Consolidating loans into mortgage

First, the wrong way – if you simply get a larger mortgage and spread out your payments on your 3 year old car for 30 years, you are probably making a mistake. Are they from a specific event or cause, such as a medical emergency, or are they a result of a lifestyle that consistently out-spent your income?If your accumulated debts are just a habit, then rolling all the debts into a new mortgage will likely leave you with a bigger mortgage and more credit card debt just 2-3 years later.The mortgage market has changed a lot in the past decade.In the past virtually anybody could get a mortgage – even one for much more than they could afford.Most people will tell you not to do a consolidation loan, but, like so many other things, “It Depends”.There is a right way and a wrong way to roll your credit cards or auto loans into your mortgage.

If you find yourself in a situation where you have equity available in your house, and also have a bunch of other debts, such as credit cards or auto loans, you may consider refinancing and rolling the debts into the new mortgage.In debt consolidation, you pay your debt in full with no negative consequences to your credit.

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