Refinance loan finance debt consolidating


22-Dec-2017 21:59

Consolidating the two into a new, 15-year mortgage at 4.5 percent costs more per month, but less over the life of the loan.

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But if your current mortgage and the amount you plan to borrow totals less than 80 percent of the value of the home, then the credit requirements are fairly similar to when buying a home, he adds.Too much credit card debt can get in the way of a homeowner trying to qualify for a cash-out refinance because they don’t meet the lender’s debt-to-income ratio requirement, or DTI.In other words, their monthly debt expenses are too high compared with their income.“If that’s the case, you need financial counseling, but for people who will not do that — who had medical expenses, business expenses and ran up their credit cards — a debt consolidation mortgage is a good solution.” He cites the case of a client who had a mortgage-free investment house and more than ,000 in credit card debt.

The homeowner had used credit cards to pay for repairs after the home was damaged by Superstorm Sandy.After cashing out about 5,000 of the equity, he paid off the credit cards, kept the extra money and his monthly payments were reduced by about

The homeowner had used credit cards to pay for repairs after the home was damaged by Superstorm Sandy.

After cashing out about $175,000 of the equity, he paid off the credit cards, kept the extra money and his monthly payments were reduced by about $1,700.

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The homeowner had used credit cards to pay for repairs after the home was damaged by Superstorm Sandy.After cashing out about $175,000 of the equity, he paid off the credit cards, kept the extra money and his monthly payments were reduced by about $1,700.

,700.