student loans and mortgage refinancing

How to Pay Off Student Loans via Mortgage Refinancing

The problem of making student loan payments is looming over a disturbingly increasing number of Americans, but now there is a┬ánew mortgage loan refinancing program that enables borrowers to change their student loans for mortgage loans at a lower interest rate. This cash-out refinancing program is offered by the personal finance company SoFi, and backed by Fannie Mae (which is controlled by the government, as some of us may remember from the infamous financial crisis of 2008-09). While the program does offer a number of potential benefits, there are also risks to be considered. Benefits of Paying Off a Student Loan via Mortgage Refinancing Thanks to the student loan repayment program, a homeowner with student loans, or homeowner parents that had jointly signed student loans for their children, can obtain a cash-out refinance. SoFi pays the student debt with the extra cash, and the borrower gets a higher new mortgage loan, but at a lower […]