Refinance to go back to school? Good or bad idea.
Hi I am a 34 year old male and my monthly mortgage is $2400 per month. I have been blessed with a great job in sales - well the pay is good but I no longer like the environment and would like to go back to school for my Master's. I do not want to give up my place but trying to work through the concept of having a mortgage AND student debt all over again. I'm going back to school, that's for sure for my MBA. So I was thinking of pursuing a refi. My concern is, is it a wise decision to REfi when I'll be packing on more debt? Would some financial aid maybe cover some of my monthly mortgage? Would that just make everything worse? In a bit of a mess here. by FlyRonnie from Tampa Bay, Florida. Sep 5th 2013
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
If refinancing will give you a lower monthly payment, then it would be a benefit.. you would need to have sufficient equity to refinance or be HARP eligible if your current loan is conventional. If it's FHA, no equity is required, and the same goes for VA... If you are going to do something, you would need to do it before you leave your job, since you need income to qualify, and you cannot use student aid, or student loans as a form of income for mortgage qualifying purposes.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
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