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pristineacc
pristineacc Asked About 'Milwaukee Mortgage Broker - Questions To Ask Milwaukee Mortgage Companies'

Can I add credit card debt...about 20K worth to a NEW home loan?

I'm looking to purchase a home. Can I add credit card debt...about 20K worth to a NEW home loan? I have good credit.. about a 720 score and have never been late on a payment on anything.

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Ron
Ron Answered:

Unfortunately, no. The only way you can include debts such as credit card debt into a mortgage is on a refinance if there is enough equity. Sorry. You might try making a lower down payment if you qualify and using the difference toward your credit cards. I hope this helps. Sincerely,

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RateNerd
RateNerd Answered:

You could roll it in if you were refinancing, but not in this case.  However, see if they will let you take out a home equity loan - it will likely have lower interest than your credit card and the interest should be tax deductible.  

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JimmyC
JimmyC Answered:

No you can't. Sorry. You'll just have to work on paying them both off.

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Thomson Joseph
Thomson Joseph Answered:

In most cases, the answer would be no. You could roll other debt into a home refinance or an equity loan, because you're using your existing equity to pay off the credit card debt. But you can't roll it into a regular purchase mortgage -- at least not that I've heard of.

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Debt Guy
Debt Guy Answered:

There are always some sort of options, I would say you need to talk to your bank or lending institution to see what they can offer you.  With a good credit rating they should be able to work out a loan for you at a lower interest rate than the cards have.

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jerome.christopher
jerome.christopher Answered:

Hi,

You are right,

I also don't suggest to use credit cards for home loan. Specially when your credit history is good. Try to pay your all loans first and then take the loan just what you really need. Because excess loan will cause more interest rate and it will affect your future.

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