I’m looking to get a mortgage but I would like to consolidate my Loan into the mortgage is that easy to do???

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9 Comments
  1. Reply
    Josiah
    February 5, 2011 at 2:52 am

    All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrowerand are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

  2. Reply
    bdancer222
    February 5, 2011 at 3:23 am

    Don’t know what kind of loan you have, but it’s pretty stupid to roll other debt into a mortgage. The mortgage interest rate may be lower but when you stretch the term out you end up paying a lot more in interest. If this is a car loan, that car will be rusting away in a junk yard long before you pay off the loan.

    People who refi or take second mortgages or HELOC to pay other debt, especially unsecured debt, often end up losing their homes. They tend to run the debt back up and have the larger mortgage payment in addition to the other payments.

  3. Reply
    Brian A
    February 5, 2011 at 3:55 am

    No, it isn’t easy to do. While some lenders used to offer loans with LTVs greater than 100% I would be VERY surprised if you could get one now.

  4. Reply
    daljack
    February 5, 2011 at 4:55 am

    It depends on 2 things.

    Your debt ratio…..and how you’ve been paying your student loan.

  5. Reply
    Super Jay
    February 5, 2011 at 5:38 am

    They will more then likely make you pay it. It’s hard to say without knowing the rest of your credit but there is good news and bad news.

    Bad news.. student loans, like any loans, are installment debt. That is very important to a creditor, far more then a credit card, or revolving debt. Most people pay installment debts first, so when that is late, they know you are in major financial troubles.

    Good news… houses are equity and mortgages are secured loans. Which means the bank will simply take your house if you do not pay. It is little risk to the bank even if they don’t think you will pay. They will make you put up a pretty heafty down payment in some cases though.

  6. Reply
    oscwamu
    February 5, 2011 at 5:52 am

    the less debt you currently have the better off you are on getting a better mortgage product. your net asset value is important in figuring if you’re a risk for the bank to lend to. qualification for the mortgage depends on your credit history, annual income, and your current assets. if you can’t afford to pay off student loans then you can’t afford a mortgage. if you’re just making the minimum payments on the student loans and saving the rest of your income, then if that saved amount is enough to pay a mortgage than you’ll be fine. you need to sit down with a loan rep and ask them to figure out about how much your payments will be for a house for so much.

  7. Reply
    thehomesolutioncenter
    February 5, 2011 at 6:34 am

    Frankly, unless you want a loan that is probably high interest or has a lot of charges, hidden or otherwise, in THIS market, you need to have ccredit in TIP TOP shape. Yes, mortgage underwriters who decide whether the loan is redit worthy or not, do look at all credit including student loans. Most credit lenders require a letter if the borrower says it is deferred, Good luck! There are many ways to buy a house without impeccable credit, it just requires more creativity!
    Kathi thehomesolutioncenter@yahoo.com

  8. Reply
    Searchlight Crusade
    February 5, 2011 at 6:53 am

    That depends – is it that you’re in default, or merely that you’re still paying.

    If you’re still paying (even if it’s in deferral or forbearance) all it does is hit your debt to income ratio

    (Explanation here: http://www.danmelson.com/2007/05/loan-qualification-standards-d.html)

    If you’re in default, it’s a major hit to your credit. Long as everything else is paid in full and on time, you might still be able to get a purchase money loan. But refinancing is going to be impossible until you pay it off.

    (Student loans are essentially in a class by themselves as far as debt and credit goes, and they never ever go away until paid in full or until you die)

  9. Reply
    Huge Win
    February 5, 2011 at 7:48 am

    Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shopand can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan.Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shopand can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan.

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