Paying off a Car lease to get a mortgage?

Question

I was wondering if anybody out there would be able to tell me If Im able to pay off my car lease so I can qualify for a mortgage? My car lease is over in 7 months and the payment is $330/month. I can qualify for a mortgage if I didn't have that payment as a "debt". I talked to a mortgage banker at a large bank and I was told that even if I didn't plan on getting another car, the $330/month would still be held against my income to debt ratio. Anybody out there know what I can do??? Thanks

2 months ago - 1 answers

Best Answer

Chosen by Asker

A few years ago , I was told that if the loan has less than six months , the mortgage companies sometimes will consider it a short time commitment at allow it . Otherwise , you can prepay the lease . However , the leasing company may not give you any credit for the prepaid interest expense so they may charge you the entire lump sum of $2,310 .

by SOUTH LAKE

2 months ago

Asker's Rating:

Search Yahoo! Answers