Advice on consolidating loans with mortgage

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Consolidating the two into a new, 15-year mortgage at 4.5 percent costs more per month, but less over the life of the loan.

A ,000 credit card balance at 16 percent interest plus a 0,000 mortgage at 4.5 percent interest rack up 0,936 in interest payments over the life of the loans.

Consolidating the two into a new, 30-year mortgage at 4.5 percent saves about ,642 in interest.

Consolidating the two into a 15-year mortgage at 4.5 percent saves almost 0,000 more.

If you are trying to get the maximum loan amount, which is generally 85 percent of the value of the home, you should expect to need a credit score of at least 700, he says.

But if your current mortgage and the amount you plan to borrow totals less than 80 percent of the value of the home, then the credit requirements are fairly similar to when buying a home, he adds.

A ,000 credit card balance at 16 percent interest plus a 0,000 mortgage at 4.5 percent interest yield about

Consolidating the two into a new, 15-year mortgage at 4.5 percent costs more per month, but less over the life of the loan.A $20,000 credit card balance at 16 percent interest plus a $200,000 mortgage at 4.5 percent interest rack up $190,936 in interest payments over the life of the loans.Consolidating the two into a new, 30-year mortgage at 4.5 percent saves about $9,642 in interest.

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Consolidating the two into a new, 15-year mortgage at 4.5 percent costs more per month, but less over the life of the loan.

A $20,000 credit card balance at 16 percent interest plus a $200,000 mortgage at 4.5 percent interest rack up $190,936 in interest payments over the life of the loans.

Consolidating the two into a new, 30-year mortgage at 4.5 percent saves about $9,642 in interest.

Consolidating the two into a 15-year mortgage at 4.5 percent saves almost $100,000 more.

If you are trying to get the maximum loan amount, which is generally 85 percent of the value of the home, you should expect to need a credit score of at least 700, he says.

But if your current mortgage and the amount you plan to borrow totals less than 80 percent of the value of the home, then the credit requirements are fairly similar to when buying a home, he adds.

A $20,000 credit card balance at 16 percent interest plus a $200,000 mortgage at 4.5 percent interest yield about $1,480 in monthly payments.

,480 in monthly payments.

Depending on the amount of credit you have available, closing credit card accounts can affect your credit score, Hackett explains.

But on the other hand, having maxed out the limit on your credit cards also hurts your score.

This lending requirement is somewhat useless when it comes to preventing the borrower from getting into debt again because obviously it doesn’t stop the homeowner from opening new credit card accounts right after closing, Harper says.

“Every person has different things they’re looking for and what they want to get from it,” says Rebecca Costanzo, a senior vice president at Sun Trust Mortgage.

Better options to pay off your card debt often include balance transfer cards, which can give you a year or more at 0 interest to erase those mounting credit card bills.

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