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CTV Mortgage Minute: Car loans impact a mortgage – August 19, 2021

Clinton meets up with Ana Almeida from CTV to talk about how a car loan can impact a mortgage in this segment of Mortgage Minute.

CTV Mortgage Minute: car loans impact a mortgage

Don’t feel like watching the video? Check out the transcript below.


Can your car loans impact a mortgage?

Ana Almeida: [00:00:00:13] Hi, I’m Ana Almeida, and I’m here with Clinton Wilkins, and this month in your Mortgage Minute, we’re talking about car loans. So how does a car loan impact your mortgage?

Clinton Wilkins: [00:00:08:02] It has a huge impact. There are two of the biggest purchases of your life that they are.

Ana Almeida: [00:00:12:08] So how does it impact?

Should I avoid purchasing both at the same time?

Clinton Wilkins: [00:00:13:20] So you need to think about your debt to service ratios. Obviously very important, as well as making your payments on time to maintain a good credit score.

Ana Almeida: [00:00:21:00] Absolutely. So if somebody is thinking about potentially purchasing a new vehicle and a home, it’s best to avoid the two?

Clinton Wilkins: [00:00:27:07] I think avoid at all possible. Sometimes, obviously, that’s avoidable, but especially delay if you have a pre-approval in place already.

You can always talk to an unbiased mortgage professional for help

Ana Almeida: [00:00:37:05] And if somebody has any questions, of course, or concerns, what should they do?

Clinton Wilkins: [00:00:41:02] I think it’s so important to seek the advice of an unbiased mortgage professional, especially when you’re talking about large purchases.

Ana Almeida: [00:00:47:02] But those purchases are possible. So thank you so much, Clinton. And we’ll see you next time, of course, for another Mortgage Minute.

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