my wife and i make good money. we want to buy a house. can we roll outstanding bills into our mortage.?

Question

we are first time homebuyers. and we dont have the best credit. but i know if we can roll our outsatnding bills into our mortage we would have no problem paying for our mortgage

Answer 1

Do you really want to pay on those bills for the next 30 years WITH INTEREST??

Answer 2

Sometimes they work those things out.. but its rare. Normally the bank will only mortage you up to value of your house.. not over. And you will still need a downpayment also.

What many people do is refinance after a few years of owning there house. That gives them alot of extra money to pay off outstanding debts.

Answer 3

I wouldn't. Pay your bills off FIRST then get a house or you will be paying on same bills forever! There are first time home buyer programs, check into them, but don't consolidate all your bills in with your house payment. You CAN consolidate your outstanding bills together, then have a seperate house payment, thats what you should do. Just be sure to have everything in check or you will end up in a bad situation and could lose your house if you dont have your ducks in a row and have all your bills paid.

Answer 4

Paying off short-term debt with a long term loan is probably the WORST financial decision you could possibly make.

You say your credit isn't the best. That would drive your interest rate up and would limit the chances of adding anything extra to your mortgage as well. Take a couple of years to clean up your credit, pay down existing debt, and save towards the down payment. THEN start looking to buy a home.

Answer 5

PAy off all of your outstanding bills before even thinking about taking on a mortgage. Believe me, there are Plenty off bills to pay when you are a homeowner..

Answer 6

Possibly, but they won't lend you more than your house is worth and it won't change you credit score for purposes of obtaining a mortgage.

Answer 7

um, no. period.