Time to refinance? How low can mortgage rates go? Reuters Blogs (blog)
Mark Sass and his wife Jan decided to refinance the mortgage on their Cincinnati, Ohio, home on Friday, just days before the Federal Reserve pledged to keep rates near historic lows through the first half of 2013.
“I knew the Fed statement was coming out and rates had dropped to historically low levels, and it just seemed like an opportune time. I hadn’t even thought about it until then,” says Sass, who owns his own marketing research company.
Their original mortgage had a 20-year amortization period — at a 4.875 percent rate — with 12 years remaining. They are rolling it over into a 10-year mortgage with a 3.5 percent rate. “I was able to knock a couple of years off the term with a very modest increase in the monthly payment,” Sass says. “It seemed like a no-brainer to me.”
Sass and his wife are both 55, so retirement is on the horizon. “The opportunity to look 10 years out and know that – unless things change – we won’t have a mortgage when we retire looked like a smart decision,” Sass says, adding the overall savings on interest by reducing his term will be in the neighborhood of $20,000.
Loan Consolidation | New Obama Plan Reforms Student Loans
For the more than 36 million Americans who carry federal student loan debt, totaling more than one trillion dollars, President Barack Obama’s new plan could significantly lighten the heavy burden of debt for those who qualify.The new Obama plan to help alleviate college student loan debt might not be much help to current students, with loan consolidation not starting until 2012 and loan debt .. more …
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school loan consolidation - Consolidate your student loan quick and easy!
school-loans-consolidation.net If you have a knowledge about what is student loan consolidation, what different kinds of loan are available and ...
How can I refinance my college school loans?
Actually it's my girlfriend who needs her college loans refinanced. They're about 60 thousand. Shes paying over $500 a month for her loan, and some of my friends have the same if not more of a total loan amount and they are paying hundreds of dollars lower a month. How can she get her loan refinanced to get a lower payment? Is this possible? Her current loan is through a company named Sallie Mae.
She can try. You can consolidate loans together so the amount doesn't change but the monthly payments are lower. Depending when she got them, my rate is around 3%, though I know they are higher now. You can't really refinance a student loan. Have her call Sallie Mae or try Nelnet as well.
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refinance my college loan?
Does anyone know of anyway to get a lower rate for my college loan? My credit score is about 725. Any ideas?
My son just called the department of education and discussed it with them and got a lower rate.
Are you paying through the Federal Student Aid program? If you are, call them. If it's through someone else, get it consolidated through the department of Ed. That's about the lowest rates you can get. I think his loan is at something like 4%.
I can get the web addresses if you need them.
I got into a bad car loan in college it 21,000 dollars for 20 percent interest? can i refinance?
I've been making on time payments for a year could i refinance is it worth it? could i give the car back? what the best way to refinance?
You can refinance, but you need to show some proof of some type of income.
Go to your bank or local credit union. Many colleges have their own credit unions, and ask what type of rate they can give you for a used car loan. Most should be able to get your around 8%-10% if your credit is decent.
You can't give the car back. You purchased it and signed a contract. If you try, you'll more than likely ruin your credit as it will go on your record as a repossession.
What is a decent interest rate for refinancing my college loans?
I have $30,000 in college loans. I want to consolidate them into one payment with a decent interest rate.
Hi,
I used "Credit Solution" to settle my college loan.They managed to reduce my loans up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://urlhawk.com/4ys
If you are becoming a teacher, or law enforcement related job, or medical there are all new forgiveness loans which were instituted in Sept 07. Here is pho num for Dept of Ed. Remember rates are coming down, but if you have to consolidate now ok to do so, take two courses even if online, and can go into non payment status again and get 6 months grace back. D.O.E. = 1-800-557-7392 // other good num (have your fasfa num ready, pin num, will give you info, and very helpful people on other end of pho Fed aid borrower services 1-800-557-7392 // forgiveness website is listed at website www.answersfordebt.com remember though each state is different and have to go thru employer who probably won't know what you are talking about if you ask about forgiveness programs. Punch this in search engine higher ed watch and stay in touch w/them, this is the lobbying group that got all laws changed in sept. 07 and is responsible for you to now borrow more from govt. at lower interest rates, and more money to borrow.
There are no "decent interest rates" if going thru govt. which is adviseable, all the same.
Private loans are higher, maybe find a lower rate private, but will have to have one heck of a credit score. Only takes 3 pmts in a row on time to rehab delinquent loan to d.o.e., so don't be afraid, to start paying again, if went delinquent.
Take c/o student loans. There is no way out of them, no bnkrptcy, old joke in the industry was only way to get out of a student loan was to get a passport or cut off your leg. Old law required 110% disabled, and never forgot during training as loan advisor when teacher was asked how do you get extra 10 %, she said you would already have to be disabled, and then lose an arm or leg.
New law says if indigent after 25 years, can get forgiveness.
