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Required DTI levels vary by loan program, and lower DTI caps mean you must have more money in your pocket at the end of the month after paying all monthly debt bills.In addition to meeting the credit and income qualifications, lenders look at the equity in your home.Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.If you do choose to go this route, you should make sure that you try to pay off this extra mortgage as quickly as possible and don’t do this very often.If you find yourself doing this every year or two, that means that you are spending more than you make, and it is going to take forever to get your mortgage paid off at this rate.This is usually people’s preferred option since mortgage interest rates are usually much lower than other loan interest rates, and mortgages can be amortized (paid) over 25 years.This means you can arrange much lower monthly payments than with another type of loan.

Generally, the main reason people consolidate their debts is to reduce the amount of interest their paying.This type of refinance pulls money out of your home equity so you can use it to pay off the other debt: the car loan.The cash-out refinance is a fully underwritten loan.You must meet the DTI ratio requirements of the loan program.The maximum DTI is 50 percent through a Fannie Mae cash-out refi.

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To consolidate all of your debts, your first option would typically be to approach your bank or credit union and see if they can help you.

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