You’ve finished school and are looking for ways to reduce student loan costs. Perhaps you’re also a homeowner seeking mortgage refinancing options, and looking for only one monthly payment to cover both loans. If you have a steady income and meet financing requirements, refinancing could make your payments more manageable.
Student Loan Refinancing is especially attractive to…
- Those who want to remove cosigners or parents from their student loans.
- Borrowers who need a lower interest rate and one lower monthly payment.
- Homeowners who want to refinance their student loans into their home mortgage for one monthly payment.
Student Loan Refinancing Features
Wide range of loan amounts
Consolidate student loans totaling between $10K and $200K while lowering your interest rate. For mortgages, we offer both conventional and high-balance loans.
Student loan cash out refinancing
Pay off student loan debt in addition to paying off your mortgage with LTVs up to 80% available for qualified homeowners.
Exceptional fee and pricing options
No loan origination fees with student loan consolidation and no cash out pricing adjustment with mortgage loan refinancing.
Flexible refinancing options
Numerous loan alternatives are available for consolidation and mortgage refinancing including a fixed or adjustable rate mortgage (ARM).
Refinance into a lower priced mortgage
Consolidate your higher monthly interest accruing on student loans into tax-deductible mortgage interest.
Frequently Asked Questions
Student loan consolidation allows you to combine all your student loans into one, reducing your interest rate in most cases and making only one payment monthly. Student loan cash out refinancing allows you to pay off your student loans and mortgage into one mortgage loan.
That depends on how you refinance your loans — whether you do a loan consolidation or cash out mortgage refinancing. It also depends on your borrower profile, which includes your credit score, income, and other qualifications. If you’re refinancing your mortgage, expect your borrower profile, home’s equity and new loan size to be considerations for your new interest rate.
That depends on the amount you’re refinancing and your borrower profile, including your credit score, income, and whether you’re applying yourself or with a cosigner. If you have a mortgage you’re also refinancing in addition to your borrower profile, rates depend on mortgage type, amount, and terms, among other requirements.
If you’re consolidating student loans, you’ll have access to between $10-200K. If you’re refinancing your mortgage, too, we can offer to refinance conventional and high-balance loans, up to a maximum of 80% of your home’s value.
Since the maximum you can borrow is 80% of your home’s value, you’ll need at least 20% equity in your home.
Yes. You can consolidate your higher interest student loans that may grow in size each month because of that interest into a tax-deductible mortgage.
Fees and closing costs vary with each borrower, but here are two things you won’t pay: origination fees for student loan consolidation and a cash out pricing adjustment for mortgage refinancing.
Get an idea of what your monthly mortgage payment may be, including costs associated with your mortgage such as property taxes, homeowners insurance, and Private Mortgage Insurance (PMI), if applicable.
Recalculate your new house payment based on loan amounts, interest rates, and other factors, to see if refinancing your mortgage is a smart financial move.
Calculate how much house you can afford. Get an estimate for a mortgage amount that may fit comfortably within your budget.
You have questions, we have answers.
Together, we’ll find great mortgage solutions.
Schedule a talk with a mortgage advisor or leave a message. We’ll get back within one business day.
Why Finance of America Mortgage?
We’re not about pushing loan papers. We’re about moving your dream forward. And we do that through knowledgeable local advisors, a personal approach, and a variety of smart loan options.