Consolidating mortgage student loans
There are options for many student loans if money is tight.You can request a loan deferment for at least a few months in many cases.
The money from the new loan can be used to pay off student debt.#2 Tax Deductions Both your mortgage and loan interest payments are tax deductible.This means at tax time, you can reduce the amount of your taxable income by the amount of interest you have paid for your mortgage and student loans.This may be an attractive option if you have enough home equity.This will allow you to greatly reduce your payments in many cases.Considerations (The Opponents to Using a Mortgage to Consolidate Student Debt) There also some things that you should think about on the down side if you decide to go ahead and refinance your student debt into a mortgage: #1 Secured by Your Home Any time you take out a loan that is secured by a property, you are going to get a lower interest rate than an unsecured loan. The problem is if you are no longer able to pay the loan. If you are able to save a great deal each month by refinancing your student debt into your mortgage, it may make sense.
At that point, the mortgage lender can legally seize the home. Consolidating student loans into a mortgage is not for everyone.
So, if you want to do this, you will need to be sure that you do all you can to improve your credit score before you attempt to do a refinance.
If you are looking to consolidate student loans into a mortgage, we suggest speaking with a reputable lender or bank that can educate you on the pros and cons of such a transaction.
For those who are homeowners, one possible option is to roll your student loan into a refinanced mortgage loan.
This concept is not for everyone, but it can make sense for some students who want to enjoy a lower interest rate and monthly payment.
One of the biggest advantages of owning your own home rather than renting is that you can take advantage of many tax savings.