How to Refinance Student Loans to Buy a Home Sooner
If you’ve invested in higher education, chances are, your degree probably came with job opportunities, a cap and gown and countless memories – but most likely also a lot of debt.
According to Experian, the average student loan balance was about $38,787 as of Q3 2023.
The outstanding balance for federal student loans as of March 2024 totaled $1,620.1 billion spread out among 42.8 million borrowers, according to the office of Federal Student Aid – an office of the U.S. Department of Education.
That’s not even including private student loans, which have an estimated $130.28 billion total private student loan balance as of Q3 2023, according to Enterval Analytics’ Private Student Loan Report.
Suffice it to say, you’re not alone if you’re carrying around student loan debt. We have good news though: Refinancing can help.
Why Refinance Student Loan Debt?
Whether you’re not sure you should refinance your student loans or trying to decide if now is the right time, we can help.
We recommend refinancing student loan debt if:- You want to increase your chances of buying a home
- You have any loans with double-digit or variable interest rates
- You have multiple student loans, whether public or private
- Your debt-to-income (DTI) ratio is high, meaning you owe more than you make
- You want to pay off student loans faster
If any of those sound like your situation, we’ve got good news.
NEW Student Loan Refinancing Options
We’re excited to now offer student loan refinance options! This program allows for qualified applicants to refinance their public and private student debt into a single loan with a low fixed interest rate and monthly payment.
Student loan debt doesn’t have to hold you back from buying a home, and we want to help reduce any barriers to your homeownership goals through this new program.
The Benefits of Refinancing Your Student Loans With Us
You Could Save Thousands
Converting a high-interest student loan into a lower-interest loan can save you a lot of money and significantly cut down your student debt.
It Could Improve Your Monthly Cash Flow
With lower loan payments, you’ll have more disposable income at the end of every month.
It Could Allow You to Save for a Mortgage Down Payment Faster
When you refinance, you can put those monthly savings toward a down payment on a new home.
You’ll Be Lowering Your DTI
Your debt-to-income ratio is just as important as your credit score when applying for a mortgage. Refinancing can reduce your DTI, thus making it easier to qualify for a mortgage.
You’ll Only Need to Make Just One Monthly Payment
Instead of making multiple payments to cover multiple student loans, make just one! By refinancing, you can consolidate all your public and private student debt into one single loan with a low fixed interest rate and monthly payment.
5 Simple Steps to Refinance
As mentioned, refinancing a high-interest rate student loan or loans will save you money, improve your cash flow, lower your DTI and help you buy a home sooner.
And did we mention, it’s quick and easy? By your next payment, you could be paying a reduced interest rate and have a single lower monthly payment.
Here’s what you’ll do:- Find your rate
- Apply online in 15 minutes
- Submit documents
- See loan rate and term
- Review loan and e-sign
Apply Today
Don’t let student loan debt hold you back from homeownership. Click here to see just how much you can save by refinancing your public and private student loans!*
*If you refinance federal student loans, you may no longer be eligible for payment options available to federal loan borrowers or other federal benefits.
NQM Funding, LLC is not affiliated with Bank of Lake Mills. NQM Funding, LLC offers home loan financing and does not offer student loans or debt consolidation services. A mortgage loan with NQM Funding, LLC is not contingent upon obtaining a student loan or using Bank of Lake Mills’ services. Please consult with a student loan advisor to understand the benefits that you may gain by consolidating or refinancing student loans. Bank of Lake Mills makes all credit decisions and is responsible for all student loan activities.
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NQM Funding, LLC (NMLS # 75597) dba - Premier Mortgage Associates; Villa Home Loans; Texas: Consumers wishing to file a complaint against a mortgage company or a licensed residential mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out-of-pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov - nmlsconsumeraccess.org