Quicken Loans Zing Blog - Learning Center - Going to School If your family is preparing to send a child to college, you’ll understand the expenses and sacrifices that are required to achieve a coveted diploma. Perhaps you’re looking to hit the books again in pursuit of a master’s or doctoral degree that may gain you an edge in your career. But how will you balance the cost of tuition with student loans and many other financial needs?

Quicken Loans has been helping families through financial transitions for more than 28 years, and we know how to guide you in the right direction. At this time, you may consider downsizing and purchasing a new home or refinancing your current house to take advantage of the equity you’ve built. We’ll help you decide which option is most scholarly for you!

How Can Going to School Affect Your Family’s Finances?

If you’ve decided to pay for your child’s schooling fees so they’re not later burdened by student loans, making tuition payments can seem troublesome among your other financial obligations. When it’s your own turn to head back to school, juggling what may seem like endless tuition bills can take money away from other expenses that you may owe. While you’re bettering your own or your child’s education, now is the time to be smart with your home finances!

Since tuition tends to be pricy, you may want to consider taking action as quickly as possible. The sooner you refinance or purchase a new home, the sooner you’ll be able to access the equity you’ve built!

What Home Loan Options May Be Helpful During This Time?

If you’re looking to make the most of your finances as you save for tuition, our caring Home Loan Experts can help determine what mortgage option is ideal for your unique situation. Both refinancing and home buying can help you save money with today’s historically low rates!

Refinance

Been in your home for a while, but not planning to move out any time soon? Refinancing may be a great choice to help you garner the equity you’ve built over the many years in your house. With today’s low rates and our quick refinancing process, you’ll have the money needed for tuition in no time! Our 30- and 15-year fixed-rate loans may fit your needs, or if you’re currently in an FHA loan, consider refinancing with our FHA Streamline option! Be sure to take a look at YOURgage, our revolutionary, customizable home loan that allows you to choose our own term to suit your needs! Don’t forget that Locking in a low rate will assure your payment won’t rise over the life of your home loan, keeping your financial plans consistent.

Home Buying

If you’ve got more house than your tuition payments can handle or are living in an empty nest, you may consider downsizing and purchasing a new home. With lower payments and a smaller place, you’ll have the extra money you need to cover the costs of books, classes, student housing, and more! What home buying options might be right for you? Consider the long-term benefits of a lower payment and ability to purchase a home with as little as 5% down with a 30-year fixed-rate loan. If you’re eligible for the government-backed security and simple qualification process of an FHA loan, you can purchase a home with as little as 3.5% down.

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