In today world we can find numerous types of loans and mortgages for the different types of purposes like payday loan, house loan, automobile loan etc. In these loans a new types of loan is popular between students, called Education Loan.
Education Loan well known as the Student Loan is one type of loan which is useful for pay the higher education expenses like Course fees, tuition fees, books and materials, and living expenses.
Basic points of the Education Loan
Below are the Salient features of the Education loan –
Education loan is different from the other forms of loans.
* Interest Rate
Interest rate in education loan is low compare to other loans.
* Payment term
Education loan is payable after the completion of the course or study..
* Higher Study loan
Education loan is applicable only for higher studies from the recognized universities or institutes.
* Education purpose
Education loan is only meant for the students and study purposes.
Remortgage is a sub type of mortgage. In simple term Remortgage means revolutionize mortgage with a different mortgagee or lender, in order to lower the amount buyer or mortgagor paying on mortgage.
Remortgage is popular as refinancing. It is all about saving money. It’s a process of paying off one mortgage with the returns from a new mortgage using the same property as security. The prime objective of Remortgage is to secure a more flattering interest rate from a changed lender.
The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. It’s a process that replaces an existing mortgage loan with a new loan from a different lender. The new lender repays the existing mortgage debt to the original loan provider.
Benefits of Remortgage
Here the some benefits of choosing Remortgage are –
* Reduce the size of repayments
* Pay off a mortgage earlier
* Raise capital
* To consolidate other debts
* Lower interest rate
* Saving money