The debt consolidation calculator will help you determine how much you may be able to save by consolidating your debts into a home equity line of credit.Enter information about your current debts, payments, balances, and interest rates to see your results.Let’s look at the differences: When buying a home, and prior to attaining an accepted purchase offer, paying off debt to qualify is simply a function of learning how much more buying power is achievable by eliminating debt like credit cards, student loans or car loans.A qualified mortgage lender can run “what if” possibilities, which could become crucial in your endeavor to purchase not only the right home, but ultimately the home you can afford.
Conventional loan limits range between 4,100 and 6,150, depending on where you live.
“If you do use home equity and then get more debt, you put your home at risk,” he says.
But he admits that sometimes life throws out unexpected things such as medical bills, and not everyone who needs debt consolidation do it because of bad debt.
Consider this: A 0,000 mortgage loan at 4.5% on a 30-year fixed rate mortgage translates to 6 per month, per month less than if you didn’t have the debt.
If you pay off the debt in full, your DTI is reduced, improving your ability to qualify and increasing your real income.