Sep-15-2008
Can I add my student loans onto a mortgage?
Me and my wife are going to be buying a house soon ( first time buyers) I was wondering if I could include my student loans right into my mortgage payment. About 20, 000 dollars worht of student loans.
no.
but after a while you can get an equity line of credit and use that.
No – A mortgage company will not lend you more money than the purchase price of the house. In the current market, even with good credit, they will probably only lend you 95% of the purchase price. Some companies are still doing 100%, but not many.
After you’ve owned the home for a few years and built some equity, you would then be able to refinance your mortgage and possibly consolidate (include) the student loans.
Why would you want to? The current mortgage rate is almost to 7% while most school loans can be locked in at a lower rate. As long as your income is low enough to allow you to deduct the student loan interest, I can’t see why you would want to even if you could.
I just graduated from law school and I’m closing on my house in two weeks. My mortgage is at a much higher rate than my school loans.
No, student loans and mortgage are two different things.
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