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I am curious to know if anyone has had any experience with getting a loan to consolidate credit card debt prior to applying for a mortgage. If so, how did the mortgage company view that (positively or negatively)? I was considering getting a loan through my credit union to consolidate all of my credit card bills into a lower overall monthly monthly payment. I have about $13K in cc debt. I'm planning on applying for a mortgage this summer and don't want to screw anything up if it will be viewed negatively by the mortgage company. Any insight would be greatly appreciated.
@dragonfly66 wrote:I am curious to know if anyone has had any experience with getting a loan to consolidate credit card debt prior to applying for a mortgage. If so, how did the mortgage company view that (positively or negatively)? I was considering getting a loan through my credit union to consolidate all of my credit card bills into a lower overall monthly monthly payment. I have about $13K in cc debt. I'm planning on applying for a mortgage this summer and don't want to screw anything up if it will be viewed negatively by the mortgage company. Any insight would be greatly appreciated.
It's just going to affect the DTI calculation, if we're talking 5+ months from now you might not even need to explain it, but if you do, the simple explanation that you give above (consolidated CC debts to lower my payment and save money) will suffice.