2007-01-10 02:09:58 · 7 answers · asked by robin s 2 in Business & Finance ➔ Renting & Real Estate
There are some loans available that will allow it...
2007-01-10 03:48:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Most credit card debt takes much longer than 3 to 5 years to payoff. If you are making only the minimum payment, it will take an average of 26 years to payoff. So might as well put in the mortgage and take the tax break. However, you really can't consolidate with a purchase loan. Some companies will let you, but the rate on the loan is not worth it. Your best bet is to purchase the home, wait 1 year, then refinance using the equity in your home to pay your debt. Or simply take a home equity loan for the same purpose.
2007-01-10 10:20:06 · answer #2 · answered by Joe L 3 · 1⤊ 1⤋
Most lenders will not allow consolidation loans in conjunction with the purchase of the home. What most perple do is, buy a home and then refinance 1 to 2 years later. A refinance loan can include extra monies to pay off debts. But as mentioned before, it will take a lot longer to pay it off. Your best bet is to get a consolidation loan to cover the cost of you debt combined, but at a lower interest rate, and pay that one debt off as soon as you can. Good luck!
2007-01-10 10:20:49 · answer #3 · answered by krodgibami 5 · 1⤊ 1⤋
I don't think you can do this. At least not in Texas. Now after you have a house for a while (and have good credit), you can get a loan consolidation and roll them all together. I just did this last May and it has been a good move for me.
Good luck either way.
2007-01-10 10:20:36 · answer #4 · answered by Anonymous · 1⤊ 1⤋
Be carefull, this might not be legal where your located. When you puchase just be sure to get a short term ARM then consolidate when you refi about a year later. Mortgage Consultant. You can email me if you need further info.
2007-01-10 11:24:29 · answer #5 · answered by Jeff 1 · 0⤊ 0⤋
I wouldn't if I were you... It means you'd be paying off your credit card debt over 15 or 30 years instead of 3-5. The amount of interest you'd pay is absurd... please be smarter about this.
2007-01-10 10:14:20 · answer #6 · answered by I hate friggin' crybabies 5 · 0⤊ 1⤋
Not to sure but have you searched online for any companies that do this.
2007-01-10 10:13:20 · answer #7 · answered by SEO 3 · 0⤊ 1⤋