Loan


Extending The Term When You Refinance Student Loans

The only way I was able to do this was by extending the term of my loan from 10 years to 25 years. This lowered my monthly loan payments and gave me the flexibility I needed to make my career change (a change that came with a significant pay cut).

Example of extending your student loan term

Assume Amy has $45,000 in Federal student loan debt at 6 percent interest on a 10-year, standard repayment plan.

Amy decides to refinance her loans to private loans to get a lower interest rate...

Refinancing your student loans means that a private lender is essentially buying your Federal student loans, paying them off, and creating a new loan with new, original terms.

The new terms of your refinanced loan will be based on your credit reports, credit score, and other requirements...
The new private loan terms include, among other things, a new interest rate and, potentially, a new term (the length of time over which you have to repay your loan).

For example, you could take your Federal student loans that have a 10-year term and refinance them into one private loan scheduled to be paid off over 20 years.

If you have the option to extend the term of your student loan when you refinance, you should consider a number of factors before making your decision.

Pros of extending your student loan term

You’ll have lower monthly payments

By extending your loan term, you will be able to make lower monthly payments...
Amy decides to refinance her loans to private loans to get a lower interest rate, but this time she doesn’t extend the term.

Amy’s monthly payments are lower than they were originally, but they are still $218 more than they would be on the longer 25- year term...
If you can afford to make your monthly payments but just don’t want to, that may be the wrong reason to extend the terms of your loan.

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Here are some questions about the HARP refinance program

(You can search ownership using the “loan look up” tools on the HARP website; make sure you search by both Fannie and Freddie.)

Continue reading the main storyContinue reading the main storyContinue reading the main story

One potential bright spot is that mortgage rates fell this week, potentially making refinancings more attractive: The average rate for a traditional 30-year fixed-rate mortgage was 3.63 percent, the lowest level since May 2013, according to Freddie Mac...
(Some lenders offer HARP only to existing loan customers.) You can find lists of participating lenders on Freddie Mac’s and Fannie’s websites....


To start, you should contact the company that services your loan and ask if it participates in HARP...
If your lender does not participate, you can apply at one that does...
(In November, 9 percent of HARP loans had a loan-to-value ratio greater than 125 percent; and for the full year through November, more than a quarter had L.T.V.s greater than 105 percent, the government said.)

Who qualifies? In addition to a good repayment history — no late payments in the previous six months, and no more than one in the last year — the borrower must have taken out the loan before June 1, 2009, and it must be owned by Fannie Mae or Freddie Mac, the two government-sponsored mortgage finance companies...
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Who Gets to Keep the Bank Accounts?

I didn’t want to give up the main account, though.

Most of my finances are automated, and many of the automatic bills, from insurance premiums to my student loan payments, come out of the account that my soon-to-be-ex husband and I used to share...
Closing the account and making all of the changes to a new account can be tedious and time-consuming...
The rise of automatic debits and payments can make it easier to ensure that your bills are paid and that you avoid some of the delays that come with mail forwarding of hard copies. Electronic payments and online bill pay have been helpful to me as I’ve made two cross-country moves in less than a year.

However, it occurred to me that all of this automation gets to a point where you might be trapped to one specific bank...
You might be able to scan and email requisite forms, or go through some other process of having one of the joint account holders removed from the account...
This can create difficulties in our increasingly mobile society...
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Ongoing Growth in Residential Construction Loans Points to Additional Expansion

And lending for building single- to four-unit homes remains 70% less than its peak of $186.3 billion in early 2008.

Yet lenders say that the construction-loan market has made significant strides of late, with more competitors entering the fray...
And some banks want guarantees from builder executives to personally repay loans if their companies can’t, a proposal at which many builders balk.

Credit “is available, but it’s definitely more conservative,” said Gary Tesch, president of Houston-based McGuyer Homebuilders Inc., a closely held builder aiming to construct 1,500 homes this year...
Davidson said he finds construction loans “readily available now.”

To be sure, construction lending still has a long way to go in its recovery...
Russ Ruhnke, a senior vice president overseeing lending to home builders throughout the Midwest for Associated Banc-Corp., based in Green Bay, Wis., said the number of home-construction loans that the bank reviews for approval has increased by 40% to 50% in the past year.

“I do notice that we seem to have more competition…from the smaller, community banks,” Mr...
Those buyers have been hobbled in recent years by a slow ramp-up in job growth, tepid wage gains, tight mortgage-qualification standards and mounting student debt...
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Balance Transfer Offers

Ensure you can meet the terms and deadlines before making a transfer...


Balance Transfer Calculator

0 interest balance transfers are great for those who are ready to shift loans regularly...
You can count and compare different options by aid of a balance transfer calculator, so you can choose the most suitable deal and make some money....
Keep in mind that imprest balance cards are not good for those who cannot pay in time...


Balance Transfer Credit Cards

A credit card balance transfer can be a good option if you have a large and stable balance on your credit card...
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What are the Imprest System Advantages?

You have to work for at least three months to get the loan...
The payday imprest loans don’t need a check of credit...
That’s why it’s so popular among all the people who have something to do with loans....
It means that you don’t need to prove you are a home owner to be successful in the deal to get a loan...


What are the Imprest system advantages? In fact this payday loans have no guarantee...
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