Will I be refused morgage?Will it be more difficult to get it?
If you are borrowing against an existing property and then refinance that property, it does impact the loan because it becomes a cash out loan to pay off the second mortgage.
Any new credit will reflect on your credit report and impact your score. Also, the new loan may impact your debt ratio and also put you in the position of having to do a stated income loan rather than fully documented loan.
There are really too many variables to review to give you the "right" answer. If you’d like. Go to my website TheLoanDiva.com.
you will get offered a much lower morgage. were in the middle of doin it. they like it if you have a loans and paid them bk. but any outstanding debts go against you big time! my boyfriends only got a 3,000 loan and there not happy about it. if your borrowing 25000 you will have to be on a hell of a lot of money to be given a loan
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If you are borrowing against an existing property and then refinance that property, it does impact the loan because it becomes a cash out loan to pay off the second mortgage.
Any new credit will reflect on your credit report and impact your score. Also, the new loan may impact your debt ratio and also put you in the position of having to do a stated income loan rather than fully documented loan.
There are really too many variables to review to give you the "right" answer. If you’d like. Go to my website TheLoanDiva.com.
References :
Your ability to borrow will be reduced. In a nut shell, the amount of your payment on the 25000 loan COULD be used for your mortgage payment. Likewise for your car and credit card payments. Your maximum mortgage borrowing capability is reached by having everything else paid off. You may not be refused and it might not be more difficult…that depends on how much $$$$ you make, your credit score and your loan to value ratio.
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