2007-02-21 10:40:23 · 4 answers · asked by KatieAlly 1 in Business & Finance ➔ Renting & Real Estate
Sorry but the answer is no. The lender will loan off the appraised value of the home, and the purchase price of the home. They will not offer your the home value plus your debit. If you get the home under market value, than once you close on the loan, if your middle credit score is decent, than you could get a home equity line of credit to pay off your existing debit. And save money vs paying high interest credit cards. You could get a combined HELOC at the same time - but only if the value of the home is there. Say the home got appriased at 150,000 and yout purchased it for 140,000 Than you could get a 2nd or a HELOC for the 10,000 equity.
Talk with a broker! One that knows the different programs available for you. A broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home &/or refinancing, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.
Good luck to you
2007-02-21 11:33:45 · answer #1 · answered by W. E 5 · 0⤊ 0⤋
Do what you're pondering, so as to (a million) decrease the pastime and (2) be waiting to deduct the pastime on the taxes. despite the fact that, pay as a lot (in direction of the non-public loan) each and each month as could have been required to be paid in direction of the non-public loan, motor vehicle own loan, and credit enjoying cards in case you had no longer performed this. (do no longer cut back the entire quantity which you're paying.) That way, you will pay off the non-public loan quicker and could never be extending the vehicle and credit card debts over an prolonged era.
2016-10-16 05:02:35 · answer #2 · answered by ? 4 · 0⤊ 0⤋
If your debt is high and your credit is questionable, you may not be able to get a loan. Pay off your debts first...don't buy unneeded things for yourself or anyoone else (change your spending habits)!! That's the first step.
2007-02-21 10:45:36 · answer #3 · answered by maimatt7 3 · 0⤊ 0⤋
yes but very stupid. If your paying of, say a car, you will be paying for that car for 30 years. does that make sense to you?
2007-02-21 10:45:11 · answer #4 · answered by don 6 · 0⤊ 0⤋