Loan


Extending The Term When You Refinance Student Loans

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...

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 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...
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...
While this may not seem like a big deal to you, it’s a point to consider if you’re thinking about your financial future.

Example of NOT extending your student loan term

Let’s look at Amy’s situation again: Amy has $45,000 in Federal student loan debt at a 6 percent interest rate on a 10-year, standard repayment plan...
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Here are some questions about the HARP refinance program



To start, you should contact the company that services your loan and ask if it participates in HARP...
(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...
For instance, the program initially put a cap on the loan-to-value ratio for eligible loans...


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

However, getting an iPad should not be the reason why you are opening an account...
Sometimes, this kind of account is referred to as a student checking account ...
Vice versa, if you are going to keep a small sum of money, you should choose a bank that will not punish you for that...
If you would like to start a checking account, you should select a bank that offers high interest rates and low or no fees...
Every bank checking account owner should maintain a running balance to follow the minimum balance requirements set by the bank and prevent overdrawing...
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Balance Transfer



Balance Transfer Calculator

If you want to pay out your loans fast, or are prepared to shift loans all the time, then you will most likely want to have 0 interest on balance transfers ...


As with any financial step you take during lifetime, you should consider a few important things when searching for the best balance transfer credit cards : Be sure to pay attention to transaction fees that credit card companies charge on each balance transfer...


Balance Transfer Credit Cards

If your credit card has large balances that are carried on every month, you should definitely consider a credit card balance transfer , which is one of the ways to save money...


There are a few things you should know before initiating a balance transfer...
After this is done, a request should be filed to initiate the transfer...
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Down Payment

However, loans, granted by the Department of Veterans (VA loans) do not require a down payment...
Also, you should not have any other estate property in possession...


Many potential homeowners, having studied different options, conclude that FHA down payment assistance is the best, because it requires lower down payments and provides a high degree of security should a client fail to pay the whole sum....


Please, do not expect your lender to offer you any home loans with no down payment ...


FHA Loan Down Payment

If you would like to obtain a FHA loan, you should find a FDA-backed lending institution...
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What Are the Best CD Rates Today?

But that could change as the overall rate climate changes, too — so stay tuned.

Shop Around for the Best CDs

It should be clear by now that you won’t get rich off a certificate of deposit, but you can still manage a decent interest rate by shopping around...
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...
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