Loan-level price adjustments could help free you from student debt!
For any of you with substantial student loan debt, we’ve just been informed from one of our lenders that you can do a cash-out refinance on your house to pay off student loans. They call it loan-level price adjustments. Basically what that means is that a cash-out refinance is a little more expensive than just a regular refinance, where you’re changing the interest rate or you’re purchasing a whole home.
Sometimes that cash-out brings up the rate or the fees a little bit. In this case, you can take cash out of your home in order to pay off the student loan. And the title company would actually cut a check to your student loan company. And they’re allowing that to go through without these additional cash-out loan level price adjustments.
So that higher end interest rate or higher fees is really cool, especially for those who maybe don’t have such high credit. That cash-out expense can be a little bit higher and the rate-increase can be a little bit more than for people with perfect credit.
So this could be something great for you. If that student loan is bugging you, and you’re needing to consolidate and lower your payments, this is something that can really help with that. So please give us a call, and let’s get started!
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