because i am thinking to purchase a house and a car sometimes before the end of the year. so it will be easier for me to have one loan lets say ($600,000) and use it for both car and house
please advice me
2007-01-26 06:13:27 · 5 answers · asked by hatchiiii 1 in Business & Finance ➔ Credit
You can increase the value of your mortgage by the loan of your car through a home equity mortgage...but that would be silly because you will pay a lower rate on your car loan financed through a dealer than through your mortgage. However you can deduce the interest if you roll it in into the mortgage.
2007-01-26 06:22:35 · answer #1 · answered by RjM 3 · 0⤊ 0⤋
You should do them separate as many have already advised you to do. Your car loan will most likely be for 5 years and your home mortgage for 30 yrs. You are not going to save any money by putting them together. This is a great website for help & information about loans. You could also try here for advice and quotes. http://loan.divinfo.com/
2007-01-26 06:29:55 · answer #2 · answered by Reenie 3 · 0⤊ 0⤋
There are mortgages that let you borrow up to 103% of the home's value. But why would you want to pay for a car for 30 years, assuming that's the term of the mortgage.
2007-01-26 06:26:32 · answer #3 · answered by scourgeoftheleft 4 · 0⤊ 0⤋
nobody is going to amortize a loan for the underlying asset of a car for 15+ years, its just not going to happen. That is WAY too much risk.
2007-01-26 06:21:27 · answer #4 · answered by M O 6 · 0⤊ 0⤋
I am not sure if this company does loans in your area but check them out online....
American Equity Mortgage
2007-01-26 06:21:12 · answer #5 · answered by Lori W 2 · 0⤊ 0⤋