12 Questions To Ask Yourself Before Taking On A Loan
- By
Julia Austin
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Will it impact future loans?
I took on a new car lease just a few months before applying for mortgages. I never thought about the fact that that monthly car payment would then be on my credit report, and negatively impact my debt-to-income ratio when applying for a mortgage. I needed a car, so there wasn’t any getting around that. However, if I’d known how difficult it would make it to get a decent size mortgage a few months later, I would have leased a – hate to say it – crappier car with a much lower monthly payment. Just remember that lenders want to know what other loans you have. So before taking out one loan, ask yourself if it will impact your ability to get a more important loan later.
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