Home Equity Loan
I am thinking about buying a house in about 6 months, is it a bad idea to get a consolidation loan now?
I really would like to consolidate my debt to pay off quicker and to have just one monthly payment, but i don't want to hurt my chances of a good home loan.
Public Comments
- I have a lot of debt too. What I have done is move all of my balanced to Discover card because they gave me a year with 0 APR. You need to worry more about getting your percentage rate down and pay as much as possible on each card per month. But moving your debt around too often can hurt your credit score. Remember, it is a buyer's market right now. So if you buy a home make sure you get a great deal and see if you can make the seller pay your closing costs.
- i would say it's a good idea to consolidate your loan now at a cheaper interest rate than what your current debt repayments are now. depending on how much you are paying back, if it's a lot it could affect you borrowing money for a home & will obviously affect the amount you'll be allowed to borrow. contact a mortgage broker or your bank for advice, you don't have to identify yourself to you bank if you are just asking them a general question about a housing loan & how a consolidated debt will affect you borrowing, you can pretend you don't hold an account with them.
