Home Loan and Credit Card Consolidation

[Yehuda_H]

I'm looking to purchase an apartment within the next 3 to 6 months. I'd like to consolidate all my existing debts into my eventual mortgage, so I can wipe out my credit card and student loan balances.
Do banks generally allow this, and how do I go about it?

Thanks!

[avromie7]

You need to put some money down, nevermind trying to borrow even more than the purchase price.

[Yehuda_H]

Thank you, I have a down payment saved.

[S209]

Thank you, I have a down payment saved.

So why do you have a credit card balance? Unless you’re in an intro 0% APR grace period?

[S209]

Thank you, I have a down payment saved.

Generally you won’t be able to borrow more money than the LTV appraisal will allow for initially, unless it’s going to end used for home improvement. But after the mortgage, you can take out a HELOC or cash out refi and pay off your other debts, which can be a good move, depending on a bunch of factors.

I’m not a true expert so anyone else, feel free to chime in