I have $60,000 in various student loans, but since consolidating my combined payment is only $300/month. I have no other debt. Do lenders view student loan debt differently due to the flexibility of the loans? Also, would they look more at the total amount of the debt or the monthly payment when determining the rate and loan amount?
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.
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http://free-college-information-usa.blogspot.com/
Free College information on financial aid for students, scholarship, student loans and more.
I am looking for data on the average annual interest rate of Home Equity Loans. From 1970-current would be ideal.
Do you know where I can find this data.
Thank you.
Many online companies are offering their interest rates and loans, check their details and select the one which suits you best depends upon your loan requirement and your financial condition. I am giving you one I have used.
My credit scores are between 570-590 from past late payments on student loans. I since have a good credit history and income but I can not find a lender. I have read that FHA loans only require 580 scores but I can’t find any way to get a loan. Any suggestions will help. I need a mortgage now- I am under contract to buy a house on 2/26.
600,,,impossible especially when they see the online gambling you have been involved with…there is no way…
Im wondering, Im looking in the Arizona area, and I notice the homes are REALLY cheap there. PHOENIX area, Im looking to re-locate. Can anyone help me? Im looking into a home thats under $175,000, Could I qualify for a loan with not so perfect credit? Do they have 1st time buyer programs out there…
Absolutely, you can get 100% financing with a 620 credit score or FHA financing at 97%. Get with a broker and check out how much you qualify for.
I’m getting ready to buy my house. I know to do a 30-yr fixed rate. I’m just wondering what is the buzz about subprime home loans? It seems to really be hurting people and mortgage companies. What are the advantages and disadvantages? Thanks.
There are advantages and disadvantages to everything in life.
I don’t understand your situation financially, therefore I can not answer your question about subprime mortgage.
Sub-prime mortgage was and is an option available or was selected by those that wanted to purchase a house and the program fit their financial situation at the time.
Depending on your financial condition, credit report and other factors will determine if you get a sub-prime loan, an adjustable rate mortgage a 30 year fixed rate and FHA or a "A" loan.
You should not zero in on a certain mortgage program because everyone tell you this is the way to go. Don’t jump into the fire because everyone says it is the way to go and we fell all warm and rosy. This same fire might burn you.
Your financial situation should dictate the type mortgage you get. Everyone’s financial situation is different.
You should contact a mortgage broker complete a mortgage application and allow this mortgage broker to run a credit check for you.
This credit report, debts on your credit report as well as your income will dictate the type of mortgage you are qualified for not that you want a 30 year mortgage or that all your friends have a 30 year mortgage or suggest that you get a 30 year mortgage.
What is best for you right now and in the future should determine the type of mortgage you want and should get.
Once your mortgage broker has mortgage programs available to you then you should sit down with this mortgage broker and go over each option available to you. If you don’t understand a certain mortgage then don’t leave the table until you completely understand what is available to you.
Now once all your options have been explained to you, then and only then are you able to make an intelligent decision as to which is best for you.
I hope this has been of some use to you, good luck.
"FIGHT ON"