Question : Is it possible to refinance your home and include your car loans and credit card debt in the refinance?
With no money down? This is our first home and we've owned it for 4 years and looking to refinance.
- asked by fromthecabbagepatch
All Answers:
Answer #1
yes, if you have enough equity in the home and ifyou do this be sure to get rid of the credit cardsand start paying with cash you wil be better offin the long run
- answered by jgilbertdo
Answer #2
You would have to have enough equity built up tocover the extra loan amount.
- answered by J.E.S.
Answer #3
You can in a way if you have enough equity. Youcan refinance your house and take out the extracash if you have 20% equity in the home. Otherwise, you could get a first and secondmortgage with the second mortgage being a homeequity line and take the cash from that to paydown the debt. This will be very hard to do sinceyou just bought the home 4 years ago unless homevalues have skyrocketed in your area or you had asubstantial down payment. However, if you can doit then it is good because the home equityinterest becomes tax deductible.
- answered by rockdakiss
Answer #4
You can refinance to take money out of your equity(and pay off the other loans), but you can'tliterally wrap the three into one new loan.
- answered by newjerseyguy
Answer #5
Very bad idea. You take unsecured credit carddebt and a car loan and put that all into yourmortgage and you'll be paying on it for the next30 years. Stringing it out means you'll pay a lotmore interest.Many people do this but turn aroundand run the credit cards right back up. And ofcourse, you will need to buy a new car long beforethat mortgage is paid off. Now you have thatbigger mortgage and all theother debt. If youcan't keep up, you could lose your home.If yourefinance, do it to lower your interest rate. Thatwill lower your payment and free up cash to throwat that credit card debt.
- answered by bdancer222
Answer #6
No.Why don't you sell your car to pay for yourcredit cards?
- answered by Frank Castle
Answer #7
bdancer2 always seems to beat me to the punch butshe is 200% right.
- answered by stan c
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