SoFi and Fannie Mae announce cash-out refi for student loans

Capitalizing off of its start as a student lender, SoFi and the government-sponsored enterprise Fannie Mae announced a new loan option on Wednesday allowing homeowners to refinance their mortgage at a lower rate and pay down the balance of an existing student loan.

Under the new loan option, which is titled the Student Loan Payoff ReFi, SoFi stated that it will pay down the student loan by disbursing payment directly to the servicer of the student debt.

“People can pay off student loan debt and are left with one loan at the low rates that mortgage borrowers are enjoying in today’s market,” said Michael Tannenbaum, senior vice president of mortgage at SoFi.

http://www.housingwire.com/articles/38430-sofi-and-fannie-mae-announce-cash-out-refinance-student-loan-offering