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...
Lowering your monthly payments can open up big opportunities for you in the present (it did for me)...
More >>>

Here are some questions about the HARP refinance program

If your lender does not participate, you can apply at one that does...
(Some lenders offer HARP only to existing loan customers.) You can find lists of participating lenders on Freddie Mac’s and Fannie’s websites....
(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...
(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...


Nearly 3.3 million homeowners have refinanced their mortgages through the program as of November, according to the Federal Housing Finance Agency...
More >>>

Ongoing Growth in Residential Construction Loans Points to Additional Expansion

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...
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...
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...
More >>>



What Are the Best CD Rates Today?

The major difference is on the bank’s end — it can put your balance in low-risk investments such as CDs and bonds instead of simply using it for loans.

You may need a larger opening deposit for an MMA than a savings account ($1,000 is common), but this depends on the bank...
Even in periods of deflation (like right now) the bond’s composite rate (the combined fixed interest rate and inflation rate) is never allowed to go below 0.00%.

For now, CDs are a better bet interest-wise, but if inflation starts to rise sharply, that might not always be the case, especially if you can invest for a long time.

Series EE

On the surface, a Series EE savings bond is a lot like Series I: You get the same tax benefits and can buy them in the same values...
You can buy them directly from the government in any amount from $25 up to $10,000...
Interest rates will be higher for MMAs than savings accounts at brick- and-mortar banks, but the difference compared with high- yield savings accounts online is negligible.

Bottom line: Both an MMA and a high-yield savings account, particularly online, can provide a more liquid alternative to a CD without a huge interest-rate hit...
They mature in the same time frame, you can’t redeem them for at least a year, and you pay the same interest penalty during the first five years.

Unlike Series I bonds, EE bonds are currently paying a fixed interest rate of 0.30%...
More >>>

What are the Imprest System Advantages?

That’s why it’s so popular among all the people who have something to do with loans....
The payday imprest loans don’t need a check of credit...


What are the Imprest system advantages? In fact this payday loans have no guarantee...
Now you can do it on the Internet...
More >>>



Imprest Funds – Discover the Main Principles of that Kind of Funds!

Thus, the exact time doesn’t matter as you can check the exact sum left in your petty cash float anytime you want...
What does Imprest fund mean? In fact, Imprest fund means any cash fund belonging to any individual, department, company or a group of people, that can be used by a specially appointed cashier permanently when there is a need for making purchases in cash of a small amount origin...
Moreover, those who often blow off can control their expenses knowing they have to replenish their expenses by the end of a certain period...
People choose this system of loans because of a great possibility to pay in cash without using their general ledger account...
More >>>


  > > > >