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.

If you have any questions, don’t hesitate to contact me.

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The Conventional Home Loans

A conventional mortgage loan is a “conforming” loan, which simply means that it meets the requirements for Fannie Mae or Freddie Mac. Fannie Mae and Freddie Mac are government-sponsored enterprises that purchase mortgages 

from lenders and sell them to investors. This frees up lenders’ funds so they can get more qualified buyers into homes.

Adjustable-Rate Mortgage (ARM) – A loan with an interest rate that is tied to a specified financial index, this increases or decreases at scheduled time periods during the life of the loan. The loan includes a margin that is tied to the index.

Fixed-Rate Loan – A loan with an interest rate and payment that remains constant throughout the life of the loan. Interest is amortized over the loan period and factored into the monthly mortgage payment.

Interest Only – Monthly mortgage payments consist of interest only for a specific period, usually 5 to 10 years. During the interest only period, your balance remains the same unless you choose to pay extra toward your principal.

If any of these loans sounds like the loan for you, let’s get started!

Call me today or book a meeting:– CALENDAR LINK

#mortgage2022 #mortgageloans #mortgagebroker #mortgagerates #mortgagelender #CanadaMortgage #Mortgage #MortgageLender #FirstTimeHomeBuyer #homeloan #homefinance #Refinance #mortgagetips #RefinanceMortgage #realestate #mortgagetips #loanmortgage #financehome #emortgage #Inflation #MortgageNote #ReverseMortgage #Amortization