Consolidating debt into your mortgage good idea

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But it can also help you get rid of high-interest credit card debt.

“Initially, their friends had advised them to consolidate the debt directly into their home loan when refinancing, which would have meant they were financing this debt over 30 years.But many borrowers make the mistake of restructuring their new debt the wrong way, says Trent Bartels, director of “When homebuyers are looking to purchase a property, they’ll often finance their home loan over 30 Years.A common mistake we see when clients want to restructure their debt for their credit cards, car loans or personal loans is that they also finance it over 30 years,” Bartels explains.On a 0,000 mortgage, that would be ,500 annually.To calculate your current loan-to-value ratio, divide your current mortgage balance by the approximate value of your home.

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