Comments for Student Loans and Re-finance

Comment on How do student loans affect a mortgage applicaton? by Marian Martin

Marian Martin — Fri, 16 Oct 2009 19:32:59 +0000

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Comment on How do student loans affect a mortgage applicaton? by nidia

nidia — Fri, 16 Oct 2009 18:52:59 +0000

With 20 years experience in the mortgage business, I have never seen a student loan that was in repayment treated any differently than any other long term debt. While you may be able to ask for a hardship deferal in the future, which is the only advantage on a student loan that doesn’t exist on a standard installment loan, no lender wants to anticipate that circumstance. As long as the payments extend past 10 months in the future, the lender will only use your monthly payment as part of your qualifying ratios. The total debt is not that important and would only be a minor factor. What will matter more is your payment history on the student loan: it should be perfect. It all comes down to the quality of your credit history (your FICO score) and your qualifying ratios of debt/income.

Try this site

http://free-college-information-usa.blogspot.com/

Free College information on financial aid for students, scholarship, student loans and more.
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Comment on How do student loans affect a mortgage applicaton? by jlf

jlf — Fri, 16 Oct 2009 18:16:59 +0000

Yes, it is viewed differently than, say, credit card debt. They look to see if the loans are in good standing and what your monthly payments are.
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Comment on How do student loans affect a mortgage applicaton? by San Diego Art Nut

San Diego Art Nut — Fri, 16 Oct 2009 18:02:59 +0000

Your best answers will come from a mortgage lender or a loan officer at a bank. It will really depend on many factors that may be regional or temporal.
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Comment on student loans? by Josh

Josh — Fri, 16 Oct 2009 17:33:59 +0000

You can get a list of all his loans from his school’s financial aid office. They can also give you advice on how to consolidate loans. If he has a whole bunch of federal loans, the government does offer a way to consolidate them. If he has federal loans, go to http://www.dlservicer.ed.gov and login. There will be an option to consolidate loans. If he has more than federal loans, many banks and companies offer consolidation of loans ay lower interest rates. My favorite is citibank through their program called citiassist, this can be access at http://www.citiassist.com. There are many others. I receive offers in the mail constantly, and I’m only a junior in college. I hope this info helps!
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college student

Comment on How do student loans affect a mortgage applicaton? by mar c

mar c — Fri, 16 Oct 2009 17:31:59 +0000

it's the loan...they do not care who you owe it to
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Comment on 5 Advantages of A Home Equity Loan by Home Loan Guru

Home Loan Guru — Mon, 16 Mar 2009 21:52:59 +0000

In general, a home equity loan is a great way to consolidate debt. The risks are few and the cost is usually much lower than other debts, such as credit cards or bills, but since you asked about risk and advantages, here are a few:

The main risk of a home equity loan is the same as any mortgage: you can only lose your home if you default on the loan (that is, fail to pay it back) and your home goes into foreclosure. But this is always a last resort and never in anyone's best interest.

Also, home equity lines of credit are tied with adjustable rates which can change, depending on what the Fed does (but also depends on when your loan is set to adjust). But they are always usually lower than credit card rates.

Just to clarify — you can get a fixed rate with a home equity loan for up to 30 years. The main difference between the two is that home equity loans give you your money in a lump sum; home equity lines are like credit cards in that you can draw from the account when you need the money. For a one-time consolidation, a home equity loan might be a better choice; however, that's a decision you should talk over with your mortgage professional.

The main advantage to either is that you most likely can deduct the mortgage interest on a home equity loan from your taxes, whereas you can't do that with credit card interest. Plus, by getting rid of credit card debt, you could raise your credit score which could lead to better loan terms and rates in the future.

Hope this helps!
References :
http://www.quickenloans.com/home_equity_loan/articles/best_home_equity_loan.html

Comment on 5 Advantages of A Home Equity Loan by jack

jack — Mon, 16 Mar 2009 21:50:59 +0000

i think that the below website will help you to find the right solution and also help to get full details about all type of loans.
References :
http://easycashloan.50webs.com

Comment on 5 Advantages of A Home Equity Loan by Bruce T

Bruce T — Mon, 16 Mar 2009 21:48:59 +0000

Nelson has good solid advice, once you pay off credit debt make sure you tear up those credit cards. A HELOC or Home Equity Line of Credit does put your home at risk because it is used as collateral. When you get approved for the Line of Credit you will be issued a "check book" to write checks up to the allowable amount.

Use it wisely.
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Bruce T
Mortgage Loan Officer

Comment on How to Pay Off Your Student Loans and Reduce Your Debts by cosmic_challenges_mom

cosmic_challenges_mom — Mon, 16 Mar 2009 21:48:59 +0000

Because the student loan system is set up so that the poor pay much more an education than the middle class or upper class…..Yes, financial aid in the forms of loans is more than the amount of grants.

No one cares about the poor in the US…..
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