If take out a debt consolidation loan secured through your home will that affect if we try to refinance mortg?
Posted in Declaring Bankruptcy on 05/23/2010 04:00 pm by
Stephanie B asked:
needing to consolidate credit card debt. but would like to in future refinance home soon. will it cause a problem with refinance if secure with home?
Holly
needing to consolidate credit card debt. but would like to in future refinance home soon. will it cause a problem with refinance if secure with home?
Holly
05/25/2010 at 9:35 pm
Jill
You will have to finance everything into one loan and then go back and reopen a line of equity credit.
05/29/2010 at 2:32 am
Sandra
Of course. It is secured against your equity thus reducing it. It will not necessarily impede your ability to refinance but it will affect the terms and the rate. This should not mean that the debt consolidation loan should be considered bad. It may reduce your monthly expenses thus exerting a positive affect on a decision regarding a refinance. Find and consult a good financial adviser before making a decision on either or both loans.
05/31/2010 at 7:13 pm
Jeremy
Yes it will
05/31/2010 at 9:11 pm
Teresa
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06/02/2010 at 10:30 am
Eugene
Hi,
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