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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » thinking about refinancing to pay off student loan. I have a current interest rate of 5.50 on mortgage.?

thinking about refinancing to pay off student loan. I have a current interest rate of 5.50 on mortgage.?

The question is though is it smart to refinance and take out the $40-45000 that I need to pay off student debt? at least then I would just have to worry about paying off my home only. I think my student loans have an interest rate of a little over 4%. My mortgage was 186,000 originally and I owe $158,000 now but the house was appraised at a little over 200,000 recently. I guess I am just worried out what I will be paying after I am done with school (11 more classes to go). single parent and I own my house……..is 1462.00/mo..car note 211.00/mo.

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2 Responses to "thinking about refinancing to pay off student loan. I have a current interest rate of 5.50 on mortgage.?"

  1. the kid says:
    Why would you do that? You would PAY to refinance your home to pay a HIGHER interest rate than you already pay on the student loans? You pay 4% now, and you’d be paying 5.5% after the refi. Plus you’d pay at least a few thousand to refinance. It makes no sense.
  2. Tim says:
    Hi Nicole,

    This is pretty simple. You do not have enough equity to refinance and pay off your student loans because lenders no longer offer 100% cash out refinancing. If you add your student loans to your current mortgage balance you end up at $198,000 to $203,000 and your home just appraised at a little over $200,000.00.

    FHA allows cash out refinances to 85% of the appraised value but I don’t know if that would help you.
    You can also look into a straight rate and term refinance to see if you can save some money on your monthly payments.

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