Extended morgage loan???have you heard of this.........?

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My aunt was telling me when you buy your first house you should get the extended so you can consolidate all your debt/student loans. And by the time you sell it 3 to 5 years later you will build equity in the house so you will be able to pay off that extended loan. This sounds flaky (I know it all depends on the market and where you live). Has anyone done this? Tell me your experiences and what you think. What the best way to get rid of the debt.

Extended morgage loan???have you heard of this.........?

I've never heard of an "extended" loan like you describe -- and I've had many mortgages over the past 30 years.

Any time you use your home to secure additional debt, you risk loss of your home if you cannot make the payments. If you're carrying unsecured debt it just doesn't make sense to risk your home to pay it off. If you want, hold your home long enough to avoid tax on the gain on sale and use the gain to pay off any remaining debt. But don't risk your home to pay off unsecured debt! EVER!

Extended morgage loan???have you heard of this.........?

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Extended morgage loan???have you heard of this.........?

The webguide http://mortgagehelp.assistance...

has highly useful info on mortgage and home financing.

You can get all your doubts clarified from the site.

Check it out. Good luck! Report It

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Extended morgage loan???have you heard of this.........?

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