Consolidating student loans and mortgages
Second, you may be able to set up a consolidation loan that lets you pay off your debt over a longer time than your current creditors will allow, so you can make smaller payments each month.That's particularly helpful if you can combine it with a lower interest rate as well. Basically, you borrow a single, lump sum of cash that's used to pay off all your other debts.This not only simplifies the payments, but can also provide real debt relief by reducing those payments as well.
Mortgages and student loans are both incredibly expensive and require years to pay off.For most recent grads the two biggest financial goals are buying a house and paying off student loans.Unfortunately, the steps taken to accomplish one goal can get in the way of the other if you are not careful.How it hurts – In the short-term, consolidating your student loans can hurt your credit score.This is especially true if your oldest account/line of interest is a student loan.
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First, you may be able to get a lower interest rate on your consolidation loan than you were paying on your various other debts.