Can You Roll Student Loans Into A Mortgage?
Rolling student loans into a mortgage is possible with the right loan and enough equity in the home. Equity is the difference between your home’s value and your current outstanding mortgage balance. It’s the money you could walk away with if you sold your house today.
Rather than selling your house, you can keep it and roll your student loan debt into it, making it easier to manage your finances and maybe even save money on interest charges. To qualify, you’ll need decent a decent credit score and proof that you can afford the higher loan payment that rolling debt into your mortgage creates.
Keep in mind, rolling student loan debt into a mortgage increases your mortgage payment but eliminates (or lowers) your other debt payments depending on whether you move the entire amount into your mortgage or just some of it.
Homeowners have a few options to roll student loans into a mortgage, including a cash-out refinance to consolidate student and mortgage debt or Fannie Mae’s Student Loan CashOut Refi program.
The reality of the situation is you’re “reshuffling” the debt, and you aren’t paying it off all at once. The key to consolidating student loans with your mortgage is to take advantage of low mortgage refinance rates (if possible) and simplify your monthly finances.
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