If I get a mortgage, can I roll my car loan into the mortgage?
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I have a car loan that my father co-signed for me 2 years ago this April. If I get a mortgage, can I roll my car loan into the mortgage? Would I have to refinance my auto loan first and then do it? I cannot seem to get a straight answer from anyone.
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The Dread Pirate Roberts said:
Many people buy cars with "second mortgages" It makes no sense to pay for a car for 15-30 years on a first mortgage…can you imagine how much that would cost you in interest.
Get your first mortgage and then you can get a second based on the equity in your house.
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0February 23rd, 2010 at 5:57 pm -
SmartA$$ said:
The answer is "it depends"
You can’t get cash back from a mortgage so you can’t just roll the debt into your mortgage.
IF you have enough equity in the house, you can take a Home Equity Loan (HEL) or a Home Equity Line of Credit (HELOC) and use the money to pay off your car. However, you probably can’t do that unless you’re coming to the table with a big down payment, because otherwise you won’t have any equity, and therefore you won’t qualify for either of these types of loans.
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0 0February 23rd, 2010 at 5:57 pm -
kevin c said:
just work out the added interest best just to keep it seperate I would think but just do the maths , or sell the car and get a cheaper on for cash and not have the added expensese
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0 0February 23rd, 2010 at 5:57 pm -
Ed Atun said:
No. That would not be allowed. You would have to buy the house, then apply for an equity loan. That loan could be used any way you like..
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0 0February 23rd, 2010 at 5:57 pm -
bougy101 said:
Yes you can and anyway you don’t pay your car for 30 years but just think you pay your car for one or 2 years before pay for the rest.
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0 0February 23rd, 2010 at 5:57 pm
