Is it possible to roll $27K contained by student loans into a spanking new mortgage loan?
I plan on buying a house or a condo in the next couple of weeks. Can I roll my student loans of $27,000 into a clean mortgage loan to consolidate?
Answers:
Depends on how much money you plan on putting down. You cannot have more than 100% of the value of the property outstanding, and most bank will require at least a 5% down payment (and more promising 10 to 20%) to close the loan. So, using the 5% as a minimum, on a $200,000 house, you could borrow no more than $190,000, meaning you would have to hold at least $37,000 in dosh plus closing costs to get the loan down to where you could roll the student loans contained by (in which case, you could just repay them off anyway).
The only other chance would be to find a property selling well below market efficacy, which would give you instant equity - say a $200,000 house selling for $150,000, which give you teh equity leeway to do what you want.
no you cannot. the loan will be based on the purchase price with the sole purpose. Now if buying way under souk value then you can refinance the loan contained by 1 year and then include the student loan but they should have indistinguishable about rate any way if they don't draw from the student loans consolidated into 1 fixed note now as rates are well-mannered
Related Questions:
Will you bring back a mortgage if you own newly taken out a big loan?
I have a good credit history and won't hold a problem getting a mortgage except I don't have a big enough deposit. I wonder if it would affect my providence of getting a mortgage if I take...
Answers:
Depends on how much money you plan on putting down. You cannot have more than 100% of the value of the property outstanding, and most bank will require at least a 5% down payment (and more promising 10 to 20%) to close the loan. So, using the 5% as a minimum, on a $200,000 house, you could borrow no more than $190,000, meaning you would have to hold at least $37,000 in dosh plus closing costs to get the loan down to where you could roll the student loans contained by (in which case, you could just repay them off anyway).
The only other chance would be to find a property selling well below market efficacy, which would give you instant equity - say a $200,000 house selling for $150,000, which give you teh equity leeway to do what you want.
no you cannot. the loan will be based on the purchase price with the sole purpose. Now if buying way under souk value then you can refinance the loan contained by 1 year and then include the student loan but they should have indistinguishable about rate any way if they don't draw from the student loans consolidated into 1 fixed note now as rates are well-mannered
Related Questions:
Will you bring back a mortgage if you own newly taken out a big loan?
I have a good credit history and won't hold a problem getting a mortgage except I don't have a big enough deposit. I wonder if it would affect my providence of getting a mortgage if I take...