What are the current rates, and with the fed cutting rates, what are the chances the student loan rates will decrease as well? And if so, when?
What are the current student loan consolidation rates?
Depends on the lender. Check the website of the one you are looking at. It will tell you (check the FAQ's if you can't find it elsewhere on the site).
Reply:To the best of my knowledge, consolidation loans are not federal loans, so the interest rates are usually higher than the rates you have on any federal loans. For what? I'm still not convinced of any "benefit" of consolidation besides paying MORE money out in interest. When you consolidate they take a 10 year loan and stretch it out to 20... more money for them!!
Plus, it appears you lose the benefits of federal loans like entitled forbearance and forgiveness possibilities when you consolidate. Read all fine print carefully.
Sunday, March 14, 2010
How do I go about refinancing my student loan?
A few years ago, I received a Sallie Mae student loan for about $8000 with the understanding that the interest rate would be about 4%. To my dismay, I recently found out that this rate was not fixed, and my current rate is now just over 9% - more than double the original!
How does one go about refinancing a loan of this (small) size? Assuming my credit is good, what fixed rate can I expect to recieve?
Thanks in advance.
How do I go about refinancing my student loan?
If student loans start out as variable rate loans, they cannot currently be refinanced into a fixed rate student loan. Rules have been changing back and forth on if student loans are fixed or variable, so your confusion is understandable.
You could try balance transferring the student loan onto a 'fixed for life' credit card rate. You might be able to save a few points in interest this way.
If your credit is stellar, you may be able to get a fixed rate personal loan from your bank or credit union. Most of the time, personal loans are variable rate, though.
If you own a car or a house with at least $8k in equity, you could refinance one of those.
Things to watch out for if you do this:
- Any fees attached to the new loan (BT fees, closing costs, etc.)
- Penalty rates that could apply if you miss a payment
- Student loans have some good points that other loans don't - namely the ability to forego payments if you lose your job or go back to school, and student loans are forgiven if you die or become disabled. You will be giving up these features if you transfer your student loan to another loan.
Reply:Below link might help you.
How does one go about refinancing a loan of this (small) size? Assuming my credit is good, what fixed rate can I expect to recieve?
Thanks in advance.
How do I go about refinancing my student loan?
If student loans start out as variable rate loans, they cannot currently be refinanced into a fixed rate student loan. Rules have been changing back and forth on if student loans are fixed or variable, so your confusion is understandable.
You could try balance transferring the student loan onto a 'fixed for life' credit card rate. You might be able to save a few points in interest this way.
If your credit is stellar, you may be able to get a fixed rate personal loan from your bank or credit union. Most of the time, personal loans are variable rate, though.
If you own a car or a house with at least $8k in equity, you could refinance one of those.
Things to watch out for if you do this:
- Any fees attached to the new loan (BT fees, closing costs, etc.)
- Penalty rates that could apply if you miss a payment
- Student loans have some good points that other loans don't - namely the ability to forego payments if you lose your job or go back to school, and student loans are forgiven if you die or become disabled. You will be giving up these features if you transfer your student loan to another loan.
Reply:Below link might help you.
20% cost of my home was financed thru personal installment loan. is the interest tax deductible?
80% of the cost price was financed thru mortgage loan. So I have two notes, mortgage and installment loan. Can the interest on the installment loan tax deductible? If so can you please also provide reference to the source preferably IRS.
20% cost of my home was financed thru personal installment loan. is the interest tax deductible?
By definition a personal loan is not secured by anything but your signature. If that is the case, the interest on it is NOT deductible. If the 20% loan is actually a mortgage loan, i.e. it is secured by the property, then it would be deductible.
20% cost of my home was financed thru personal installment loan. is the interest tax deductible?
By definition a personal loan is not secured by anything but your signature. If that is the case, the interest on it is NOT deductible. If the 20% loan is actually a mortgage loan, i.e. it is secured by the property, then it would be deductible.
How long does it take for a VA loan pre-approval to expire?
What is a good time frame to get a VA loan pre-approval, then find a home to purchase and close the loan? Is there an expiration of the pre-approval? 30-60-90 days?
How long does it take for a VA loan pre-approval to expire?
It depends on the lender. The lender's make the rules even if it is a VA loan. Contact them and they will be able to answer your question.
Reply:All these answers are correct, that expiration date is determined by which lender gave you the pre-approval. When you apply for the pre-approval, communicate your particular situation and negotiate the end date.
