If take out a debt consolidation loan secured through your home will that affect if we try to refinance mortg?

Question : If take out a debt consolidation loan secured through your home will that affect if we try to refinance mortg?
needing to consolidate credit card debt. but would like to in future refinance home soon. will it cause a problem with refinance if secure with home?
secured debt consolidation

Best answer:

Answer by Stephen T
You will have to finance everything into one loan and then go back and reopen a line of equity credit.

This entry was posted by admin on September 7, 2010 at 4:22 pm, and is filed under Banking. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (4)
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#1 written by Jennifer 1 year ago

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#2 written by Bob 1 year ago

I’m faced with the same dilemma. Here’s what I found. Lenders wont lend with a 30 day or more late on a CR.If you have a late and you need a refinance of some sort fast, go for a loan modification first. Get the interest, payment, or principal down as low and fixed as you can. When you get that, then go for Debt Reduction. You can settle your debt for about 50% of what you owe. No up front fees, lower payments each month. You will be debt free in 2-3 years or less, PLUS a Bonus. The company will rebuild your credit when you complete your program, normally a $ 1000 separate product for FREE. E-mail me today for more info. Use the email button below. The special ends July 1st

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#3 written by Help Is Here! 1 year ago

Yes it will

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#4 written by opinionator 1 year ago

Of course. It is secured against your equity thus reducing it. It will not necessarily impede your ability to refinance but it will affect the terms and the rate. This should not mean that the debt consolidation loan should be considered bad. It may reduce your monthly expenses thus exerting a positive affect on a decision regarding a refinance. Find and consult a good financial adviser before making a decision on either or both loans.

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