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4 Responses to “Can I use a mortgage loan to pay debts (student loans, car, etc.) and place a down payment on a home?”
You may, if you can buy a house well under the market value, and it is worth more than you pay for it and the extra value is enough to cover your debts. The mortgage will have to be equal to or less than your total debt. Your credit would have a bearing on it.
Tough order!
Good luck.
I am a mortgage banker (not broker, big difference) there are a ton of things that we can do to pay off you debts using your home equity please feel free to email me and questions that you may have.
August 21st, 2008 at 6:44 am
You can get a mortgage with cash out.
August 23rd, 2008 at 6:36 pm
You may, if you can buy a house well under the market value, and it is worth more than you pay for it and the extra value is enough to cover your debts. The mortgage will have to be equal to or less than your total debt. Your credit would have a bearing on it.
Tough order!
Good luck.
August 25th, 2008 at 3:36 pm
I am a mortgage banker (not broker, big difference) there are a ton of things that we can do to pay off you debts using your home equity please feel free to email me and questions that you may have.
August 28th, 2008 at 6:58 am
Try the links in for all information on mortgages