i am a first time home buyer and am planning to buy a house and i have a car loan outsatnding of $11000.
i am paying $120 biweekly and this loan will be till may 2012.
my question is
can i consolidate this car loan with my mortgage?
pls reply.
thanks

HI !
I am not too sure of possibility to consolidate your car loan ..
If you are paying high interest for loan than it might be better to pay it off with the credit line which will be approved automatically with the mortgage ..
Best of luck
Ashwani

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If you have a good credit history then you can get a LOC with good interest rate else if your credit history is not good then the bank can give u higher rate comparing what you are paying currently for the car, its better to consult the bank and see the rates they will offer you for the LOC.

Unfortunately, you can't consolidate your loan to your mortgage. When you purchase a house, the loan amount will be based on the lesser of the purchase price or the value of the property.

Ashwani does make a good point. If you have a lot of downpayment, you can apply for a home equity line of credit. At closing, you don't have to advance everything you get approved for. You can use the remaining balance to consolidate your loan.

Thats a really bad idea, even if its possible.

Think about the interest you will just pay, if that car loan was combined with mortgage........... .

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Originally posted by at

i am a first time home buyer and am planning to buy a house and i have a car loan outsatnding of $11000.
i am paying $120 biweekly and this loan will be till may 2012.
my question is
can i consolidate this car loan with my mortgage?
pls reply.
thanks

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I don't know exactly what rate you have on your car loan, but generally, nowadays, mortgage rate is way lower than car loan, so that it does make sense to consolidate your loan, if you have equity in your house.