mortgage with high credit card debt

 · Let’s say you decide to do a traditional 15-year fixed-rate refinance of your existing mortgage with a cash-out option to pay off the $80,000 credit card debt. If so, I would encourage you to organize your budget so you can repay the loan in 5 to 7 years. As an alternative,

Mortgage with high credit card debt? – Mortgagefit – My wife has good credit. We both have parents that are willing to help with a down payment of probably 3-5%. We are currently paying $1100 a month in rent and I know a mortgage for the home price range we want to look at would be about the same. Is it possible for us to get the mortgage that we want, with the high debt ratio right now?

getting home loan with poor credit How to Get a Home Equity Loan If You Have Bad Credit – Getting a home equity loan with bad credit requires a debt-to-income ratio in the lower 40s or less, a credit score of 620 or higher and home value of 10-20% more than you do you pull equity out of your home Cash Out Refinance Calculator – Use Home Equity to. – Discover – You can use the equity in your home to consolidate other debt or to fund other expenses. A cash-out refinance replaces your current mortgage for more than you currently owe, but you get the difference in cash to use as you out loan calculator Look out for long. for a lot longer, too. NerdWallet recommends getting a new car loan for no longer than 60 months. Used cars should be financed for about 36 months. 3. Be wary of no-money-down.

6 Ways You Can Lower Your Debt-To-Income Ratio Does Credit Card Debt Affect Mortgage Approval? | Finance – Zacks – Your credit card debt absolutely plays a role in whether you’re approved for a mortgage, but just because you have some debt doesn’t mean you have no shot at getting approved. Credit debt can.

Debt is definitely a downer, but it doesn’t have to ruin your dreams of owning a home. It’s true that carrying a high debt load can make finding a mortgage more difficult, but it’s not impossible.

Significance of Credit Card Debt. The dollar amount of the balance is not as important as the percentage of the available balance. Three maxed-out cards with 0 credit limit hurt you more than carrying a $1,500 balance on a card with a $5,000 limit. Your credit score will suffer until you pay those balances down, and you will have trouble getting a mortgage with the best terms.

Dear Debt Adviser, My husband and I have a considerable amount of debt – about $35,000 in credit card debt, a first mortgage of $84,500 at 5 percent interest and a second mortgage of $78,000 at.

Inheritance strategy: Pay off mortgage or credit cards? – Inheritance strategy: Pay off mortgage or credit cards? High-rate credit card debt usually tops list of things to pay off. By Alan Klayman | Published: August 26, 2008. Dear Maturing Loans, I recently inherited a sum of money, and I’m not sure what to do with it. I have three credit cards that.

Coping with Debt | Consumer Information – If you’re struggling with significant credit card debt, and can’t work out a repayment plan with your creditors on your own, consider contacting a debt relief service like credit counseling or debt settlement. Depending on the type of service, you might get advice on how to deal with your mounting bills or create a plan for repaying your.