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I'm planning to purchase a home, and have 15-20% saved up for the homes within my purchase range (150-200k). However, I also have about 45k in student loans and 11k of car loans left. The car loan has 7.99% fixed interest, the student loans have a variable interest that dropped to something like 3.5% due to the economy. The student loans also have my mom as a cosigner, and she wants me to refinance them to get her name off. My question is "should I refinance my student or car or both loans to get better terms before applying for a home loan, and how long should I wait after refinancing before applying for a home loan?" I know large purchases hurt you when getting a home loan, but I heard from a coworker that refinancing can actually help since it closes a current loan, even though it opens a new one.
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