Did you know that you can roll your student loan debt into your mortgage payments too? Now, why would anybody want to do that? Won’t it just make your mortgage more expensive? Won’t the student loan accumulate interest expense at a much quicker rate?
Rest assured, combining your student loan cash out refinance can help offer you more financial freedom.
So how will this give you more financial independence?
First, it will reduce the number of separate payments you have to make each month. Have you ever forgotten to pay a bill? While using several lenders, sometimes it can be hard to keep track of how much you owe to whom each month. As you consolidate the debts into one payment, you will know precisely how much you owe to whom each month. The old adage goes, “Two heads are better than one”, but when it comes to debt payments — one, is better than two!
Second, it will lower your monthly payment of the student loan. As you spread out the loan over several years, it will lower how much money you have to pay each month. Use the newfound money for other necessities and wants!
Third, it can help you get a better interest rate on the loan! If you have a high interest rate on your student loan debt, consolidate it into your mortgage. That way you can lower the interest rate. That will save you money in the long haul!
Additionally, adding your student loan to your mortgage can help with some tax deductions! If you aren’t receiving any deductions for your student loan, then adding it to the mortgage will make the payment become tax deductible.
Contact one of our qualified loan officers today to help consolidate your student loan debt into your mortgage payment!