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My aunt was telling me when you buy your first house you should get the extended so you can consolidate all your debt/student loans. And by the time you sell it 3 to 5 years later you will build equity in the house so you will be able to pay off that extended loan. This sounds flaky (I know it all depends on the market and where you live). Has anyone done this? Tell me your experiences and what you think. What the best way to get rid of the debt.
I've never heard of an "extended" loan like you describe -- and I've had many mortgages over the past 30 years. Any time you use your home to secure additional debt, you risk loss of your home if you cannot make the payments. If you're carrying unsecured debt it just doesn't make sense to risk your home to pay it off. If you want, hold your home long enough to avoid tax on the gain on sale and use the gain to pay off any remaining debt. But don't risk your home to pay off unsecured debt! EVER!
Never heard of an "extended" mortgage. A Lender will loan you $$ to purchase a home based upon the lower of the appraised value or the purchase price. That's it. They don't give your purchase $$$ to pay off your cars, student loans, credit cards, etc. The loan is secured by Real Property only. Some loans do allow for 3-6% above the price to cover closing costs - but only closing costs - and the Settlement Statement will reflect that (in a refinance, where you pay off other debt, the Set.Stm shows the other debts being paid off as well as closing costs). Occasionally you can have extra $$ put into excrow to cover a physical defect (septic, roof), that can't be corrected by the time of closing (usually due to weather up here in new-york - can't dig a new septic in January...it's a bit chilly). So yeah, this does sound "flaky".
I've never heard of "extended". Are you in the US? I would never recommend financing more than the home is worth. First and foremost, your interest rates will jump up dramatically on the entire amount. I'd rather just have high rates on my credit cards, and the lowest possible rate I can qualify for on my mortgage. Best way to get rid of debt is to cut your spending. If you spent 1 full month meticulously noting each and every dollar you spend, you'll probably find $200-500 in money wasted on dumb stuff, like $5 coffees, fast-food lunches, etc... A few months of changing your spending habits could probably wipe out the bulk of your debts.
A consolidation loan is meant to take all your debts and place them under one loan with a lower interest rate than the debts have, however if you do not change your spending habits it can come back to bite you. You might want to read on what the government says regarding fixing debt. Fixing your debt problems information from the US Government of luck on your research