I have about 25K in credit card debt. I am planning to buy a 540K house. Currently I have great credit, is it possible to add my credit card debt into the home loan in order to make it a single monthly payment. What is the loan program called? I am shooting for 5 yr. ARM. Me and my wife plan to live there for about 3-4 yrs.
Add credit card debt amount to new home purchase?
Dont know if you can combine them into one loan.
What you can do though is after you purchase the home, take out a home equity loan to pay off the credit cards - still two different bills a month, but should get a better interest rate on the home equity loan.
I dont think you can get a mortgage to cover both since the mortgage is a secured loan - the house is collateral for the loan - while credit card debt is unsecured.
Reply:If you are selling a house to buy your new house, you could use some of your equity out of the closing to pay the bills down and put a bit less down on your new house.
Reply:My philosphy on credit cards: Get even, die in dept!!LOL
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