Real Estate

Mortgage: Use equity in house to pay off....

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  • Aug 25th, 2015 6:14 pm
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Jr. Member
Mar 17, 2012
104 posts
8 upvotes
Eastern Ontario

Mortgage: Use equity in house to pay off....

We are paying off debt with a debt management plan through a company. We would like to sell our house and use the equity to pay off the dmp and then buy another house. Our family income has almost doubled. (I went back to school) We had great credit before the dmp and only have a car payment and student loan besides the dmp payment. I wonder what the chances are of getting a mortgage at the same time as we pay off the dmp?? We would have enough left for 5% down plus closing costs.
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