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

View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.

LifeLock Identity Theft Prevention - Save 10%

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

A consolidation loan is meant to take all your debts and place them under one loan with a lower interest rate than the debts have, however if you do not change your spending habits it can come back to bite you. You might want to read on what the government says regarding fixing debt.

Fixing your debt problems information from the US Government

http://www.ftc.gov/bcp/conline/pubs/cred...

Best of luck on your research

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

Never heard of an "extended" mortgage. A Lender will loan you $$ to purchase a home based upon the lower of the appraised value or the purchase price. That's it. They don't give your purchase $$$ to pay off your cars, student loans, credit cards, etc. The loan is secured by Real Property only. Some loans do allow for 3-6% above the price to cover closing costs - but only closing costs - and the Settlement Statement will reflect that (in a refinance, where you pay off other debt, the Set.Stm shows the other debts being paid off as well as closing costs). Occasionally you can have extra $$ put into excrow to cover a physical defect (septic, roof), that can't be corrected by the time of closing (usually due to weather up here in MN - can't dig a new septic in January...it's a bit chilly).

So yeah, this does sound "flaky".

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

I've never heard of "extended". Are you in the US?

I would never recommend financing more than the home is worth. First and foremost, your interest rates will jump up dramatically on the entire amount. I'd rather just have high rates on my credit cards, and the lowest possible rate I can qualify for on my mortgage.

Best way to get rid of debt is to cut your spending. If you spent 1 full month meticulously noting each and every dollar you spend, you'll probably find $200-500 in money wasted on dumb stuff, like $5 coffees, fast-food lunches, etc... A few months of changing your spending habits could probably wipe out the bulk of your debts.

First Previous 12NextEnd

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

Topic