I would like to consolidate 5 different Sallie Mae student loans and a fixed rate 30yr loan on my condo INTO one 5yr loan. The intention is to get a decent rate and reduce overall interest paid by making larger payments for 60 months.
I’ve ran the numbers and can afford the larger payments. I have more than enough home equity to finance the loan.
A HELOC seems advantageous since the interest rate is fixed and not amortized and would help if I could pay the loan off early. But I’m not sure how high this interest rate would be compared to a typical amortized loan over 60 months.
Does anyone know of a reputable lending institution that would allow this? Or does anyone have any other advice to accelerate these loans (possibly just make additional principal payments and leave the loans as they are??)
I’m finding that many lending houses offer a minimum of 10yr terms.
I did contact Countrywide. They do this type of consolidation, but not as low as 5yr terms. Their lowest tenure is 10yrs. I prefer to get all of this paid off in 5yrs instead of 10.