Debt consolidation Can it be done?

[TheSiege]

House is worth 155k give or take

I owe 134k
3k line of credit for new windows
19k left on car

I want to refinance and have it all on my house payment. Can that be done?
Total debt would be 156k.

House is at 6.38% and 6.8% 80/20 loan
3k is at 12%
19k is at 6%

I plan on fixing my house a little more and moving in about 2-3 years. I live in Utah if that makes a difference.

 

[nakedfrog]

How much are you factoring for the cost of the refinance? Personally, I wouldn't do it.

 

[jpeyton]

I wouldn't bother. Cut your discretionary spending, budget all your fixed costs, then roll any left-over income into paying off your $3k line of credit first. After that is paid off, roll the left-over income into your $19k car loan. After that is paid off, work on paying off your mortgage early and funding a retirement account.

The 'real' solution to paying off your loans is not taking out another loan.

 

[Epic Fail]

I don't know where you can find a 100%+ home loan plus cash out in this environment, but you can definitely think about refinancing your home, the current rate is 4.x% if you have decent income and credit score.

 

[bignateyk]

It's gonna cost you several grand to refinance. I guess you'd need to calculate how much you would save over 2-3 years by reducing your interest rate on all of those to around 5% (assuming you have good credit).

 

[allisolm]

I've never heard of being able to roll a car into your house loan.

 

[styrafoam]

FWIW i live in Utah also and just refinanced. My house appraised for almost 20K less than i anticipated. Loan officer said that they have been seeing that across all housing price ranges in the salt lake valley. Unless you are working with numbers from a recent appraisal i wouldnt count my chickens on getting that much back out.

Also putting your car on a mortgage isn't the best idea unless you have no other options. You will trade the car in after a bit and get a new one. Then you will be making 2 car payments in a sense and have 19k less in equity the next time you buy or refinance.

 

[styrafoam]

Originally posted by: allisolm
I've never heard of being able to roll a car into your house loan.

When you cash out equity they basicly hand you a check. What you actually do with it is up to you.

 

[Tsaico]

Originally posted by: styrafoam

Originally posted by: allisolm
I've never heard of being able to roll a car into your house loan.

When you cash out equity they basicly hand you a check. What you actually do with it is up to you.

I see where you are going with this, but I would also skip the re-finance. by the time you factor in your fees for re-financing, any gains you would have gotten out of minor things like "I can deduct my intrest on my car over 30 years and write them off" ideas they would be lost. Your loan rate might decrease a little if you can qualify, but in real day to day money, you wouldn't gain much. Not to mention, your 20 part of the loan get's paid first, so there might not even be enough to cover the rest of your car...

 

[mugs]

Doesn't sound like a good idea.

 

[d33pt]

horrible idea based on your current situation. others have given good advice.