I want to look into one of those consolidation companies, but DH says it looks bad to creditors and mortgage companies when we want to get a mortgage. Does anyone know anything about this? Just tired of only paying mimimum payments with super high interest rates.
Thanks for your help!
Mandy77
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Re: Debt consolidation effect on mortgage?
I'm a loan officer and as long as you pay all your bills ontime, it will not affect you.
I consolidated about 2 years ago at the Bank of NY....they gave me the best rate for a personal loan of $5k to pay off all of our cards. I think it was about 11%, but that was much less than what our cards were.
Let me know if you have any more questions.
AprBride
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Re: Debt consolidation effect on mortgage?
DH is worried b/c he said they negotiate lower balances for you and THAT, he thinks, looks bad. Is that what consolidation is, a loan?
MarcellaBella
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Re: Debt consolidation effect on mortgage?
my husband is in debt consolidation.. he did my sister's as well as a couple of my gf's cards.. you can call him and ask him if you like..
AprBride
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Re: Debt consolidation effect on mortgage?
Hmm, maybe I will. Thanks, Marcella! I am hoping to prome my husband wrong. It seems like a good thing to do, and I hope it won't look bad for us when we go to get a mortgage.
KCDC
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Re: Debt consolidation effect on mortgage?
AprBride
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Re: Debt consolidation effect on mortgage?
KCDC, I know, we do! Maybe it's the Harbor Club's high rent that set us back! I am going to print out your post and show it to DH. I am so glad to hear you had a good experience with it. I think it will be the best solution for us if we ever want to start paying more than minimum. Thanks so much for the info. I will def. have more questions soon!
KCDC
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Re: Debt consolidation effect on mortgage?
Glad I could help. Also, after you give them all the info, they work the budget, then tell you how long it will take you to pay it off. So you can give yourself a time frame. Your right, Harbour Club..lol. There are so many agencies out there that do it, but this one was recommended by my dh's boss. Its just such a load off your mind.
