Even in this best-case scenario, but you’ll still lose your home.
We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions.
The rates and terms listed on our website are estimates and are subject to change at any time.
Please do your homework and let us know if you have any questions or concerns.
Debt can be overwhelming, but with a Home Equity Loan you can turn your debts into one low monthly payment.
Did you buy your home at a fantastic deal during the recession? If so, you most likely have a good deal of equity in your home.
This presents an opportunity: you can “cash out” by refinancing your mortgage or opening a home equity loan at low interest rate. Let me repeat: using a home equity loan to pay off student debt is a terrible idea that could be detrimental to your finances and your family. I could pay off all of my student loan debt and be free and clear.
If you don’t fully understand the terms and conditions behind your home equity loan, you may unknowingly be shifting your debt into an account that could have an even higher interest rate than your student loan debt after the introductory period has ended.
Not all home equity loans have fixed interest rates and you could be setting yourself up for interest rate whiplash if you don’t pay attention to the fine print.
Transforming your student debt into a home equity loan will immediately disqualify you for any sort of federal program to help pay it off.
If you want to keep your options open for debt forgiveness or cancellation programs, never transfer your loans to a private loan, consolidate them with other debt, or trade it for a home-equity loan.
You won’t be eligible for student loan forgiveness programs.