With just our credit debt (not including our vehicles) we're around 45,000 in total debt. Now I want to consolidate it so I can help my debt to income ratio since it's based on your pay out per month. We're coming up where we need to refinance our house and I need to take care of this issue.
Has anyone been in a similar situation, and if so what company did you use? Thank you!
2007-07-18 12:20:32 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
As long as you have enough equity in your home, you should be able to refi and consolidate all your debt into one monthly payment.
Check with your local bank to see what they offer you. You can also check online through several sites like LowerMyBills and Lending Tree. When you sign up there you will receive many calls from different lenders trying to earn your business. You'll receive a really competitive rate, but all those phone calls can be annoying.
Hope that helps.
2007-07-18 12:26:22 · answer #1 · answered by ECH 2 · 0⤊ 0⤋
It is based on your credit to debt ratio, not your payout per month, in other words you will still have the same debt to income ratio. If you have enough equity to cover it that would work because you also have the tax write off. If it is another personal loan then dependent upon your credit rating, and income this might present a problem. Many people do this and then use their credit cards again increasing the problem ten fold.
2007-07-18 19:37:10 · answer #2 · answered by Pengy 7 · 0⤊ 1⤋
$45,000 is a lot of money owed which does not include your vehicles. If your present mortgage is half paid, you already paid about 70% of the interest. If you are also half paid on your vehicles, you paid most of the interest. If you could sleep better at night and only have to pay1 bill per month, you should contact a mortgage broker and see what the best avenues you can go or you can email me at sbcovener@msn.com
2007-07-19 01:18:26 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You need to get some straight advice on what you are doing and what your options are.
Any home cash out refi will solve your problem, you need to know how to shop for one.
What state are you located ?
PENGY below is WRONG about DTI, sorry
2007-07-18 19:26:55 · answer #4 · answered by CommonCents 4 · 0⤊ 0⤋