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“The real issue behind the credit card debt is that they may need to create a better spending plan for the family,” Harper says.“And if you haven’t addressed that deficit or the reason that credit card debt continues to grow, then you are going to find yourself right back in that situation again and there may be no equity at that point.” The requirements to get a debt consolidation mortgage, or cash-out refinance, are not much different from those to get a standard mortgage — except for the minimum equity requirement, says Bill Banfield, a vice president for Quicken Loans.But in some cases, it’s possible to qualify for a debt consolidation mortgage by excluding the credit card debt from the DTI, as long as the homeowner agrees to pay off and close the accounts at closing, says Matt Hackett, operations manager for Equity Now.
See how much your debt is costing you with our repayment calculator: A quicker way of paying off your credit cards debt is to gradually increase your monthly repayments over time.“If that’s the case, you need financial counseling, but for people who will not do that — who had medical expenses, business expenses and ran up their credit cards — a debt consolidation mortgage is a good solution.” He cites the case of a client who had a mortgage-free investment house and more than ,000 in credit card debt.The homeowner had used credit cards to pay for repairs after the home was damaged by Superstorm Sandy.Consolidating the two into a new, 15-year mortgage at 4.5 percent costs more per month, but less over the life of the loan.A ,000 credit card balance at 16 percent interest plus a 0,000 mortgage at 4.5 percent interest rack up 0,936 in interest payments over the life of the loans.
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Those with enough equity in their homes have been able to substantially reduce the monthly payments on credit card debt, student loans and personal loans, says Michael Moskowitz, president of Equity Now, a mortgage bank in New York City.