I am trying to consolidate my fiance’s student loan debt into our mortgage. Good or bad idea?
We plan on consolidating our debt into the mortgage to pay her student loan interest off at a cheaper rate while trying build a little equity.
Bad Idea. I find it hard to believe you’d get a better rate on a student load by using the mortgage (unless she didn’t go through the gov’t but only through a bank or used credit cards otherwise, the rates are extremely low and you can take lots of time to pay back).
Trying to build a little equity? You must already have some equity otherwise you couldn’t do this. They are not going to consolidate it into a loan for more than the property is worth.
Why waste that equity you have now already on something low interest, that you can take a lot of time to pay back.
