Consolidating car loan into home loan
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About Elizabeth Helen Spencer Elizabeth Helen Spencer is an English teacher and freelance writer with a passion for personal finance, psychology, education and parenting.
On the other hand, if you ever needed to defer paying student loan debt due to financial hardship, this is easier to do than it is to avoid paying a mortgage.
Overall, you might wish to consider refinancing some student loan debt into a mortgage so that the student loan doesn’t also have a 20-30 year payoff, but keep a certain, fairly low student loan balance after the refinancing (say, less than ,000) that can be paid off with extra payments within a few years.
It might seem as though there’s no relief from high-interest balances, but you can take steps to lower your burden.
For homeowners, one of them is to consolidate your debt and lower your monthly bills by refinancing your mortgage.