Overhaulin'

car and home loan, interest rate?

I just graduated from college, my credit score is 700, but I will start working in january. if I apply for a car loan and home mortgage in february, will that affect my interest rate since my job is will only be one months old then, although my credit score is good and my credit history is over one year old. I guess the question is, how does my employment history affect my interest rate. It's a job of $7000/month before tax. THANK YOU VERY MUCH FOR THE ANSWER.

Public Comments

1. Do you realize that if you spend a few months saving, you could buy a car for cash? I saw a cute Nissan Versa for 9,900. I told the dealer I only had 8,100 cash, I'm expecting a call anytime from him with a counter offer. He had come down to 8,500 when I walked out. Cash is king when buying a car. Look at your salary. Imagine how good it will look if you make a home mortgage without an outstanding car loan. /
2. You won't get a mortgage without two years work at one job or in one field even if you have the down payment and closing cost. Never get a car loan while trying to get a mortgage it hurts your debt ratios. What if the new job isn't just what you think it will be and you decide to quit and are stuck in a new mortgage and car payments and maybe student loans? Hold your horses and let your emergency fund, down payment fund and car fund grow a couple of years.