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The Pros and Cons of Mortgage Refinance to Pay Down Student Loans

It's Ron Siegel here. You might be considering refinancing your mortgage to pay off your student loans. While it can sound like a smart move, it's essential to understand the pros and cons of this decision.
If you choose to refinance and cash out to pay down your student loans, remember that the money must go directly to the loan servicer when closing. Also, the loans must be under your name.
Consider the repayment period. Most student loans are set up to be paid off over 10 or 20 years. But if you include this debt in your mortgage, you could be looking at a 30-year repayment period. That's a significant extension.
Also, remember that federal student loans come with some valuable protections. You could qualify for $0 payments or payment forbearances if you run into financial difficulties. There's even the possibility of loan forgiveness or discharge if you become disabled. If you refinance your mortgage to pay off these loans, you'll lose all these benefits.
Before making a decision, weigh the pros and cons carefully. For more details, check out the video above. It's essential to make the best choice for your situation.

Reviews

"Ron has amazing insight into the financial and real estate markets."

doug waldman

"Great services. Communicative , well educated and was very helpful overall. Highly recommend"

samantha dalby

"Looking forward to partnering with Ron for our community event (Open House on June 23rd, 2024) at American Legion Post 132!"

diana trujillo

"Ron is a stand up man! He is always available to help and is a wealth of knowledge in the lending world. Genuine and honest and hardworking! Thank you for your help over many many years!"

gilda johnson

"Be wary of who you do business with. A quick google search will show that Ron will promote contempt in a community and he is not interested in doing as he says. He recently made fun of the victims of mass shootings in his “orange county buzz” facebook group and should not be allowed to do business if he is going to promote hatred. Ron’s response below highlights his ignorance. If you disagree even politely with him he will try to shut you down instead of being a reasonable human being. Again - further proof that he should not be doing business in a community where he does not promote anything other than hate and discontent in it."

matt ward

"Ron Siegel and his staff did a tremendous job. I used Ron and his team to refinance my primary residence several times, to secure financing for a new home that I later refinanced and for the refinance of a rental property. Ron Siegel and his team made the process seamless each time."

scott smith

"Ron was very professional, courteous, and answered all our questions in a timely manner. I would highly recommend him. Thanks Ron!"

f coleman

"Ron was available day and night , 7 days a week . He was very detail oriented and very thorough with his answers to my many questions thru the process of my loans. I would highly recommend him."

matthew holcomb