Quote:
Originally Posted by Sinny Darino
You never ever ever want to consolidate any consumer debt into your morgage. You are taking that 20,000 or 30,000 and stretching it over the life of your whole mortgage, and you will pay a tonne more interest.
As for a consolidation loan, just shop around, see who will give you the LOWEST interest rate. Some people actually get tricked into consolidation at 33%, so make sure it is 10% or less. If people refuse to give you that just threaten to take your business somewhere else. Another thing you can do is get a new credit card, one with a "low introductory" interest rate for the first 2 years and put everything on that.
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This is simply not true.
I have done some $20,000 Mortgages at 1st Mortgage rates for consumers to purchase a vehicle because their first Mortgage is with us and it is cheaper for them to pay the Mortgage fee and do a second Mortgage with a 5 year amortization then to do it as a car loan.
Just because one restructures debt does not automatically mean you are stretching it all over 25-25 years.