Student Loan Debt Solution Found via Fannie Mae's "Student Loan Cash-Out Refinance"

Reblogger Sally K. & David L. Hanson
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

Student loan debt is often a HOT topic in real estate...valuable information from our friend and trusted loan officer Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi 

 

Student Loan Debt Solution Found via 
Fannie Mae's "Student Loan Cash-Out Refinance"
 
 
 
Mounting Student Loan debt has become a huge concern ...
 
This is true not only for individuals carrying student loan, but for GSE's (Government Sponsored Enterprises) like Fannie Mae that oversees and ensure mortgage liquidity and guidelines to Banks, Lenders, and Mortgage Providers.   

In a previous post, I noted that Fannie Mae had revised guidelines as they pertain to treatment of Student Loan Debt when applying for loan.  Those changes were favorable for Home Buyers carrying student loan debt, as they allowed Mortgage Underwriters some flexibility in examining and allocating for student loans. 

This new more relaxed view removed some financing obstacles and made it easier for Mortgage Lenders to reach mortgage approval for Borrowers.  It opened the door for more potential Borrowers with Student Loan Debt to qualify for a Mortgage and buy homes.  A very welcomed outcome.

Now, adding to that earlier positive change, another new financing option offers hope to those that hold student loans. It comes in the form of financing called the "Student Loan Cash-Out Refinance Option".  The refinance option is backed by Fannie Mae and other wholesale lenders.  

A cash-out refinance option has long been an option available for homeowners with home equity.  Those homeowners could use the refinance to pay off debts of any kind.  
 
But with this new refinance option, when paying off Student Loan debt, certain costs normally charged to a borrower are "forgiven" or "eliminated".  

In turn, these savings result in either a:

  • Lower interest rate offering  
       or ...
  • Additional "cash out" at Closing  

It truly can be a real benefit to Borrowers to finance in this manner.

As with any new program, there will be a learning curve felt by lenders, but for current homeowners with sufficient equity looking to reduce or eliminate higher interest rate Student Loans and higher Student Loan payments ... there can be profound relief found via a "Student Loan Cash-Out Refinance"

Should you want more information, have questions regarding this new Student Loan Cash-Out Refinance (or other mortgage options), or your eligibility for putting this new refinance option to work for your benefit, please contact me.  I'll be happy to answer all your questions and assist you moving forward.
 
 
* Looking to find what possibilities exist for you?  
 
Are you hoping to Buy, Refinance or purchase an Investment Property New LenoxWill County, or elsewhere in the Chicagoland area? 

Contact me!  I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
I'm easily found at:


Gene Mundt
 
Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed
 
American Portfolio Mortgage Corp.
nmls #175656
 
 
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
 
 

  

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   

   Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender  

    

 

Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

Email Me .. to be added to my Mortgage & Real Estate Newsletter

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Buying

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainer
484,800
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

Thanks for great information!!!

A cash-out refinance option has long been an option available for homeowners with home equity.  Those homeowners could use the refinance to pay off debts of any kind.  

 
Dec 13, 2018 03:47 AM #1
Rainmaker
3,060,522
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Sally. You have a true professional in Gene. This program will help many. Enjoy your day!

Dec 13, 2018 05:15 AM #2
Rainmaker
5,126,301
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much for sharing this execllent reblog selection.

Dec 13, 2018 05:54 AM #3
Ambassador
2,976,730
Paul S. Henderson, REALTOR®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

That is very creative and I enjoyed this re-blog Sally K. & David L. Hanson; Thank you! 

Dec 13, 2018 06:28 AM #4
Rainmaker
1,780,521
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Sally and David - I am glad that my daughter has paid her loans.  It is a problem for some.  I think people should start looking at these college prices too.

Dec 13, 2018 06:48 AM #5
Rainmaker
2,894,957
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

What a great reblog, i sure do see a lot of would be buyers in this boar Sally K. & David L. Hanson 

Dec 13, 2018 06:52 AM #6
Rainmaker
4,429,979
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for reblogging the post. I missed reading the original post 

Dec 13, 2018 07:08 AM #7
Rainmaker
1,202,991
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Thank you for sharing this info with your readers, Sally K. & David L. Hanson ... hope it proves motivational and they pick up the phone to see what options, if any, they have to address their student loan debt and possibly save money.  This definitely is a huge concern for way too many ...

Gene

Dec 13, 2018 08:37 AM #8
Rainmaker
2,350,852
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That is certainly a good option and if my loans weren't already paid off, I would consider such a refinance.

Dec 13, 2018 09:54 AM #9
Ambassador
3,686,279
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David, Gene provides valuable information in this blog.  Students graduation these days are start off their new life with a huge amount of debt.  Anything that can be done to lighten the load can be very significant for them.

Dec 13, 2018 04:31 PM #10
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
3,101,236

Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
*
*
*
*
Spam prevention