Then, you use the freed up cash or new debt to pay off your student loan debt.
Why would someone consider “debt reshuffling” as an option?
Enter information about your current debts, payments, balances, and interest rates to see your results.
There is no limit on the maximum amount of a fixed rate advance taken at origination (up to your credit limit). After account opening, additional fixed rate advances may not exceed 0,000 of the aggregate principal balance, or your credit limit, whichever is less.
You may request up to 2 fixed rate advances each year with up to 3 fixed rate advances at one time.
Fixed rate advances have a term of 1 to 20 years, depending on the amount advanced; except that for Texas homestead secured accounts, the term is 1 to10 years.
If you need a revolving line of credit for ongoing expenses, you may consider a Home Equity Line of Credit. Loan rate discount for Midland checking account customers. Great for purchasing vehicles, paying for education, consolidating bills, or any large, one-time purchase. These are all great reasons to bring all your higher interest, non-deductible debt together and gain the benefits you deserve.
Primary residence, with first or second lien position. A Midland Home Equity Loan is the perfect solution to capitalizing on these benefits and making life just a little easier to manage.
This method may require a sizable down payment, and since some of that down payment will go towards the debt consolidation, your mortgage insurance premiums may be larger.A student loan, on the other hand, is unsecured debt and the bank cannot seize your house or car if you fall behind on student loan payments (although they can garnish your wages).The debt consolidation calculator will help you determine how much you may be able to save by consolidating your debts into a home equity line of credit.For instance, if your home is worth 0,000 and you currently owe 0,000, you could refinance to a 0,000 loan and use the additional ,000 (less closing costs) to pay off credit card or other high-interest debt.The interest rate on your new mortgage will most likely be much lower than the interest rate on your credit cards, and the debt will be easier to manage with only one monthly payment. Use a Home Equity Loan Another option to consolidate debt with a home mortgage involves taking out a home equity loan.