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Mortgage question???

Discussion in 'Money & Finance Forum' started by THE GUTTER, Jan 4, 2007.

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  1. Jan 4, 2007 at 11:26 AM #1
    THE GUTTER

    THE GUTTER Y!

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    Does anyone know a company that would let me roll a personal loan into a new loan for a first time homebuyers? Went to my bank today, not gonna happen. I can get a fth loan at 6% or an interest only at 6.25% with 5% down. Neither will allow me to add any debt to the loan.


    Suggestions? THanks.
     
  2. Jan 4, 2007 at 12:29 PM #2
    Trace

    Trace Full Access Member

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    Credit card company.
     
  3. Jan 4, 2007 at 12:36 PM #3
    Savio

    Savio Freelance Pimp

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    [Freakshow] Give me a call [/Freakshow]
     
  4. Jan 4, 2007 at 1:22 PM #4
    Freakshow

    Freakshow Fuck you guys.

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    There are...but the rates are AWFUL. You'd be borrowing over the equity of the home.
     
  5. Jan 4, 2007 at 1:38 PM #5
    THE GUTTER

    THE GUTTER Y!

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    So if I wanted to borrow only 6k more than the loan, it makes my rate skyrocket? That maka no sense.
     
  6. Jan 4, 2007 at 1:54 PM #6
    slydevl

    slydevl Asshole for the People!

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    Makes perfect sense. The bank accepts more risk than they can recover if you default. Just keep your personal loan and get the friggin mortgage.
     
  7. Jan 4, 2007 at 1:56 PM #7
    THE GUTTER

    THE GUTTER Y!

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    So, if I wanted to borrow $100 bucks over that is risk? We're talking about 20 bucks maybe added to the loan amount for 6k. I don't see the big deal.
     
  8. Jan 4, 2007 at 2:13 PM #8
    Freakshow

    Freakshow Fuck you guys.

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    Why would they loan you 106,000 for a $100,000 home? Mortgages are secured loans. This wouldn't be.
     
  9. Jan 4, 2007 at 2:15 PM #9
    Shrapnel

    Shrapnel Stinky

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    This makes no sense. Are you adding $20 or are you adding $6,000? I goes back to the collateral value of the house. If you are only putting 5% down, you may not have enough equity to secure the extra $6,000.
     
  10. Jan 4, 2007 at 2:28 PM #10
    Redsnapper

    Redsnapper Burp, gargle, spit.

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    Both Sly and the Freak are correct, just deal with the personal loan for a while, real estate in ILM is appreciating, refi it next year when you have some equity, hopefully, built up. Good luck.
     
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