Posted by Nate on March 26, 2001 at 22:28:11:
I have no idea, because I am not a mortgage broker. Your question would probably be better addressed to one of them.
NT
debt consolidation for mortgage question - Posted by Eric
Posted by Eric on March 23, 2001 at 13:33:47:
I have a question regarding debt and mortgage loans. I currently have 15000 in credit card debt. I have the income to pay it off in 1-2 years and can even deal with the interest, but I am tired of bouncing it around from credit card to credit card to keep the interest low. and I’m afraid it might hurt me when i go to get a mortgage to start investing.
I would like to buy a 2 family house and rent out half such that my mtge pymt/taxes after rental income would be about 200 less than I pay in rent on my apt. now. Should I take a personal loan out to pay off my credit cards so i can keep a nice low rate of 7-8%? Will this hurt my chances of getting a mortgage? Would it be easier and smarter to roll the credit card debt into the mortgage? Or should I just continue paying off the credit cards the way i am?
I can comfortable pay 1000/month towards the credit cards (or a loan against the credit cards) and still pay mortgage. Is this a good idea, or will it hurt my chances witha mortgage?
Thank you.
Please email me at eric242@aol.com
-Eric
Re: debt consolidation for mortgage question - Posted by Nate
Posted by Nate on March 23, 2001 at 17:41:21:
You do not say what your total income is or otherwise provide enough information for us to determine your debt to income ratio. Have you spoken to a mortgage broker? It may be possible that even with the credit card debt you can qualify for a low rate mortgage, particularly if you would be a first-time homebuyer. You don’t have to be debt free to buy a house.
NT
Re: debt consolidation for mortgage question - Posted by Eric
Posted by Eric on March 26, 2001 at 15:51:23:
Hi NT. My monthly household income is 4800 after taxes. my monthly bills (not including credit cards) are approx $1850.00 + 600 for rent. i have approx 15k in credit cards. i’m paying them at about 1000 per month now, so, minus some setbacks (car repairs, etc) i should have them paid of in less than 2 years.
Do you think a mortgage with a good rate would be a problem? do you think i should get a personal loan to consolidate (it would be easier if they will give me one). Is there anyway amortgage co. would let me roll that debt into the mortgage so i could lock it in at 7% interest and make higher mortgage payments?
thanks for your help
-Eric