Can/should my wife and I roll our credit card/school loans into our mortgage?

We are first time buyers with $3500 in credit card and 3000 in school loans. We both have perfect credit. If this is an option how far does it go, do we do the car loan too?? We are planning on a 10% down payment and looking at a 200,000-250,000 price range.Can/should my wife and I roll our credit card/school loans into our mortgage?
First, rolling unsecured debt and depreciating asset debt into your mortgage is a very bad idea. All too often people just run the credit cards back up and then end up losing the home.





While the interest rate on the mortgage is lower than your credit cards, car loan and student loans, spreading out repayment for the longer period means you actually will be paying a lot more in interest. You'll still be paying for that car long after it has gone to the junk yard to rust away.





Secondly, the amount of a mortgage is tied to the appraised value of the home. Those appraisals tend to not come in a lot higher than the selling price. Since you won't have much in the way of equity, you won't be able to add all those other debts to your first home purchase.





Before you start mortgage shopping, pay off those credit cards. You'll get a better interest rate.Can/should my wife and I roll our credit card/school loans into our mortgage?
You can roll in other debt to your mortgage depending on how much you qualify for and how much you intend to borrow. The question of weather you should is a matter of your circumstances. You usually pay less in interest on a car/student/credit card loan over the life of that loan than you would if you payed interest on it over the 30 years of a mortgage. Your mortgage broker should be able to show you what the actual cost would be throughout the life of the loan.
if you have $20,000 for a down payment, why don;t you just pay off the debts? not having those debts might get you a better mortgage int rate - you can't just roll debts into a mortgage - not allowed -especially a car loan
It depends on the interest rates. If the mortgage is substantially lower, then go ahead.


Most CC rates are very high, some over 20%. If your mortgage is only at 6 or 7, you'll save a bundle on interest.