But remember, a pre-approval is not an approved home loan. It's just another tool to know your financial situation and what you can afford.
Do not buy at your highest price on your pre-approval. Leave yourself some room at the ceiling as mortgage payments/taxes/insurance do go up. The bank sets that high limit, more for their benefit than yours. Crunch your own numbers with all your debts/income and be comfortable with the possible mortgage payment you come up with.
Good luck and shopping with a pre-approval in hand is smart!
How long does it take for a VA loan pre-approval to expire?
It depends on the lender. The lender's make the rules even if it is a VA loan. Contact them and they will be able to answer your question.
Reply:All these answers are correct, that expiration date is determined by which lender gave you the pre-approval. When you apply for the pre-approval, communicate your particular situation and negotiate the end date.
But remember, a pre-approval is not an approved home loan. It's just another tool to know your financial situation and what you can afford.
Do not buy at your highest price on your pre-approval. Leave yourself some room at the ceiling as mortgage payments/taxes/insurance do go up. The bank sets that high limit, more for their benefit than yours. Crunch your own numbers with all your debts/income and be comfortable with the possible mortgage payment you come up with.
Good luck and shopping with a pre-approval in hand is smart!
What do I need to get a consolidation loan?
I am a student and have no property. But my credit score is average, I'm told. I want a loan to pay off my high-interest credit cards. What do I need to do to get one? Should I do it at a bank or somewhere else?
Also, is it possible to get such a loan without closing my credit card account? I can stop using it but I want to leave the account open since it's been open with good standing for six years.
What do I need to get a consolidation loan?
You might check out http://loanconsolidation1.blogspot.com They have some very helpful information on loan consolidation and credit card debt.
http://loanconsolidation1.blogspot.com
Reply:Hello there,
.Are you into debts? Do you have a bad credit?Are you financialy down.Do you need a loan for christmas?I give out loans at low interest rate of 3%.I give out loan to Business,Auto and personal loan to Men and women who are into Business transaction, I give out long term loan for three to five years maximum with your interest in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from me, Loan is given out in Pounds and $US and SGD the maximum I give is 5,000,000 both in pounds and $US and the minimum 1,000 pounds and US$ and SGD so if really you are interested mail for more info on how the loan can be transfered to you. There is one Question i have to ask are a serious individual that we take a loan and pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are one you will get the loan with out problem and for your information if you should more loan like $10,000,000m I can give only if you are one of these cartigories: Manager of a company A private Holder A broker in banks A director in any office or company A high investor of and compay If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon. NAME:............................ COUNTRY:......................... send these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now at cpc_consultant@yahoo.com
Reply:This site wil give you most useful information according to loan visit http://www.freewebs.com/***********
Reply:You can apply for a debt consolidation loan online. I'm not sure if you will be able to without some collateral tho.
An informative website with articles on debt consolidation can be found here:
http://www.onlineloanreviews.com/Debt-Co...
Reply:Talk with several banks and make a chilce. If you have income you should have no problem. But unlike credit cards banks ust be paid in full on each payment. no paying the minium balance.
Just be sure you can handle the new loan so as to not damage your credit.
Also, is it possible to get such a loan without closing my credit card account? I can stop using it but I want to leave the account open since it's been open with good standing for six years.
What do I need to get a consolidation loan?
You might check out http://loanconsolidation1.blogspot.com They have some very helpful information on loan consolidation and credit card debt.
http://loanconsolidation1.blogspot.com
Reply:Hello there,
.Are you into debts? Do you have a bad credit?Are you financialy down.Do you need a loan for christmas?I give out loans at low interest rate of 3%.I give out loan to Business,Auto and personal loan to Men and women who are into Business transaction, I give out long term loan for three to five years maximum with your interest in this you can as well tell me the amount you need so that I send to you the terms and condition that is if you are realing interested in getting a loan from me, Loan is given out in Pounds and $US and SGD the maximum I give is 5,000,000 both in pounds and $US and the minimum 1,000 pounds and US$ and SGD so if really you are interested mail for more info on how the loan can be transfered to you. There is one Question i have to ask are a serious individual that we take a loan and pay back after duration with the interest, if you are honest I will trust you because I like to do business with Honest people if you are one you will get the loan with out problem and for your information if you should more loan like $10,000,000m I can give only if you are one of these cartigories: Manager of a company A private Holder A broker in banks A director in any office or company A high investor of and compay If you are one of the following you can get $10,000,000US as loan or if personal loan you can request for 5,000-5,000,000 as loan. hope to here from you soon. NAME:............................ COUNTRY:......................... send these info it is important. Mind you loans is given to every part of the world only if i see you to be honest and will pay back after duration. If you are interested you have to send the amount you need as loan so that i can give you the terms and condition on the loan for your information loan are given to every part of the world on honest people so if you are honest apply for the loan now at cpc_consultant@yahoo.com
Reply:This site wil give you most useful information according to loan visit http://www.freewebs.com/***********
Reply:You can apply for a debt consolidation loan online. I'm not sure if you will be able to without some collateral tho.
