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This can be very attractive, particularly to those with sufficient home equity.
But before you sign on the dotted line of your new loan or refinancing agreement, make sure you know how debt reshuffling will affect your bottom line.
Pro: Reduce Number of Payments Your two biggest bills each month are almost certainly your mortgage and your student loan payments.
Staying on top of both these important types of bills can be daunting, especially if your student loans are divided amongst several lenders.
Almost 10 percentage points separate the average 30-year mortgage rate (3.71%) from the average credit card interest rate (13.66%).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.If you’re looking to get out from under your student loan debt, it’s important to think through any strategy that lowers your monthly payments.This especially applies to the prospect of rolling your student loan debt into a mortgage.
Rolling student loan debt into a mortgage (also known as “debt reshuffling”), allows you to refinance your mortgage with either a new loan or an additional home equity loan.