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Is it possible to consolidate all your bills, including cars, into a first home mortgage loan? |
Is it possible to consolidate all your bills, including cars, into a first home mortgage loan? Yes, so long as there is sufficient equity in the property to do so. If you can, it can be a good move. lign="right" > Sign in to vote! actually depends on the type of mortgage you have. You can refinance your mortgage and increase the liability and then use the extra funds to payoff all other debts. I normaly see people use a HELOC ( home equity line of credit) to consolidate debts as it is revolving. you don't have to refinance in the future if you want to buy additional things for the home or if you run up the credit cards again in 5 years form now. the one drawback is that HELOC's tend to have slightly higher interest rates and only the variable rate lines of credit are revolving. still it is more useful over the long term than a mortgage since it will remain viable for reuse for as long as you want to keep it, even after your first mortgage is paid off. Consumer Banker: Bank of America lign="right" > Sign in to vote! it is not always a good idea to consolidate all of your bills into a mortgage payment. Reason being god forbid you get into financial trouble and you default on this payment too many times, foreclosure will result. If everything is separate, you can pick and choose what to not pay. They cant take your home for defaulting on a credit card or a car loan, but when its all combined theres no cushion. just food for thought. If all the debts you want to finance into the new home exceed 65% of the homes asking price, dont do it. It will affect your interest rate, and you may actually end up paying more than just paying the loans separate. Sean Zamorano, loan officer any more questions or need help minesbay@yahoo.com |
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