7 Thoughts on Is there a mortgage loan that includes your other debt as well?
  1. Reply
    Faye H
    March 1, 2014 at 2:15 am

    You probably could but why would you want to pay interest on credit card debt for the next 30 years? You’ll wind up paying over $ 30,000 in interest on the credit card debt alone.

  2. Reply
    Amanda H
    March 1, 2014 at 3:06 am

    No, not if you’re talking 0 down– the mortgage would have to be for more than the house is worth, which lenders are REALLY not wanting to do right now with the market and subprime meltdown.

    If a house is listed for $ 500K it MIGHT be possible to write in a buyer’s bonus and get cash out at closing– but some lenders see this in the P&S and wont do it…. often times a seller can pay your closing costs but you cant get any cash back.

    If the house is worth more than you are lending on it, you can get an equity loan after closing.

  3. Reply
    Sarah K
    March 1, 2014 at 3:31 am

    I don’t think so because mortgage interest is a special, tax-deductible type of interest. Also, it’s a bad idea to put your house on the line to pay off an unsecured debt. Take care of the credit card debt before looking at a mortgage… most lenders would not like to see that and it’s also bound to be hurting your FICO score considering that credit’s balance-to-limit ratio accounts for 30% of your score (and the lower the ratio, the better).

    Do you plan to make any sort of down payment on this house? I mean no offense, but it seems like you’re just flirting with the possibility of foreclosure.

  4. Reply
    Todd S
    March 1, 2014 at 4:29 am

    No, once you own a home, you can do a refinance that wraps up your revolving debt as well, known as a debt-consolidation loan, but if you’re purchasing a new home you can’t tack on that debt to the new home as you have no equity in the home yet.

    People who already own a home and have equity in their home can refinance their current mortgage, add say $ 21,000 on top of it, and they’d have a new combined loan amount. But again, you need to have equity in your home as collateral.

    Learn more at http://www.thetruthaboutmortgage.com

  5. Reply
    libbybill827
    March 1, 2014 at 4:55 am

    Yes they do this! What totally sucked was the fact that after college I had so much credit card debt that piled up and it was really affecting my credit score. I searched around and tried a few of those debt consolidation sites but found that nothing that I tried really worked. I found this kick ass site that helped me alleviate these problems and I want to share it with you.
    I helped me out so much and I hope it helps you as well.
    http://getoutofdebt.5gbfree.com/index.html

  6. Reply
    peterson c
    March 1, 2014 at 5:30 am

    I am Mr Peterson Chris.I am a legitimate loan lender who gives out loans at low interest rate of 3%.Are you finacially down?Do you want to pay your bills?Is your credit score low?If yes,then you are in need of a loan.I deal with only honest people who are really in need of this loan.If interested contact me today with the loan of loan you need so that my loan terms and condition will be forwarded to you.You are to mail me or contact me through this email address

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  7. Reply
    mortgage girl
    March 1, 2014 at 6:01 am

    Yes there is a way you can do this, but it must be structured a certain way and the purchase price must be less than the appraised value of the home. Feel free to email me at mortgageallday@aol.com and I can answer any mortgage concerns you may have
    Good Luck!

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