‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage.
My question is, would leasing a car hurt our underwriting process, and hence our mortgage application?It’s always good practice to take a pause on spending big — like leasing or buying a car — or taking on debt when you’re in the middle of applying for a mortgage. The process is detailed, and lenders may not want to see you taking on more debt while you are applying for what is arguably the biggest loan you will take on in your life.
But remember that if your name is on the loan, you and you alone are responsible for paying off the loan. But your wife still owns 50% of the property. In general, it’s better — in the event you should divorce — that you are both on the deed and the loan. Here are some of the other things you should probably not do when you are in the middle of applying for a mortgage.