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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Can I refinance my home? Roll in student loans and other debt?

Can I refinance my home? Roll in student loans and other debt?

I have a home I bought last year as a foreclosure for $61K. I have made many repairs and have the current value around $110. But my current debt are my student loans ($55K) and credit cards ($3K.)

For a current debt of $119K

Could I refinance my home to roll my debt into a mortage for an interest rate close to 7% so I have just one bill to pay rather then my mortgage and my 2 student loans. My loans are consolidated close to 9%.

My credit score is excellent but I haven’t approached anyone about this approach becaus eI heard I have to wait 1 full year to refinance. I purchased the home in August. Thank you!

Any answers or links to more info is greatly appreciated.


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2 Responses to "Can I refinance my home? Roll in student loans and other debt?"

  1. RD says:
    Most places will not let you finace for more than your home is worth ….actually most only let you finace 80% of the appraised value. So no, you would probably not be able to get a loan for the full amount needed to pay off all the bills. But you could get one for a higher amount (or choose a home equity loan) to help out …especially with the credit cards, those things are no good !!!!
  2. Eloise K says:
    You’re in luck, it sounds like you want a debt consolidation loan. Being that you have good credit it should not be a problem. You should be able to get the cash you need within 24 hours. There are many online sites which offer unsecured refinance loans for first-time home buyers.

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