Will a personal loan risk my mortgage?
There is no waiting period. Keep in mind the loan must be closed. This means the deeds should be recorded. The recording numbers should be issued/confirmed. The funds have been disbursed through escrow (in California). The final HUD 1 Settlement Statement issued which has your closing date on it. Also, it does not matter if the loan is a refinance or a purchase transaction. Once the loan is closed, there is no waiting period for a personal loan. If you want one, get it.
Make sure the real estate loan is closed. If you think it is closed, but it is not, there could be a problem. A lender can check at any time prior to closing. A lender may want to check if any new credit or inquiry appears. If yes, your debt to income ratio could change. A higher debt to income ratio could prevent the loan funding. So, be certain the home loan is closed prior to getting a personal loan.
Ask me any real estate or mortgage question. If you are thinking of purchasing a home, switching from an adjustable to a fixed rate, or want to pull equity, I can help with the process. Contact me today.
