Overhaulin'

Can you get a homeloan that will also willing to pay 2 car loans?

We are planning to buy a house but I was wondering if it's possible that a lender will also pay off 2 car loans? like include it to the homeloan?

Public Comments

1. I doubt it - interest rates on auto loans are higher than home loans. Just keep those loans separate.
2. If you buy a home for less than it's appraised value, you may also be able to get a home equity line of credit (if it's offered from he same lender) at the same time and then you can use that money to pay off your two car loans.
3. I've never heard of a lender paying off anything with a first mortgage. Usually they only loan a percentage of the appraised value of the house and when you buy a house the appraiser usually appraises it for the sale price.
4. No. A mortgage is a real estate loan. If you're doing a refinance and have enough equity, you could get enough money to pay those car loans, but the lender won't do a payoff for you, unless it's a condition of the loan. On a purchase though, the maximum amount of loan will be whatever loan-to-value ratio you are qualified to get, based on the lesser of the purchase price and appraised value. There are occasionally programs that will lend you additional money for repairs, but those programs are rare and very specific. No mortgage lender will give you money as part of a purchase loan to pay off cars.
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