This is Why You Should NOT Buy a Car During the Mortgage Process... | Homespire Mortgage

We get it - a new car to go with your new house? OooOo la la! But this is where the saying “patience is a virtue” comes in.
When you apply for a mortgage, your lender has to look at all of your outstanding debt, including that new car. And it takes time to add that new debt to your credit report.
So, if you’re scheduled to close in a couple weeks, there might not be enough time to get this extra work accomplished, which could potentially delay your closing date.
Your best bet? Wait until you’ve signed on the dotted line and you have keys in hand before making any large purchases or opening any new lines of credit.
If you have questions, Homespire can help. Visit www.homespiremortgage.com to connect with a Homespire Loan Officer today.
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Corporate Office: 9711 Washingtonian Blvd., Suite 500, Gaithersburg, MD 20878. 1-800-531-5395 This is not an offer for a loan or any type of extension. Eligibility for a loan or extension of credit from Homespire Mortgage Corporation is subject to completion of a loan application, credit, income, and employment qualification, and meeting established underwriting criteria. Rates are subject to change without notice based on market conditions. See Loan Consultant for information on program income limits, buyer contribution, area median income, debt requirements, and other application details.