Credit card debt consolidating mortgage

And still, once you complete the program, you’ll be back on more solid financial ground.If you complete the program and become completely free of credit card debt, then your debt-to-income ratio will be good.So even with this assisted form of debt consolidation, as long as it’s done correctly, it should be a good thing for you achieving your dreams of home ownership instead of a bad thing.

In fact, many people did that back before the mortgage crisis because lenders allowed homeowners to refinance and cash out as much as 110 percent of the value of their homes. “In the mid-2000s, people used their house as a piggy bank.By consolidating your debt into a refinanced mortgage, you can save time and money.Consolidating your debt by refinancing is simply moving all your debt into one place: your mortgage.Basically, you’re doing something to consolidate the debt yourself.As long as you make the payments on the solution you choose to use (either for the consolidated debt on a single credit card, or to pay of the outstanding loan balance) then there’s no reason a lender would look at this negatively when you apply for a mortgage.

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