They have collection laws don't have to go to court, can grab income tax refunds, and a collection agency, yeah right a collection agency can garnishee your wages if you don't make arrangements w/them, all they need is the initials of the administrator of state you reside in, that they tried to work out arrangements and were unsuccessful, you were not cooperative, only debt can get arrested for not paying though rare, a couple of times, doctors making hundreds of thousands of dollars, weren't paying did they use that part of law.
Don't be afraid to consolidate, and again best to go thru D.O.E.
Has anyone refinanced college loans?
I have a college loan that i am STILL paying on. I have been told that i need to refinance b4 july 1st? Why and what do i need to do?
It all has to do with the interest rate increase that will affect Federal Stafford and Federal PLUS loans on July 1st.... It can get a little complicated, so bear with me...
Generally, when people refer to "refinancing" student loans, they are referring to student loan consolidation. Now, these days, there are many types of student loan consolidation -- both federal AND private -- but your reference to "July 1st" has me convinced that you are referring to federal loans. Unless you have already consolidated your student loans, they are almost definitely at a variable interest rate. Currently, if you are in repayment on a Federal Stafford loan, you are receiving an interest rate of 5.3%. On July 1st, this interest rate will increase to 7.14%.
Because this is kind of a big increase, people are recommending that students do whatever they can to "fix" their loans at today's lower rates... And the ONLY way to do this is to *consolidate* your variable-rate loans before the new, higher rates take effect.
When you consolidate, your lender takes all of your loans (Federal Stafford, Perkins, and/or PLUS) and lumps them all together into one big loan. (Essentially, your consolidation lender pays off your old loans and gives you a *new* one -- a Federal Consolidation Loan -- with new terms and a FIXED interest rate [based on the rate being offered at whatever time you complete your consolidation application].)
Now, even if you have only one loan, you can still consolidate. When you do, your lender will "fix" your interest rate and usually extend your repayment period beyond the standard 10-year term.
Naturally, there are pros and cons to any financial decision, and student loan consolidation is no different... So, what are the "cons" of consolidation? Generally speaking, any time you lengthen your repayment term, you run the risk of paying more in interest. *But* fixing the interest at a rate that's almost 2% lower might actually balance out. If you are at all concerned about the overall costs of the loan, just ask that they NOT extend your repayment term. Or, get a loan with a longer term but continue to pay a little bit extra towards the principal of the loan.
A few notes:
* Make sure you're getting a *Federal* Consolidation Loan. Beware of scam artists out there. You may encounter private companies out there that claim to be able to "reconsolidate" your loans for rates that sound too good to be true. DON'T DO IT. They're in business only to make money off of you. Many of them don't even deal in Federal Consolidation Loans, so you could end up with a private loan with horrible terms and none of the benefits and security of the Federal student loan that you started with. Go with a well-known consolidation lender -- e.g. Sallie Mae or Citibank -- or stick with the lender that you have right now.
* You can only consolidate the same loans *once* -- so, if you have *already* consolidated, you won't be allowed to "reconsolidate" (or refinance) that consolidation loan.
I'm a recent college grad looking to consolidate/refinance my student loans. What company should I do this w/?
My loan is currently with Wells Fargo and the interest rate is higher than most mortgages. Is there a place to find a more competitive interest rate? Thanks!!
Direct Loans is where I have mine - it's a program w/ the federal government and so far so good - decent interest rate, good service and my total actually seems to be going down finally!
Here is the main site:
http://www.ed.gov/offices/OSFAP/DirectLoan/index.html
Good luck!
High interest car loan: early payoff or refinance?
I bought a car in February of this year at an interest rate of about 20 percent because my credit was a mess. I have since graduated from college, gotten a real and have all my credit card bills paid. I can have the 48 month loan paid within one year (by Feb. 2008) because I've been paying literally three times the payment. My question is, should I pay it off early at a 20 percent rate or should I have my credit standing reevaluated and hopefully get a better rate? Obviously a better rate is ideal, but which option is a better way to build credit?
Personally whenever a lender charges me a too high interest rate, I like to stick it to them whenever I can.
So i would pay it off ASAP and don't let them get 1 penny of extra interest.
I applied for an unsecured loan a while back. At the time my credit score was very good, but I had just started working an income was still kinda low. So they charged my a very high interest rate. I tried to explain to them my job was commission based and I was going to be making alot of money in the near future. The didn't care.. so as as soon my salary went up I immediately paid the loan off. Where as if they had charged me a more normal interest rate i might have put that money towards something else. In the end they lost alot of money by charging my higher rates.
The bank for my car loan stinks! Is it worth it to refinance with my bank even though...?
The APR would be twice as much? Here's the deal. I only owe like 1500 for my car. I pay 200 a month right now. I'm super poor though and just graduated college. If I refinance with MY personal bank, they can give me 36 months at 13%. The monthly payment is only 70 a month. I'd still pay the 200 a month though, if I can, and then if there's a month I'm short... just pay slightly less. I'd have my car paid off in January if I kept up with the 200 a month. I know it sounds dumb, but my current lender keeps being really shady and screwing around with weird late charges and saying I "missed" payments. MY bank is awesome and everyone is super helpful. Would I be paying about the same if I still do 200 a month at 13% interest?
