Should I include my student loans in a home refinance?

Question by Kat: Should I include my student loans in a home refinance?
We are about to refinance our home at 3.85% for a 15-year loan. We have 40k of student loans at 5.75%. Including this amount in our mortgage will not get us to the point where we will have to pay PMI. Is this a good idea? If yes, why. If no, why not?

Best answer:

Answer by falsifiable
You can, but the amount financed cannot exceed 80% of your appraised home value.

Add your own answer in the comments!

This entry was posted in Q&A and tagged , , , , , . Bookmark the permalink.

2 Responses to Should I include my student loans in a home refinance?

  1. Judy says:

    Stop.
    You are making an ARM mortgage.
    Did you know that interest rates are epected to double in the next 5 years !!!!!
    That increase could double the amount of your monthly interest payment.
    And you could easily lose your home.

    Please switch to a FIXED rate –
    No varaibles, arms, options, 5/5’s, or 5/1 – don’t let banks scam you anymore.
    /

  2. class510 says:

    If this is a fixed loan for the house, yes it would be a good idea.

Leave a Reply

Your email address will not be published. Required fields are marked *