getting a mortgage with credit card debt

You’re presented with a picture of where you stand financially and what short-term improvements to your credit you can make before closing, such as paying down more of your debt. Things to watch for when getting preapproved for a mortgage

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In this scenario, getting a mortgage after bankruptcy will cost the borrower an additional $42,852 over the life of the loan because his lower credit score resulted in an interest rate almost a full point higher.

On average, those with debt carry $4,786 in credit card debt and $12,490 in total non-mortgage debt. Debt is like quicksand. But if it’s an automatic deduction, you get used to living without that.

Rolling unsecured credit card debt into a secured mortgage likely would lower your interest, but it increases the While it may be tempting to refinance your mortgage to pay off your credit card debt, make home improvements or cover other expenses, there’s plenty to consider before making that move.

 · Getting a great rate on a mortgage is about a lot more than comparison shopping. It’s also about much more than just your credit score. In fact, the mortgage industry examines a.

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you’d get the difference between what you owed and the new amount you borrowed. By refinancing your mortgage to pay down debt, you could significantly reduce the interest rate on some of your.

What debt consolidation mortgages are for. Those with enough equity in their homes have been able to substantially reduce the monthly payments on credit card debt, student loans and personal loans, says Michael Moskowitz, president of Equity Now, a mortgage bank in New York City.

One of the major deciding factors in applying for a mortgage is your debt-to-income ratio. taken a hit since you first opened your credit card account, your issuer might actually lower your limit.

 · The first word of caution is that your credit card debt is unsecured debt. The credit card companies can’t take anything away from you if you don’t pay your bill. Yes, they can slap a judgment on you, but this takes a lot of time. Once you transfer that credit card debt to your mortgage, though, it becomes secured debt.