Results 1 to 4 of 4
  1. #1
    Join Date
    Jul 2020
    Posts
    1

    Default Mortgage Refinance with Debt Consolidation

    I am considering refinancing my mortgage first to roll in 30k debt I have and second to get a lower interest rate. (From 3.59 % to 2.04)
    My home equity allows me to do that as I have sufficient capital. I contacted a legal advisor in Etobicoke, and he promised to talk about it. But I want to be more specific before meeting him.

    My question is - when I refinance, and the new bank will run my TDS and GDS calculations. Would they use my current mtg payment (3.59%) or the new one (after refinance) to see if I am below the ratios? This amount will have debt rolled in, and it actually works out cheaper than current payment without liability.
    Thanks!

  2. #2
    Join Date
    Oct 2014
    Posts
    8,032

    Default Re: Mortgage Refinance with Debt Consolidation

    Quote Quoting Robe123
    View Post
    I am considering refinancing my mortgage first to roll in 30k debt I have and second to get a lower interest rate. (From 3.59 % to 2.04)
    My home equity allows me to do that as I have sufficient capital. I contacted a legal advisor in Etobicoke, and he promised to talk about it. But I want to be more specific before meeting him.

    My question is - when I refinance, and the new bank will run my TDS and GDS calculations. Would they use my current mtg payment (3.59%) or the new one (after refinance) to see if I am below the ratios? This amount will have debt rolled in, and it actually works out cheaper than current payment without liability.
    Thanks!
    Etobicoke is in Canada. This site focuses on law in the U.S. so you'll need to find a Canadian site to help you. And likely what you need is a financial site rather than a legal one. The practices of lenders vary so ultimately the answer you are likely to get is that you need to ask the particular lender you want to use. In the U.S. the most common practice is for lenders to use the terms of the new loan to determine if you can afford to pay it since if they grant the loan, your ability to pay that loan is what matters, not whether you could pay the old one that you no longer have. I suspect it is much the same in Canada, but again, you'll need to ask a Canadian lending expert to confirm that.

  3. #3
    Join Date
    Mar 2013
    Posts
    18,033

    Default Re: Mortgage Refinance with Debt Consolidation

    This site prohibits linking to commercial resources. Post has been reported.

  4. #4
    Join Date
    Oct 2016
    Posts
    4,126

    Default Re: Mortgage Refinance with Debt Consolidation

    Quote Quoting adjusterjack
    View Post
    This site prohibits linking to commercial resources. Post has been reported.
    Did you check the embedded link? It seems to be a failed attempt at embedding a link. The URL is http://corporate%20debt%20consolidation/

    1. Sponsored Links
       

Similar Threads

  1. Mortgages: Can't Get Pre-Approved for Mortgage or Refinance Existing Mortgage in NYC
    By kakashi in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 02-23-2013, 01:17 PM
  2. Debt Collectors: Debt Collector Won't Work With Debt Consolidation Plan
    By barbarayoung45 in forum Debts and Collections
    Replies: 1
    Last Post: 11-19-2010, 04:08 PM
  3. Credit Counseling: Debt Consolidation or Bankruptcy
    By NeedhelpinTN in forum Personal Finance And Investment Law
    Replies: 6
    Last Post: 07-28-2009, 03:26 AM
  4. Credit Counseling: Debt Consolidation Companies
    By gary71 in forum Personal Finance And Investment Law
    Replies: 2
    Last Post: 11-13-2008, 06:22 AM
 
 
Sponsored Links

Legal Help, Information and Resources