My dad passed away, and I am in the process of assuming the mortgage for his house. Assuming a mortgage, my understanding, is very much like applying for a normal mortgage except you get to keep the terms of the existing mortgage (low interest rate).
I am also interested in leasing a new Rivian R1S, where the lease payment would be about $1,000/month = $36,000 total. I have a paid off Tesla which would cover about $30,000, and I absolutely can cover whatever is remaining of the total lease ($6,000 or whatever it may be).
My question is, I know that even if I make all of the 36 payments in advance, the lease will still show up on my credit report. I am wondering how that would affect my mortgage. The mortgage process will take about 2 months, and I am anxious to grab one of these new vehicles now.
If I pay the lease payments, will they still show as ~$1,000/month on my credit report, or is there some sort of "remaining balance" that would show as $0? In other words, then it wouldn't affect my DTI.
Much appreciated. Thank you so much!
