That's where debt consolidation and other financial options come in.
Consolidate Your Debt Now Debt consolidation is combining several unsecured debts — credit cards, medical bills, personal loans, payday loans, etc. Instead of having to write checks to 5–10 creditors every month, you consolidate bills into one payment, and write one check.
Overall, these are not a good bet if interest rates are historically low and likely to rise, or if there is a general inflationary environment, meaning higher than four-five percent a year.
On the other hand, if you ever needed to defer paying student loan debt due to financial hardship, this is easier to do than it is to avoid paying a mortgage.
Overall, you might wish to consider refinancing some student loan debt into a mortgage so that the student loan doesn’t also have a 20-30 year payoff, but keep a certain, fairly low student loan balance after the refinancing (say, less than $15,000) that can be paid off with extra payments within a few years.
Your credit score is good enough to get a good interest rate.
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Your limit may even be less depending on your other fixed expenses.
At today’s interest rates, school loans have an interest rate about 3 percent above that of a typical mortgage.
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Therefore, the total equity in your home is 5,000 (minus the ,000 to ,000 in realtor’s fees and transfer taxes you would incur in selling).