An informative website with articles on debt consolidation can be found here:
http://www.onlineloanreviews.com/Debt-Co...
Reply:Talk with several banks and make a chilce. If you have income you should have no problem. But unlike credit cards banks ust be paid in full on each payment. no paying the minium balance.
Just be sure you can handle the new loan so as to not damage your credit.
How does a secure bank loan work?
What do you do, what do you gain from doing a secure bank loan?
How does a secure bank loan work?
It's a loan with something as collateral. Sometimes cash, sometimes a car, house, or land.
Example:
I have $1,000 in my savings account that I don't want to spend, but I need to buy school books which total $500. I can ask the bank for a secured loan on my savings account. They will then freeze the $500 and extend the loan. Once the loan is paid off, they will unfreeze the funds.
It will most likeley cost you some fees to apply and some interest, but secured loans have much lower interest rates and build your credit.
They are benefitial because you can keep your money in savings. They are also helpful for people with bad credit or no credit. When you pay on time, it increases your credit score.
Most of the time though, people use secured loans to buy houses/real estate, cars, or to get business loans.
If you use something besides cash, If you can't pay, the bank will seize the property and sell it to try to get enough to pay the balance of the loan. If it is not worth enough, you will still owe the difference. If it sells for more that what you owe, the bank will usually pay you the difference.
Reply:if you have a car for say and its paid off and its worth say 5 thousand dollars and you only need 2 thousand.this would be the one thing you could let the bank hold the title to till the loan is paid.
this is good if you pay in full on time. makes loaning more money someday easy. but always try for the unsecured loan first.
Reply:you sign papers giving right of ownership of the item to the bank. If for some reason you are unable or unwilling to satisfy your part of the contract (making the prescribed payments) the bank will reposess your secured item and sell it to recover their loss.
Only in real estate does the property deed stay in your name. Autoloans, the bank holds all paperwork in their name until payoff
Reply:Secured Loans are guaranteed by liens or mortgages on mostly real property. Do you own anything that will guarantee the loan in the amount you want? They'll want a lien on it.
tanning
How does a secure bank loan work?
It's a loan with something as collateral. Sometimes cash, sometimes a car, house, or land.
Example:
I have $1,000 in my savings account that I don't want to spend, but I need to buy school books which total $500. I can ask the bank for a secured loan on my savings account. They will then freeze the $500 and extend the loan. Once the loan is paid off, they will unfreeze the funds.
It will most likeley cost you some fees to apply and some interest, but secured loans have much lower interest rates and build your credit.
They are benefitial because you can keep your money in savings. They are also helpful for people with bad credit or no credit. When you pay on time, it increases your credit score.
Most of the time though, people use secured loans to buy houses/real estate, cars, or to get business loans.
If you use something besides cash, If you can't pay, the bank will seize the property and sell it to try to get enough to pay the balance of the loan. If it is not worth enough, you will still owe the difference. If it sells for more that what you owe, the bank will usually pay you the difference.
Reply:if you have a car for say and its paid off and its worth say 5 thousand dollars and you only need 2 thousand.this would be the one thing you could let the bank hold the title to till the loan is paid.
this is good if you pay in full on time. makes loaning more money someday easy. but always try for the unsecured loan first.
Reply:you sign papers giving right of ownership of the item to the bank. If for some reason you are unable or unwilling to satisfy your part of the contract (making the prescribed payments) the bank will reposess your secured item and sell it to recover their loss.
Only in real estate does the property deed stay in your name. Autoloans, the bank holds all paperwork in their name until payoff
Reply:Secured Loans are guaranteed by liens or mortgages on mostly real property. Do you own anything that will guarantee the loan in the amount you want? They'll want a lien on it.
tanning
How important is it to have a good credit for a home-loan?
