My husband and I want to include all of debt into 1 payment before we get our house which is our two car payments, and credit cards. Is this possible?Are there mortgages that let you include all your debt into 1 payment?
Its not a good idea to have those types of debts associated with your mortgage. A credit card is an unsecured debt, meaning if you default there's nothing for them to take to pay back the loan. A mortgage is a secured debt, meaning if you default on your mortgage they take your house to cover the debt. You would never want to leave yourself in a position to lose your house over what was once credit card debt. You could take out an unsecured personal loan to consolidate that debt and have it as one payment separate from your house payment.Are there mortgages that let you include all your debt into 1 payment?
5 yrs ago, maybe, not anymore and even back then, you wouldn;t have been able to get enough extra to pay off 2 car loans AND credit cards - maybe 6% of the house price (100k house-you could've gotten a 106k loan)
Not unless you have enough equity in your house to take that much more cash out when you refi. For a ';new purchase'; loan, no way.
The last time I renegotiated my mortgage, I added an amount to it to cover all my credit card debts. The mortgage interest was far less than the credit card interest.
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