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Am I able to roll a personal loan into a mortgage

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Icon Mini Profile mark_klobucar





Joined: 27 Feb 2008

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Post Posted: Wed Feb 27, 2008 2:19 pm    Post subject: Am I able to roll a personal loan into a mortgage
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Hi,

I currently have a personal loan but am looking to purchase my first property in the near future. My question is, is there a product offered where I can roll my personal loan into the total mortgage amount, and if so who offers this sort of mortgage?

I have seen some details of a "non-conforming" mortgage but couldnt get much details on these.

P.S to make things harder in living in Australia

Any help is appreciated!

Thanks
Mark
Icon Mini Profile larry





Joined: 27 Jun 2007

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Post Posted: Wed Feb 27, 2008 2:42 pm    Post subject:
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Hi Mark,

Welcome to the forum.

I don't think there is any plan available that can roll your personal loan into the total mortgage amount. If you want to roll your personal loan into the mortgage amount that means the mortgage amount will be more than the property value. But that is not possible now.

Best of luck,
Larry
Icon Mini Profile mark_klobucar





Joined: 27 Feb 2008

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Post Posted: Wed Feb 27, 2008 3:07 pm    Post subject:
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Thanks Larry

I will keep an eye out as i have seen some mortgage providers offering 110% of the value but, again, not much more info is provided

thanks again Smile
Icon Mini Profile Samantha
Samantha
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Post Posted: Wed Feb 27, 2008 10:22 pm    Post subject: RE: roll personal loan into mortgage
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Hi Mark,

You can roll your peronal loan into the current mortgage. The concept is, you need to refinance by taking out a new loan on your home which should be higher than the unpaid balance on the current loan.

The difference between the new loan amount and the unpaid balance should be equal to the personal loan balance. So, basically what you're doing here is, taking out a cash-out refinance loan on your home. For this, you need to have sufficient appraised value of your property.

Quote:
I have seen some details of a "non-conforming" mortgage but couldnt get much details on these.

Non-conforming loans are those which are stricly regulated and charge higher interest rates than banks.

Hope this helps...

God bless you.

Samantha

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