{"id":310,"date":"2022-07-26T14:57:08","date_gmt":"2022-07-26T14:57:08","guid":{"rendered":"https:\/\/www.concordmortgageinc.com\/blog\/?p=310"},"modified":"2022-07-26T14:57:09","modified_gmt":"2022-07-26T14:57:09","slug":"refinance-your-mortgage-to-pay-off-student-loans","status":"publish","type":"post","link":"https:\/\/www.concordmortgageinc.com\/blog\/refinance-your-mortgage-to-pay-off-student-loans\/","title":{"rendered":"Refinance Your Mortgage to Pay off Student Loans"},"content":{"rendered":"\n<p>With the fall semester approaching and the pause on federal student loan payments ending August 31, 2022, there\u2019s no better time than now to get your finances in order. The coronavirus pandemic has put an economic strain on many American homeowners, particularly those with student loans. Though the Coronavirus Aid, Relief, and Economic Security (CARES) Act helped temporarily\u2014at least for those with federal student loans\u2014those protections are almost up, and many borrowers are looking for ways to manage their payments and stay afloat.<br><br>If you\u2019re one of them, refinancing your mortgage loan might be on your mind. With a cash-out refinance, you can take advantage of the market\u2019s low mortgage rates, while paying off your student loans (or any other debt or bill) at the same time.<br><br>The benefits:<\/p>\n\n\n\n<ul><li>Simplify, and combine multiple loans into one to get better terms and rates<\/li><li>Restructure your debt by choosing a new repayment plan: either pay off debt faster or extend the length of your loan and decrease your monthly bills<\/li><li>Pay less interest over the new life of the loan<\/li><li>Release a co-signer<\/li><li>Refinance a parent loan in the child&#8217;s name<\/li><li>Ability to save more money for vacations and retirement, and will help you qualify for other loans, such as a vehicle<\/li><\/ul>\n\n\n\n<p>A mortgage refinance can certainly be used to pay off your student loans. To do it, you\u2019d need a cash-out refinance, which means taking out a new mortgage loan that\u2019s higher than your current loan\u2019s balance. Those funds are then used to pay off the old loan, and you keep the difference in cash. Using that cash, you could pay your student loans off or settle any other debts you might be dealing with. It\u2019s technically a way of \u201crolling\u201d your student loans and other debts into your mortgage loan and paying them off over time.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" loading=\"lazy\" width=\"997\" height=\"665\" src=\"https:\/\/www.concordmortgageinc.com\/blog\/wp-content\/uploads\/2022\/07\/Picture2.jpg\" alt=\"\" class=\"wp-image-311\" srcset=\"https:\/\/www.concordmortgageinc.com\/blog\/wp-content\/uploads\/2022\/07\/Picture2.jpg 997w, https:\/\/www.concordmortgageinc.com\/blog\/wp-content\/uploads\/2022\/07\/Picture2-300x200.jpg 300w, https:\/\/www.concordmortgageinc.com\/blog\/wp-content\/uploads\/2022\/07\/Picture2-768x512.jpg 768w, https:\/\/www.concordmortgageinc.com\/blog\/wp-content\/uploads\/2022\/07\/Picture2-120x80.jpg 120w\" sizes=\"(max-width: 997px) 100vw, 997px\" \/><\/figure>\n\n\n\n<p>We understand that some borrowers may find the loan process confusing and overwhelming. At Concord Mortgage Inc., we creatively work with our clients to find the right type of loan for their needs. Our knowledgeable and friendly team takes the time to answer your questions to ensure that you understand every step of your financing. Learn more\u00a0<a href=\"https:\/\/concordmortgageinc.us4.list-manage.com\/track\/click?u=f85d53ba32e20e5ac66d5ef4c&amp;id=67f82f4080&amp;e=32b9979ac9\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>about Concord Mortgage<\/strong><\/a>\u00a0or call us directly for more information at (517) 304-3669.<\/p>\n\n\n\n<p><a href=\"https:\/\/concordmortgageinc.us4.list-manage.com\/track\/click?u=f85d53ba32e20e5ac66d5ef4c&amp;id=3e827d7f6b&amp;e=32b9979ac9\">Concord Mortgage<\/a> is a mortgage lender\/broker you can trust. Whether you\u2019re looking to purchase a home, refinance your existing mortgage at a lower rate, tap into your home\u2019s equity to make home improvements, or consolidate debt, we have the <em>best<\/em> options to fit your needs. We provide various services to assist you in the mortgage process such as managing, providing information, and consulting. Call us anytime at 517-304-3669 or visit us on our website\u00a0at <a href=\"https:\/\/concordmortgageinc.us4.list-manage.com\/track\/click?u=f85d53ba32e20e5ac66d5ef4c&amp;id=90c31e2246&amp;e=32b9979ac9\">www.concordmortgageinc.com<\/a> today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the fall semester approaching and the pause on federal student loan payments ending August 31, 2022, there\u2019s no better time than now to get your finances in order. The coronavirus pandemic has put an economic strain on many American homeowners, particularly those with student loans. Though the Coronavirus Aid,<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,16],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Refinance Your Mortgage to Pay off Student Loans - Concord Mortgage Blog<\/title>\n<meta name=\"description\" content=\"Refinance Your Mortgage to Pay off Student Loans\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.concordmortgageinc.com\/blog\/refinance-your-mortgage-to-pay-off-student-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Refinance Your Mortgage to Pay off Student Loans - Concord Mortgage Blog\" \/>\n<meta property=\"og:description\" content=\"Refinance Your Mortgage to Pay off Student Loans\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.concordmortgageinc.com\/blog\/refinance-your-mortgage-to-pay-off-student-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"Concord Mortgage Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-26T14:57:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-26T14:57:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.concordmortgageinc.com\/blog\/wp-content\/uploads\/2022\/07\/Picture2.jpg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.concordmortgageinc.com\/blog\/refinance-your-mortgage-to-pay-off-student-loans\/\",\"url\":\"https:\/\/www.concordmortgageinc.com\/blog\/refinance-your-mortgage-to-pay-off-student-loans\/\",\"name\":\"Refinance Your Mortgage to Pay off Student Loans - 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