| I have taken Personal & home loan. Are there banks or ev |
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jacab9901
New Member
Cash: $ 0.75
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Joined: 25 Jan 2007
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| I have taken Personal & home loan. Are there banks or ev |
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I have taken personal loans and want to go for a home loan. Banks would be unwilling to consolidate a personal loan and a home loan because the interest rates and risks are different.
Personal loans carry a higher rate because these do not have a collateral. Home loans are available at a lower rate because these are secured by the home you purchase using the loan.
Banks may be willing to consider the two loans separately, and you take a home loan without any reference to the personal loans you already have.
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Wed Feb 07, 2007 8:49 am |
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efflandt
Senior Member
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Joined: 25 Apr 2005
Location: Elgin, IL USA
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If you get multiple loans at the same place, you have to watch for cross collateralization that may bite you if you ever default (read the fine print). Countless people try to get out of a personal loan with bankruptcy only to find that it is actually secured by their other secured loan (vehicle or home) and they cannot get clear title to that unless they pay off what they thought was an unsecured loan. Banks may be greedy, but are not stupid.
If you get a HELOC instead of a personal loan, the interest may be lower and tax deductable. Although, there is no doubt that it is secured, so don't run your credit cards back up or default.
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Thu Feb 08, 2007 4:29 am |
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chase_in6
New Member
Cash: $ 0.60
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Joined: 25 Jan 2007
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| Re : I have taken Personal & home loan. Are there banks |
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I recently got home loan from Meridian Financial. Cool guys! Not much hassle. You can call them at 888-429-6121 to get detail. Rate is good I believe but that�s something you should ask them.
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Thu Feb 08, 2007 6:48 am |
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