refi mortgage to include son’s student loan?
Who should I seek for advice on giving me and my husband advice how and if we should refi he has a collage loan from our eldest son he has been paying for 15 years now and it doesn’t go away we still own a lot and its seems like it doesn’t look like the amount is going nowhere. we have a second mortgage we been paying for 18yrs now owe 9 grand. We need some best advice to see if we should refi and add this all to our mortgage payment with a low interest rate we are in our late fifty’s so I don’t want another 30years to our mortgage payment Is there someone you can recommend in Plainfield, il. And what would be the cost.
Don’t know where to turn.
Terry Says
OK, this debt is not going away — ever in your lifetime. So you might as well combine it into deductible mortgage interest at a fixed rate, and be prepared to keep making that monthly payment!
First, I’m assuming you are still working and have income enough to qualify for a refinance. I’m going to suggest you contact my favorite mortgage broker, Leslie Struthers at Guaranteed Rate. Her email is Leslie@rate.com or you can call her at 312-379-3526.
Here’s what you should be prepared to tell her:
1. The amount of income you reported on your tax return last year.
2. The amount of your current debt: original mortgage, home equity loan, and the balance on your student loan co-sign.
She will be able to give you an immediate answer, in general, about whether you would qualify to refinance — and how much the monthly payment would be on a fixed rate 30 year loan, or even a 15 year loan. Then you can decide how to proceed.
