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Rolling Over Debt |
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Hi, I am recently married and we are thinking about buying our first home. We are wondering if it is possible to roll current debt in with loan for house? With the extra debt we think we will be unable to afford or qualify for a home. We have done the math and if we could combine the two we would not have any problems. Not sure how any of this works. |
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A mortgage loan is intended to raise enough money to pay for a house. You can't borrow more than the house is worth. In fact, particularly in today's market, you will usually be offered less than the value of the property. You'll have to make up the difference with your own cash, the down payment. You can't borrow enough to cover any other debt.
Any real estate broker or mortgage broker can explain how it works. |
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Edith
Originally published on June 30, 2008 |
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