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| *Loan,banking and credit>>>mortgage loan |
Thinkin about getting a mortgage what is a combo loan and is it a good idea i wanna combine my credit card in. |
it also is this a good idea to get my credit card balance in with my mortgage let me know A combo loan, if you're referring to the Countrywide Home Loans commercial, is where you take you liabilities (First and second mortgage, credit card debt, auto loans, student loans...) and refinance your home into a single lower monthly payment. The 80/20 and 90/10 written about here are NOT combo loans as defined by Countrywide, and referencing your question, I assume that is where you picked up the term at. Adding your credit card to your mortgage is beneficial in most cases. The interest rate is lower and you will be removing that additional monthly payment. The problem with this is that most people with an empty credit card tend to go back out and run it up again. If you add your credit cards, curb your spending afterwords. If you have any questions, or would like a consultation at no charge to you, email me or check out our website. We're a mortgage brokerage company working with over 150 lenders on the wholesale side, one of which happens to be Countrywide. Baconshmals@yahoo.com Source(s): http://aapexfund.com/ No don't never combine a mortgage. Combo loans are usually a 80/20 loan or 90/10 where the first mortgage is 80% and the second mortgage is the 20%. The 2nd mortgage is a higher interest rate, and most people do this to avoid pmi (private mortgage insurance) or to qualify for a loan without a down payment. Hope this helps. http://www.creditimes.com |
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