times that things just don’t fit into a car / suv or whatever I have, there is u-haul rental or HD truck. Needless to say that thought process went away pretty quickly
that’s all internet being internet. For first time parents the list of “necessities” that you always need to have with you is about a mile long, and requires a suburban + roof storage box + possibly a trailer. It’s ridiculous what’s out there. Then people realize that that giant stroller that they bought is useless, the crap you need with you to go anywhere fits into a small bag, and you could have just as easily gotten away with a much smaller car.
Debt to income is too high. The home is new construction and will be ready in two months. Before the last credit pull they need to show that debt off in order to get that final approval. I guess the reason for putting that, in my head was to create a sense of urgency. I do not have that long. Worst case I sell to my father in laws dealership and take a $1,500 hit.
Also the loan lady said as soon as they pull credit I’m able to get another car immediately. So yes I have a truck lined up for roughly the same payment. The Suburban was for the wife and my 3 kids but I sold our second car (truck) and need one now. Going to squeeze 2 car seats and a booster in the truck and make it work because we need the truck. I need the truck for work, bikes, motorcycles, lumber, camping and im sure a few other things that the Suburban just couldnt do as good. I hope this answers all your questions and you guys can move on now.
I would verify that a half dozen times at least. Plenty of mortgages have fallen apart because of someone taking on debt between the credit pull and when it closes.
Lol it wasn’t that big of a deal, just a curiosity. I promise I wasn’t waiting for your answer to move on with my day.
They can and will check your credit multiple times up until you are closed. Likely on all loans, certain when you are near DTI margins. You loan will also likely be subject to at least one quality control audit.
The fact that you are referring to a “loan lady” gives me some pause about your comprehension of these important details, my friend.
Yes great advice. Ive heard of that happening as well. We have it worked out and in writing on exactly how and when. And my dad is a gm for a Chevy dealer so i have that working for me too. The new construction process is a little different so im not worried about it falling through. Worse case I have another debt I can trade in and we also have a co signer lined up just in case.
Totally or if the loan is sold, in some cases immediately. Underwriters will sometimes pull it on their own without notifying the borrower or the loan officer. Best to play it safe
I’m in new construction currently as well and what you’re saying is not consistent with what my loan officer has said, especially two months out.
If we’re talking about taking on new debt after the pre-approval, but before you actually lock in the real loan, then yah, although you’re subject to the same dti issues when you do it “for real”.
You really have to be careful what you say here on Leasehackr!
I appreciate the advice sincerely. And I would never let a car get the way of a home purchase. There is a lot of details I left out because this is a leasing site and none of it is relevant. Yes i do call her the loan lady. I can get her real title but I prefer to call her loan lady. This is not my first home but thank you again.
People come here to learn to be financially savvy generally. The people they’re learning from tend to have experience that extends beyond just leasing, as there’s a huge overlap in financial literacy with maximizing your lease value.
Just to put things in perspective, you basically have a whole bunch of people with financial experience trying to help you make sure you don’t screw up getting your new house because what you’re saying doesn’t jive with a lot of experience. No one is being critical.
Well said by @mllcb42. Behind the snark is usually well-intended and thoughtful advice.
Sorry there is a lot more to my situation. But you are right. Even though they told me i could do a few things to make it work I’m just getting out of the Suburban and not putting anything in my name for now. The loan consultant at Tripointe Connect has already made some huge mistakes and i wouldnt take my chances.
Waiting until you’re definitely set seems like the right decision.
I understand. But initially it was just to make fun, which is not fun for the people on the other end. Its a sore subject because I was “pre approved” for a certain amount and then after 40K in deposits they tell me they made a mistake. The loan process has been frustrating to say the least.
Now can anyone tell me why I have no offers? Any advice? Too much down?
That, I can’t, it seems like a cheap price for a suburban to me, perhaps the right person just hasn’t come along yet.
Sounds like way more reason not to listen to them when they say you can take on a new vehicle before closing.
It’s only been 48 hours and you’ve posted it on a site that primarily is about learning how to maximize value on a new lease. We get some traffic here regarding lease transfers, but not as much as if you posted it somewhere like swapalease. Your numbers seem totally reasonable to me.