My credit score is less than 620. Right now I am renting for 1500 a month and am looking to buy a house. I have around 5k income per month. Will I stand a chance to get a house loan?
How important is it to have a good credit for a home-loan?
its very important and a score of 620 is not what i call good, get it above 680 and u can say its above average 700 and up is good, it depends on what caused the 620 score, your debt ratio, and what u have to put down, and length of employment, yes there are lenders out there who will work with you but probably not a local bank unless you can go fha, especially in todays world of tight credit, and the banks i am sure are checking everything before making a mortgage, the days of easy credit ended about 6 months ago and it sounds like the boat sailed without u. sorry, work on getting the score up pay everything on time for 12-18 months, square away any derogatory accounts, and get you account balances down under 30% of the credit line before trying to buy and your score should go up substanially, gl
Reply:You are going to need to contact a loan officer in your area to see what your chances are. WIth that amount of income why is your credit low? Do you have late payments? Maybe you should work on your credit so that you can get a good rate because right now things wont be the best that you can do. You have the income to fix your credit if needed. Good luck.
Reply:Right now the score they are looking for for a good loan is around 720. Your score is still good but with all the foreclosures going on and all the defaults the score has gone up. With your income you are good depending on the amount of your recurring debt. It also depends on how long you have been in your current line of employment. It is free besides usually and tri merge credit report to have a loan officer review your chances. Good luck.
Reply:To most as you have read think and believe through know fought of their own you most have a great credit score. Well that's partially true in conforming and or traditional loans. There are loans or programs if you know where to access them that can and will give you a home loan today....the criteria being based on other components of you existence and other financial parameters and the rates aren't in the stratosphere either. Just find someone competent about total home financing and you will and can buy a home with that current score.
Reply:You can get financed for a home.. but with your score you would probably need a substantial down payment-- possibly 30% of the sales price!! Ouch i know... Money talks though! I guess it really depends on your living standards... $75,000 home or $250,000 home! But you can get it done with the right anount of money. You should get prequalified. It will tell you what price range to look in! Good luck to you.
Reply:Your scores aren't an obstacle if you consider using a FHA loan.
You could finance up to 97.75% of the purchase and still get rates below 6% based upon last week rates.
Regards,
Scott Miller
How important is it to have a good credit for a home-loan?
its very important and a score of 620 is not what i call good, get it above 680 and u can say its above average 700 and up is good, it depends on what caused the 620 score, your debt ratio, and what u have to put down, and length of employment, yes there are lenders out there who will work with you but probably not a local bank unless you can go fha, especially in todays world of tight credit, and the banks i am sure are checking everything before making a mortgage, the days of easy credit ended about 6 months ago and it sounds like the boat sailed without u. sorry, work on getting the score up pay everything on time for 12-18 months, square away any derogatory accounts, and get you account balances down under 30% of the credit line before trying to buy and your score should go up substanially, gl
Reply:You are going to need to contact a loan officer in your area to see what your chances are. WIth that amount of income why is your credit low? Do you have late payments? Maybe you should work on your credit so that you can get a good rate because right now things wont be the best that you can do. You have the income to fix your credit if needed. Good luck.
Reply:Right now the score they are looking for for a good loan is around 720. Your score is still good but with all the foreclosures going on and all the defaults the score has gone up. With your income you are good depending on the amount of your recurring debt. It also depends on how long you have been in your current line of employment. It is free besides usually and tri merge credit report to have a loan officer review your chances. Good luck.
Reply:To most as you have read think and believe through know fought of their own you most have a great credit score. Well that's partially true in conforming and or traditional loans. There are loans or programs if you know where to access them that can and will give you a home loan today....the criteria being based on other components of you existence and other financial parameters and the rates aren't in the stratosphere either. Just find someone competent about total home financing and you will and can buy a home with that current score.
Reply:You can get financed for a home.. but with your score you would probably need a substantial down payment-- possibly 30% of the sales price!! Ouch i know... Money talks though! I guess it really depends on your living standards... $75,000 home or $250,000 home! But you can get it done with the right anount of money. You should get prequalified. It will tell you what price range to look in! Good luck to you.
Reply:Your scores aren't an obstacle if you consider using a FHA loan.
You could finance up to 97.75% of the purchase and still get rates below 6% based upon last week rates.
Regards,
Scott Miller
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