Don't refinance it. Keep records of all your payments with the current lender, and if they say that you were late or missed payments- make copies of everybank statement and check receipt with the dates to show they are incorrect. If they still insist on saying that you were late and charging you giant fees, write them a quick letter saying that you are writing to the credit bureaus and will say that they are illegally reporting incorrect informaation. There are tons of sample letters out there for discrepencies that you can cut/paste into Word, then edit for the specific biller.
Regardless, I wouldn't refinance with your bank at such a high rate! Do whatever you can to keep up with the $200/month payment. Even if you took a personal loan or line of credit for the remaining balance, that would be better than doing a complete refinance. It'll give you another type of credit record on your credit report and longer terms to pay back at a lower rate.
Personal loan would be a lump sum with monthly amount due back at the bank. Not a car loan. Usually better rates.
Personal Line of Credit is kind of like a credit card, except you determine the max amount with your bank and you can use all of those funds or only a portion, for as long as you want. It's a on-going thing.
HELP Lender lied on home loan, cost me refinance. House in foreclosure need financial help.?
Not only lender lied, contractor hired for remodel has left the state with $250,000.00 and left house unsellable, no roof on 2 buildings, the list goes on. I am recently divorced after 30 years, and I have 6 kids. My health is very poor do to a propane leak left unfixed during remodel, and im unable to work. I have had perfect health prior. I am going to loose everything i have worked for for 30 years. my exhusband is a 100% disabled veteran, and unable to help much. I had perfect credit up until April of 2006. I need some kind person to help me and my kids financially until I can sell home to repay them. Im not asking for anything free, just help!!!!! 2 kids are not in college because of this and one has quit school to help me keep the lites on and food. I am in bad shape, PLEASE SOMEONE HELP!!!!!!
I'm sure someone who knows more about this will give you some concrete advice, but in the meantime, go to the library and borrow some Suze Orman books. They're really accessible and she gives advice to a lot of people in desperate financial situations. I'd also consider seeing a lawyer about the lender and contractor. Good luck to you. Things will work out in the end. Also, there's always financial aid for college.
How do I refinance a student loan into a different name?
When I was in college, my mother was having some financial difficulty and took out an "unsecured" student/parent loan in my name and my grandmother's name.
My grandmother has since passed away and now the loan is entirely in my name. My mom is once again having financial difficulty and is having trouble with the payments, not only is this affecting my credit, it also is making it impossible for me to borrow anything because my debt to income ratio is too high.
I need to get the loan into my mother's name - it's her loan after all. Any suggestions on the best way to do this?
Thanks!
Vy
Let me clarify. The loan is in my name only now that my grandmother is gone. We signed the loan. My mother didn't have the credit at the time to get a loan, so my grandmother and I got one, however, she got the money with the condition that she make the loan payments and switch the loan into her name and out of ours when she was able. That's what I was initially inquiring about. Forgive me for not explaning throughoughly enough the first time.
And yes, looking back it wasn't a smart thing to do. We just thought we were helping my mom temporarily and that she'd get "stabilized" and be able to handle it... Hindsight 20/20, probably not a smart thing to do. You do dumb things when you're 18 and don't know any better.
It is impossible for your mom to get a loan in your name. Either she signed it with her name and ssn, making the loan HERS, or you and grandmother signed it making it now yours.
In short, it sounds like this loan you took out, not your mom.
If you don't know who's loan it is for sure, my advice is to look at the bills and statements she is receiving. If your moms name is listed and not yours.. this is not your problem.
If your mom and grandmothers name is listed, you are obligated to repay it and and the only way to legally make HER responsible for this debt is for HER to go to a bank and take out a new loan and pay off your and your deceased grandmothers loan. Then she would be the one responsible for making payments.
Always remember, don't sign any paperwork without reading it carefully.
college loan refinance - News
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The 11 Most Overlooked Tax Deductions - Kiplinger.com The 11 Most Overlooked Tax Deductions There's one exception to this sweet rule: If you refinance a refinanced loan with the same lender, you add the points paid on the latest deal to the |
Consumers face stricter standards for loans -- if they're even ... - The Plain Dealer - cleveland.com
The Plain Dealer - cleveland.comConsumers face stricter standards for loans -- if they're even But when they decided to refinance last month, they wondered about the credit storm everyone was talking about. Would they even qualify for a new loan?
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Will Any Other Republicans Support the Stimulus Deal? - Washington Post Will Any Other Republicans Support the Stimulus Deal? I took out 2 home equity loans one in 2003 and one in 2006 on top of the cash out refi in 2002 because a mortgage broker told me I could refinance out of |
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Geithner Announces New Financial Stability Plan - Washington Post Geithner Announces New Financial Stability Plan Banks and the credit markets transform the earnings and savings of American workers into the loans that finance a first home, a new car, or a college |
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10-Q: INTEGRATED HEALTHCARE HOLDINGS INC Until the default is cured, it could result in a violation of the Company's loan covenants. The foregoing analysis presumes that capital expenditures to |