Can I add my student loans onto a mortgage?
nickybrowneyes asked:
Me and my wife are going to be buying a house soon ( first time buyers) I was wondering if I could include my student loans right into my mortgage payment. About 20, 000 dollars worht of student loans.
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Me and my wife are going to be buying a house soon ( first time buyers) I was wondering if I could include my student loans right into my mortgage payment. About 20, 000 dollars worht of student loans.
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December 1st, 2008 at 5:17 am
no.
but after a while you can get an equity line of credit and use that.
December 4th, 2008 at 6:54 am
No - A mortgage company will not lend you more money than the purchase price of the house. In the current market, even with good credit, they will probably only lend you 95% of the purchase price. Some companies are still doing 100%, but not many.
After you’ve owned the home for a few years and built some equity, you would then be able to refinance your mortgage and possibly consolidate (include) the student loans.
December 5th, 2008 at 12:04 am
Why would you want to? The current mortgage rate is almost to 7% while most school loans can be locked in at a lower rate. As long as your income is low enough to allow you to deduct the student loan interest, I can’t see why you would want to even if you could.
I just graduated from law school and I’m closing on my house in two weeks. My mortgage is at a much higher rate than my school loans.
December 8th, 2008 at 10:31 am
No, student loans and mortgage are two different things.