Refinancing question

[B20EF]

I want to refinance my mortgage so I can consolidate my student loans to one nice easy payment instead of several. Does it make a difference if I tell my bank I want to refinance to pay off my student loans?

Should I tell them what I want the money for or not? Do they assess it any differently?

[psi_klops]

they really don't care what you use it for as it is secured by your house. But consolodating debt into one low interest payment is usually something they recommend anyway, and it does make sense.

[el-nino]

If you were to consolidate then most likely they would condition your lawyer to pay and close off your credit cards.
It does make a difference to tell your bank what you are paying off. It directly affects your 32/40 ratio. Let me know what the bank offers you via pm. If I can beat there rate I suggest you go with me ;) if I cant beat the rate I will tell you to stay with them.

[B20EF]

Thanks, I'll check with you after I get my quote from my bank
Open variable ftw :)