Add credit card debt amount to new home purchase?
I have about 25K in credit card debt. I am planning to buy a 540K house. Currently I have great credit, is it possible to add my credit card debt into the home loan in order to make it a single monthly payment. What is the loan program called? I am shooting for 5 yr. ARM. Me and my wife plan to live there for about 3-4 yrs.
- urbanbulldoggeLv 41 decade agoFavorite Answer
Dont know if you can combine them into one loan.
What you can do though is after you purchase the home, take out a home equity loan to pay off the credit cards - still two different bills a month, but should get a better interest rate on the home equity loan.
I dont think you can get a mortgage to cover both since the mortgage is a secured loan - the house is collateral for the loan - while credit card debt is unsecured.
- MommyTooLv 41 decade ago
If you are selling a house to buy your new house, you could use some of your equity out of the closing to pay the bills down and put a bit less down on your new house.
- Anonymous1 decade ago
My philosphy on credit cards: Get even, die in dept!!LOLSource(s): http://www.CreditCardMasters.info