Is there a way to get a home loan and lump a car loan in with it from the start or does it have to be a refinancing after the fact?

I currently have two car loans and don't want to deal with three separate payments. I know that you can refinance and lump them all together but is there a way to do it when I first go to get the home loan?
(0) | asked by: Joe Allen Whitehead | share | 10 months ago | Report
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answer by Steven Hackman    |   Visit My Website   |   Contact Me
After your initial loan on the home you can do a home equity loan if you have more than 25% equity in the property. also can do a cash out refinance if you have equity but it will take 6 months after closing the original loan
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Joe Unfortunately it isn't probable to get two car loans and a home loan on one. With our team we will strive to find the best solution so that you can find a program and a home that meets your needs. If you are still interested in talking to us to find out how to find and buy a home contact us for a consultation. Hope to talk to you soon. Licensed in th State of Iowa
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answer by Karen Peyton    |   Visit My Website   |   Contact Me
No. You cannot lump together car loans and a home loan. And you would not want to do that. Cars lose value (depreciate) quickly after purchase and become worthless in short order. That's the reason cars are financed for a period of only three to six years - the longer the term, the higher the rate. Real estate works just the opposite. In a healthy economy owners enjoy modest appreciation, are able to finance from 10 to 40 years and unlike cars, the low interest rate is full tax deductible. Even the IRS MACR's depreciation table favors real estate at 30 years (to coincide with the most frequent term of financing) before the asset is considered "consumed." It would never make cents to pay for and finance a car for 30 years - as payments would far, far, far, far, exceed initial value and usefulness. I'm with you though on making things easy, and for that you might want to consider auto-draft or auto-pay offered by your bank, credit union, credit card, or brokerage.
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answer by Paul Walter    |   Contact Me
You're most likely going to need to have three separate payments. I'd be happy to put you in touch with one of my lenders so you could discuss this further.
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