Q&A: when refinancing your mortgage?

Question by brianlr2000: when refinancing your mortgage?
when refinancing the mortgage do they add on the additional credit card debt and or car loans you have made since acquiring your first mortgage???

Best answer:

Answer by Judy
If you have enough equity, you can probably do that, but it’s a bad idea since then you are paying interest on that credit card debt or car loan for maybe 30 years, and could lose your home if you couldn’t pay it.

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2 Responses to Q&A: when refinancing your mortgage?

  1. shipwreck says:

    It will make you forced to pay all that off at once when you sell and raise your mortgage payments. Even if you pay off the debt you had as non mortgage your payment won’t go down.

    Do you really want to still be paying off the underwear you bought on your credit card for 30 more years?

  2. mortgage underwriter says:

    if you can qualify with the debt payment, we won’t make you pay it off. i don’t like to approve loans, with paying off debt. we do add up all your credit card and auto loan payments, along with your new payment on the home. then we divide that into your income and come up with %. If that % is too high, we will decline your loan application or then make you pay off loans.

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