2007-01-20 02:47:35 · 8 answers · asked by ruthannesam 2 in Business & Finance ➔ Personal Finance
Absolutely. Many times you can even get the a better deal on your mortgage rate because you are cleaning up your credit at the same time. The controling factor is the ratio of the loan you need to the appraised value of the house you are mortgaging. If the total is less than 80% of the value you are in easy. If it is more than that, you may have to have a 1st mortgage and then have a 2nd to make up the difference. Sometimes mortgage companies will call this an 80-10 (the 2nd mortgage is 10% of the value of the house). Mortgage companies deal with this all the time, they will contact creditors for payoffs and send the checks directly to them.
2007-01-20 07:18:38 · answer #1 · answered by Scott C 2 · 0⤊ 0⤋
Yes, you can, but it's a little tricky because your lender wants you to already be "financially stable" before your purchase your house. However, if you search around, you might be able to find a lender who is willing to look at your credit history and see that you at least manage to pay your bills on time. In that case, they may respect the fact that you are consolidating your debt and realize that this might reinforce your ability to pay your mortgage. I trust that things will work out for you. Be persistent. There are a lot of lenders out there. If one place turns you down, go to another. Never give up on your dreams. Good luck to you!
2007-01-20 10:59:20 · answer #2 · answered by JOURNEY 5 · 0⤊ 0⤋
Get a good independent mortgage broker that will show you the light. There are specific rules and regulations on the amount and % of refinance that you can get access to and it will vary and depend on your credit scores as to the % on the mortgage.
It makes sense to consolidate as much as you can into the lower loan rate generally offered from the mortgage institution instead of from your car loan or other credit cards.
2007-01-20 11:27:06 · answer #3 · answered by Joe 2 · 0⤊ 0⤋
Yes, you in a sense take out more (on your mortgage) than the price the house's selling price. You then get money back at closing to send off to pay your debts. This is also true for re-financing your house.
2007-01-20 10:55:48 · answer #4 · answered by Martin Chemnitz 5 · 0⤊ 0⤋
Yes you can. It all depends on if you are buying or refinancing but the answer is yes. Rock financial claims they are the only company doing this but that is a joke. Depending on the % of the property that you are qualified for. ie: house is worth 250,000 and you have the credit to get 95 % but the seller agrees to sell for 205000 there is a lil change left over to pay off a car maybe or credit cards.
2007-01-20 10:57:52 · answer #5 · answered by darin s 4 · 0⤊ 0⤋
If your mortgage is doable, then it is possible to borrow enought o consolidate the loans by the increased equity value of your property.
2007-01-20 10:52:24 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes you can do that. Talk to your lending institution.
2007-01-20 10:51:58 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Caveat emptor...
2007-01-20 11:05:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