Mortgage lender forcing me to pay off car financing loan
Household income is $130k.
I applied for a mortgage and are looking to buy a property for $615k...offer has been given.
We got approved for mortgage at 2.9% interest rate but the lender is requiring me to pay off car loan from BMW (40k) and few credit cards with balances less then $1500.
Long story short....I do not want to pay off this car loan all at once and would rather continue payments. I would rather have that 40k saved in a account or used to cover some minor renovations. I have agreed to pay off credit cards ASAP as soon as I receive sale if funds but would like to keep car loan.
Has anyone experienced this. Any suggestions?