Can you receive one loan for home purchase and debt consolidation?
I would lke to know if there is a type of loan that will allow you to consolidate credit cards, personal loans, and purchase a home at the same time. I am currently a graduate student with student loans as well.
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Answer by moonman
The only way to do this would be to borrow more than your homes value. Some lenders used to do this, and I am sure a small handful still do if the home is in the right area and you have the right credit, but since home prices are falling, I doubt they will do it.
You may be able to get 95-100% of the home value loaned, then you can put more towards debt or even get a credit card with your bank that you can do a balance transfer to and consolidate your loans, but this is not guaranteed to lower the interest rate.
The other thing to be aware of with a consolidation loan (using home equity) is that you are likely lengthening the term of the loan and this is why the payment decreases dramatically. However, this also means you pay down less principle every payment and end up paying more interest over the course of the loan, unless you continue to pay the full amount you were paying before.
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