As a first time home buyers can I consolidate my debt using the remaining money from my home loan?
Nov 19, 2008 Debt Consolidation
I am planning on buying a house soon, and the value of the house is less then the loan amount for which I have been approved. I want to know if I can take that remaining money and use it to pay off my outstanding debt. (credit cards, car loans etc.) Essentially consolidating my debt into one payment.
You can not have a higher mortgage then the sales amount, the appraised amount means nothing.
