Getting a mortgage while carrying significant other debt can put a serious strain on your finances. By consolidating your debt into your mortgage, you can move forward with the purchase while giving yourself the relief of spreading your other debt over 30 years.
Just know that you still must come up with a down payment and understand that your debt potentially will be with you for much longer.
If you add $15,000 in debt into that loan, you must put $25,000 down.
Coming up with that much more money may be difficult, even delaying or killing the purchase entirely.
While rates will vary based on credit card and mortgage companies, a credit card can carry rates as high as 20 percent, while a mortgage can be as low as 3 percent.