At today low rates you can refinance your home at 3.7% to 4.09%. Most of the credit card companies charge over 15%, so its better to refinance at today`s rate and pay off the credit cards. Make sure you don`t get into debt again as the whole refinance things was a waste. Try to properly manage your funds and cash flow in order to avoid high debts.

With rates as low as 3.74% today for a fixed mortgage or 1.85% for a variable product you must consider consolodation. Credit cards and Lines of Credit rates are much higher and unless you plan on paying them off in 6 months or less the consolodation makes perfect sense . If you would like to discuss further please call us. Abraham Niyazi - Mortgage Agent - Easyrate.ca - 416-993-4082

Greetings, Are you looking for a loan to consolidate your debt,wilsons kings loan firm offer loan at your mandate,we offer a very high value loan,we offer loan to small and medium enterprises,to individuals,to corporate bodies and even to commercial institutions,so if you need a loan then you can contact us via email:wilsonskingsloanfirm@gmail.com

Powered by

Want to purchase a single family, brick home in ky for $25000 . (foreclosure) we owe $20000 (2 car payments & two small c. cards. we currently pay about $900 per month on these). gross income is about $50000 per year. where can i find a respectable lender for a loan of 45000-50000 to pay off debts and purchase home. with out the car payments we could easily make the mortgage payment and hopeful get a 10-15 year mortgage.

To get a mortgage right now, you will need to need to meet strict standards. You may not even be able to get a mortgage to cover the house. $25K would be a sub-prime mortgage based on the amount (I believe anything below $50K is sub-prime) and sub-prime mortages are even harder to find. Pay off the credit cards completely. Put money into savings every payday toward downpayment and closing. You may have to wait till credit thaws before you can find a mortgage. You won't be able to dump all your debt into the mortgage.

Powered by

I'd like to buy a house for sale at $265,000. appraisal is $320,000. is it possible to get a loan for more than the purchase amount (say $300k) to consolidate some debts at the same time?

No, you cannot.

Powered by

Here is the deal, i own a home in st.petersburg florida valued at around 200,000. i have owned the home for a little over 2 years now. the purchase price was 120,000. i pay the mortgage to the previous owner on a monthly basis of 689.00. it is a 30 year loan, at a fixed 6 % rate. in september, in order to keep up with my property and insurance taxes, i took out a home equity line of credit with bank of america. right now, i have used about 6500.00 of the 25,000 limit(it is a 10 year heloc). if you were in my position, what would you do?. just keep paying on both these loans like i have been, or seek to refinance the entire amount, to pay off the previous owner, and the heloc. thank you for your time

I believe you are asking the wrong question. You need to ask can I afford this house. You had to borrow money to pay taxes and insurance. they are going to occur every year and most likely increase each year. It is mandatory to be setting aside money each month so when you get the tax and insurance bill you have the cash to pay them. If you would have financed through a conventional channel you would be required to pay that money into an escrow account monthly in the form of a higher house payment. You need to immediately get on a budget setting aside that money in a separate checking account each month or you will eventually get swallowed up by debt. Cut your lifestyle a little and pay that HELOC off in the next year or two and start setting aside the money for taxes and insurance.

Powered by

I own a small business. i am $75k in debt across 8 credit accounts. my credit score is 698 and my credit history has no faults (i do not have a history of late payments, etc.) this money though, is active in the business. in other words it is invested in my business; it is used to purchase and resell the goods my business offers. lately business has decreased where i am considering consolidating all my debt accounts so i can get one small payment per month instead of multiple ones from each credit account i have. this will alleviate the amount i pay in payments and will allow me to gain time and to invest a bit more money on my business’ inventory. i predict that this would only be necessary for 6 months to about a year… until business is up again. would you recommend that i consolidate?

You should consider it. BUT, keep in mind that most people who consolidate are in the same amount of debt again after a year. You'll have to control the impulse to spend on credit and remember that an increase in business is never guaranteed. Make a realistic budget and then STICK to it.

Powered by

I used to have outstanding credit, but due to a sickness in the family i ended up accruing over $125,000 in revolving debt that ended up ruining my debt to income ratio. now my credit appears to be shot even though i never missed a payment and can afford my bills. as a 1st time home buyer, i'd like to get a 1st mortgage that pays for 100% of the home purchase price and consolidates my debt into one payment. i'm looking at homes in the $150k range. my current salary is over $125k per year, so i am not eligible for low income programs. does anyone know of a program that can help with this type of situation? please do not submit answers recommending debt consolidation or debt advice. i am looking for a mortgage program. thanks!

There are no such mortgage programs. These days, your mortgage value is limited to the amount of value of the property which you wish to purchase. In other words, if you buy a $150K house, that's the level of mortgage you will be able to achieve. They won't give you more than the amount for which the property appraises.

Powered by

I have debt that i want to consolidate into a home purchase, since i found a home that is priced well below appraised value. since there is already equity is there a lender that will do a first mortgage and second at the same time? this would reduce my debt to income and put me into a better financial situation since i would only have one payment would be lower.

It is going to be tough to get more than the purchase price of the home. There are a few lenders who might be willing to lend 125% but the interest rate will be on the higher side. You will not know for sure till you ask around and do your research. Use a site like Bills.com to get quotes from multiple lenders, that way you will know the chances of getting the kind of loan you are looking for. You can put your information at: https://www.bills.com/homeloan/purchase/

Powered by

I would lke to know if there is a type of loan that will allow you to consolidate credit cards, personal loans, and purchase a home at the same time. i am currently a graduate student with student loans as well.

Simple answer: No. Since the explosion and collapse of the subprime market, lenders are much more stringent now than in the past. As a result, you will be lucky to get a mortgage with 10% down, and financing the remainder. In order to do what you asked, you would need to get more than the cost of the house (house + cc+ per loans = X). Unless there is some special situation, ie the value of the house is significant less than you are borrowing, then you will be unable to get what you have asked. Good Luck

Powered by

Does the house you are buying have to have built in equity in order for you to get the loan?? i want to consolidate my debt and get a downpayment for a new car

Time isn't the issue, equity is. In most cases you would probably have a small amount of equity. But let me warn you about using your home as your bank. It's not a smart move! A whole bunch of people have gotten themselves in over their heads in upside down mortgages because they kept refinancing and taking out the equity. Now with value still declining, they owe more than the property is worth in most cases... including my own! And I've been in the business for nearly 20 years. So don't' make that same mistake. Pay off your other debt by working a part time job or something.

Powered by

I am thinking about buying a home (first time) and wondered if lenders let you borrow more than the purchase price to pay off debts ($20,000). thanks for your help,

Do not do that. you can not lose your home for thoes debts. you will be putting your home at risk.