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Can you get a mortgage if you consolidate your debt?

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Can you still get a mortgage if you consolidated your credit card debt with a company?

Do you have to wait for it to be paid off?




I don't think you'll get a mortgage as your credit card or any unsecured debt is not settled yet. You're still consolidating debt under a company means you're in the process of paying them off and not paid them off completely.

Yes, you've to wait till the entire debt is paid-off and you get a written document of the same.

Sub: #1 posted on Mon, 09/01/2008 - 21:23

phoenix phoenix
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I'll suggest that it is better to take a debt consolidation mortgage. It can help you to get your finances in order. In fact, this'll give you the opportunity to pay-off your existing unsecured debts by using some of the equity in your home. Debt consolidation mortgages are usually taken by remortgagers who are trying desperately to keep their finances in order.

Sub: #2 posted on Mon, 09/01/2008 - 21:41

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Mortgages approvals are based on a number of items including debt to income rations and FICO scores. It really depends on your scores and varies from case to case. I don't think a consolidation would affect you so much. It really depends on that ratio and score more.

Sub: #3 posted on Tue, 09/02/2008 - 11:16

DOLLARSandSINCE DOLLARSandSINCE
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It also depends on the Bank you are financing the home with. Some banks look at debt consolidation as a positive thing and some look at it negatively.

Sub: #4 posted on Tue, 09/02/2008 - 12:27

mobile0311 mobile0311
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