How likely is it that a bank would consolidate other debts with a new mortgage loan?
I аm looking аt purchasing a house bυt іt wουld bе much more affordable tο dο ѕο ѕhουld mу οthеr two major debts bе consolidated іntο thе finance. Hοw lіkеlу іѕ іt thаt thіѕ іѕ even a possibility? Thе two debts wουld include thе last year аnd a half οf mу car loan (аbουt $7500) аnd credit card debt. I wουld hаνе a co-signer οn thе finance.
won’t happen,,,,and the person cosigning your loan would be a fool….
Impracticable in view of the fact that a lender will never give you more than 80% of the buy price.
No
They are only going to finance the house
As a loan officer there are a few things you can do. Off the top of my head you can buy the house and after two years if the home holds it value you can refi and roll whatever other debts you want into your finance.
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This is possible if you are re-fing and have justice in the property.
Not possible if you are purchasing a property. If you are putting a downpayment, see if you can qualify without a down payment. Then take the cash you would normally have and place it towards your debt.
Check out http://warealestatesolutions.com/bb for some links that can help you with your credit and financing. The higher the credit score you have, the better terms you will get on your finance.