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    Consolidating debt with a new purchase mortgage

    The overall lower interest rate is an advantage of the debt consolidation loan offers consumers.Lenders have fixed costs to process payments and repayment can spread out over a larger period.You may be tempted to consolidate your credit card and other high-interest debt into a mortgage with much lower payments. Lenders now require the homeowner to keep at least 15 percent to 20 percent equity after cashing out. Today's debt consolidation mortgages are more conservative than those seen during the housing boom, when lenders allowed homeowners to refinance and cash out as much as 110 percent of the value of their homes.By rolling your debt into a new home loan, you can consolidate your debts and lower your payments.Although they carry a clear benefit for borrowers, consolidation mortgages pose a higher risk for the lender and aren't easy to come by.Available consolidation loans often carry stringent qualification requirements.If your lender allows you to include short-term debts into your home loan, however, doing so can make your financial obligations more manageable.

    The bulk of the consumer debt, especially that with a high interest, is repaid by a new loan.

    Consolidating the two into a new, 15-year mortgage at 4.5 percent costs more per month, but less over the life of the loan.

    A ,000 credit card balance at 16 percent interest plus a 0,000 mortgage at 4.5 percent interest rack up 0,936 in interest payments over the life of the loans.

    Consolidating the two into a new, 30-year mortgage at 4.5 percent saves about ,642 in interest.

    Consolidating the two into a 15-year mortgage at 4.5 percent saves almost 0,000 more.

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