Refinance > Students Will Soon Have More Freedom to Refinance Loans

Students Will Soon Have More Freedom to Refinance Loans

La Jolla, CA (ContentDesk via ContentDesk Direct) June 13, 2006 - The House of Representatives today passed the Emergency Supplemental Appropriations bill (H.R. 4939) which includes a provision repealing the controversial single holder rule.
First enacted in 1986, the rule restricts the ability of borrowers with multiple federal student loans from one lender to refinance with another. The rule has come under increased scrutiny by student groups, lawmakers in Congress, schools, and leading consolidation lenderswho have characterized it as anti-competitive because of the way it limits competition in the student loan marketplace. The repeal of the single holder rule will be a great victory for anyone who needs help in managing their student loan debt, said Chris Studer, president and CEO of ScholarPoint Financial, Inc.

Millions of borrowers have been denied the advantages of a free market system for far too long. Soon everyone will be able to consolidate their student loans with the lender of their choicea choice they will now be free to make based on factors important to their individual situation, not a choice mandated by legislation. The Senate is expected to pass their version of the bill later this week. President Bush would then likely sign it into law shortly thereafter, immediately enacting the repeal.The repeal will come at a time when many borrowers really need it, said Studer. With the recently announced increase in variable interest rates going to effect on July 1, almost all borrowers who act quickly will now have the opportunity to choose the best source to consolidate their loans and lock in the lowest possible rates. ScholarPoint Financial, Inc. is a national online consumer lending company specializing in student loans and offering a full range of innovative education finance solutions.

Loan options for students and their families include PLUS, Stafford, Consolidation and Private loans. ScholarPoint combines industry-leading borrower benefits, best-in-class service and innovative technology. Unlike many other traditional loan sites, ScholarPoints technology platform was designed exclusively for its website, integrating the entire process for an online experience that is simple, instant, and complete.http://www.ScholarPoint.comContact:Joan Coyle202-289-3903jcoyle @ wpllc.net.

Refinancing Your House - How To Know Whether To Refinance Or Get A Second Mortgage

Refinancing your house's mortgage is not the same thing as getting a second mortgage. While both allow you to cash out your home's equity, terms and rates differ between the two types of loans. To know which financing option is best for you, learn each loan's features and pick the one that best meets your needs.Refinancing Your MortgageTraditional refinancing is basically replacing one mortgage loan with another. Typically, refinancing lowers mortgage payments through lower interest rates or longer loan terms. You can also cash out part or all of your home's equity while refinancing.

Refinancing requires paying closing fees. To recoup these costs, you usually need to stay in the house for a couple of years. However, you will save money with better terms than if you choose a second mortgage. Second Mortgage OptionSecond mortgages, also known as home equity loan, have slightly higher rates than mortgages, but you have less or no closing costs. Second mortgages also only charge interest...

Refinancing Your House - How To Know Whether To Refinance Or Get A Second Mortgage

Refinance > Refinancing Your House - How To Know Whether To Refinance Or Get A Second Mortgage

Interest Only Loan Refinance

Refinancing of interest only loans simply means swapping one loan for another. It is an effective way to decrease the debt on existing loans. This is especially beneficial if the current interest rates are lower than the interest rates you are presently paying on the loan. Refinancing would enable you to convert your high interest debt into a low interest debt, as the amount of monthly payment would decrease. The extra money saved can be reinvested in something more lucrative like real estate or shares, or to pay off high-interest debts like credit cards.

Refinancing is also done for converting an adjustable rate mortgage into a fixed rate mortgage. Refinancing has become so common in recent years that almost three quarters of new mortgages were refinanced loans in 2003.

Refinancing of interest only loans is very attractive, especially when the time comes for the loan to get amortized. That means the loan will have to be repaid at the current interest rate, along...

Interest Only Loan Refinance

Refinance > Interest Only Loan Refinance