Just know that you still must come up with a down payment and understand that your debt potentially will be with you for much longer.
The relative benefits of a loan for debt consolidation depend on your individual circumstances and your actual debt payments.
You will realize interest payment savings when you make monthly payments towards the new, lower interest rate loan in an amount equal to or greater than what you previously paid towards the higher rate debt(s) being consolidated.
Keep in mind, though, while your monthly payments will be lower, in the long term you may pay more interest because the debt is extended over a longer period of time.
Getting a mortgage while carrying significant other debt can put a serious strain on your finances. By consolidating your debt into your mortgage, you can move forward with the purchase while giving yourself the relief of spreading your other debt over 30 years.
Select a term and write down the information on the property you wish to purchase.
The application will also have a section dedicated to listing each specific debt to be paid off with your loan.
List the creditor, the amount owed, the monthly payment and indicate that you want it included in the loan.
In some cases, your monthly payments might be so high, the bank will require you to pay off your debt in order to qualify for a mortgage.
Indicate you want to include debt in your new home loan at the time of application.