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bpeace writes:

<<2)We financed the home with an 80-10-10 mortgage, so we have an 80% mortgage at 8% ($139150)and 10% lien at 9.5% ($17400)>>

Yup. I would definitely stretch out the student loans to the maximum term, and get rid of the middle "10" part of the mortgage financing, that I assume you have there to get rid of paying PMI. Once you have a solid equity in the house (>20%), you can probably refi the "80" part down to a 7 something or even 6 something.

I am a big believer in the student-loan-as-financial-leverage school. Some people might disagree with that, but I think you always want to keep a "soft" lender around, and get out from under "hard" lenders.
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