If you get a debt consolidation loan does it count against you when you apply for a mortgage later?
Tags: Apply For A Mortgage, Canadian Mortgages, Debt Consolidation Loan
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on Monday, October 20th, 2008 at 2:07 pm and is filed under Renting & Real Estate.
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October 22nd, 2008 at 2:00 pm
Well I am in the US but it does count against you here, it significantly lowers your credit score and shows on the report that it is being handled by a credit counseling agency. You’d think they’d be glad you are paying your debt instead of filing for bankruptcy, but it does count against you in a major way.
October 24th, 2008 at 8:42 pm
Not as long as you were not in default of the loans being consolidated. In fact, it may help a bit in that your report will show the prior loans being paid off on schedule, and the single loan in good standing.
October 25th, 2008 at 9:21 am
It should be the same as any other debt. If you have a record of paying off debts in the past, and are making your payments on time now, and have a good credit rating and enough income to cover the payment, you should be able to get your mortgage.
October 28th, 2008 at 6:55 pm
Any outstanding debt will factor into the approval process. Of course if it’s current you’ll be in much better shape than if it’s delinquent.
A debt consolidation loan won’t increase your total debt if you use it exclusively for the stated purpose so should have little impact on your creditworthiness.
October 29th, 2008 at 9:25 pm
Read my answer to the previous queston “Help buying a house”.
You would be better off filing for bankruptcy!
October 31st, 2008 at 3:44 pm
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is an online ebook :
you can read it for free at: