Consolidating debt and mortgage

But on the other hand, having maxed out the limit on your credit cards also hurts your score.

This lending requirement is somewhat useless when it comes to preventing the borrower from getting into debt again because obviously it doesn’t stop the homeowner from opening new credit card accounts right after closing, Harper says.

Too much credit card debt can get in the way of a homeowner trying to qualify for a cash-out refinance because they don’t meet the lender’s debt-to-income ratio requirement, or DTI.

In other words, their monthly debt expenses are too high compared with their income.

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Consolidating the two into a 15-year mortgage at 4.5 percent saves almost 0,000 more.This not only simplifies the payments, but can also provide real debt relief by reducing those payments as well.A consolidation loan can reduce your monthly debt payments in two ways.You may be tempted to consolidate your credit card and other high-interest debt into a mortgage with much lower payments. Lenders now require the homeowner to keep at least 15 percent to 20 percent equity after cashing out. Today’s debt consolidation mortgages are more conservative than those seen during the housing boom, when lenders allowed homeowners to refinance and cash out as much as 110 percent of the value of their homes.

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