Student Loan Cash-Out Refinance

Student Loan Cash-Out Refinance

Managing monthly mortgage payments while also tackling student loan debt can feel daunting—luckily, with a Student Loan Cash-Out Refinance, you can tap into the equity in your home pay off student loans, consolidate debt, or receive a lower monthly payment.

How does a cash-out refinance work?

A cash-out refinance is similar to a traditional refinance, but it also allows you to access a lump sum of your home's equity.

What are the biggest benefits of a Student Loan Cash-Out Refinance?

• Consolidate multiple loans into one manageable payment
• Lower your monthly payments and potentially reduce your interest rate
• Free up funds for other expenses, such as home improvements, emergency funds, or college savings
• Simplify your finances by combining your mortgage and student loan payments
• Potentially receive tax benefits on the interest paid on your mortgage

Qualifications for a Student Loan Cash-Out Refinance

• You must have an existing student loan(s)
• You must not have any defaults or delinquencies on existing student loan(s)
• You must be a U.S. citizen or permanent resident

Restrictions

• Property cannot be listed for sale at the time of disbursement
• Payoff taxes are ineligible unless escrow account is established
• Payoff delinquent taxes ineligible

More Information:

Student Loans and Getting a Mortgage: What You Need to Know

Buying a Home with Student Debt: Common Misconceptions

Buying a Second Home for College Students