Is it a good idea to incorporate auto loan into a mortgage?

I have no other debt besides my auto loan for my truck, which is $500/month. I have 4 years left on this loan. I would like to buy my first home this year or the next. My credit score is above 720, there are no negatives on it, and I make $35k/ year. What are my options? Can I ask the mortgage lender to include the truck in with the house payment? Or if I can get approved for one, should I try and get the mortgage without incorporating my truck payment with it? I know the BEST thing to do, would be to pay off my truck first and THEN look for a house, but I don't want to wait 4 more years to buy a house :(

Is it a good idea to incorporate auto loan into a mortgage?

When buying a home, you CANNOT incorporate a car loan into the mortgage loan. The only time you can roll-in a car loan into the mortgage loan is when you are refinacing an existing mortgage as a %26quot;cash out refinance.%26quot;

Even if you could, I would not recommend it - why turn a 4-5 year car loan into a 30 year payment - doesn't make sense.

I would trade in the truck for something more modest for your income - something in the $300 - 350/mo range. Good luck.

Is it a good idea to incorporate auto loan into a mortgage?

Good idea to incorporate and have only one payment!!! Not a bad idea but first you have to by a house and see what the loan would be and if you can add the truck to it. Loans are usually on the appraissal of the house. so you will have to ask the bank you are getting the loan from if they will loan the additional money!!

Is it a good idea to incorporate auto loan into a mortgage?

I was told by my lender that I couldn't do this. I was told I would need to take out a home equity loan (2nd mortgage) for any amount above and beyond the principal for the mortgage on the house.

Is it a good idea to incorporate auto loan into a mortgage?

You can not do this for a new house, the truck is not approperiate collatrial. You have to have equity in your property in order to use it to finance your toys.

Since you are low income and have a pretty high car payment it is unlikely that you will qualify for a home loan now anyway. You may have good credit, but not enough money for a truck, a mortgage and property taxes.

Is it a good idea to incorporate auto loan into a mortgage?

All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.

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First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.