I want to buy a house but i have a lot of debt and i was wondering if i could get a mortgage loan that would include my debt? meaning the loan would cover my debt.
A mortgage loan is purely based on the value of the property you are buying. Lenders usually finance about 80% of the value and expect that you fund the rest of the amount as down payment. In a purchase loan, you will not be able to include your other debts because, very rarely do lenders finance more than 100% of the value of the property that you intend to buy. It is also not wise to borrow more than what your home is worth because, if at any point it becomes hard for you to make the payments, you will owe more than what your property is worth. Trust me you never want to get in a bind of that sort.
My recommendation is that you should try to get a personal consolidation loan. If you can qualify for a personal loan with an interest rate lower than the average interest rates being charged on your current debts, paying off these debts with an unsecured debt consolidation loan could improve your financial situation. The problem with this type of loan is that, unless you have very good credit, the interest rate charged for an unsecured personal loan may actually be more than you are currently paying for your other bills.
I encourage you to visit the Bills.com Debt Consolidation Resources page to read about the various debt consolidation options available to consumers and how an unsecured debt consolidation loan may be able to assist you. To determine whether or not an unsecured personal loan can save you money, you should contact several lenders to find out the interest rates they can offer you on an unsecured personal loan. If you find that the interest rates offered are less than the average rate you are currently paying on your debts, then you should strongly consider consolidating your debts with an unsecured personal loan.
Now, with regard to your mortgage loan, if you want an introduction to pre-screened mortgage lenders, Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at: Free Mortgage Quote
No matter what your credit situation or the type of loan you intend to borrow, the key to making sure you obtain the best loan available is to shop around with different brokers and lenders. Listen carefully to the terms being offered by each lender, take notes, and compare the available loans side-by-side. Once you have selected a loan, make sure that the amount of fees and interest you agree to at closing are close to the estimate provided when you first inquired about the loan. If a lender tries to force you into a deal you feel uncomfortable about, feel free to walk away and take your business elsewhere.
I wish you the best of luck in finding a loan that meets your needs. I hope that the information I have provided will help you Find. Learn. Save.