Should I get an equity loan to lower my payments before I purchase a new home

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Contributor

Ihave been prequalifed for a home mortgage, but I will not be ready to move for 1year. I have an investment property that I would like to get an equity loan to lower payments by 50% and use the savings to pay off credit card debt. If I take the equity loan will it negatively impact on my loan mortgage when I reaaply in 7 mos.?

1 REPLY

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Marine9,

Thank you for your inquiry.  Unfortunately, we can not guarantee approval for a loan. We recommend you view our Home Buying and Selling page online and contacting us at 1-210-531-8722, to discuss your Mortgage application options.