Sabtu, 20 Februari 2010
Plus Loan
Plus Loan
Plus loans are basically the Parent Loans for Undergraduate Students that are made available to parents whose children are dependent on them for education. This makes it the parent responsible for the interest that gets accumulated on the loan.
Plus Loan
Plus loans are basically the Parent Loans for Undergraduate Students that are made available to parents whose children are dependent on them for education. This makes it the parent responsible for the interest that gets accumulated on the loan.
With the help of the Plus loans parent and guardians who have a good credit history can be responsible for paying the educational expenses of their children. The Plus loans are made available through the FFEL programs. The Plus loans are federally guaranteed loans made available to parents at a lower interest rate.
There are a number of benefits attached with the Plus loans.Some of these include:
The parents can borrow an amount that would include the total cost of the education including the lab expenses, the supplies, and the room and board.
These loans are given out on the basis of credit histories making it possible for anyone to apply for these loans.
The interest rate for these loans is fixed at 8.5%.
The parent is not supposed to give any collateral for the loan
If the parent wishes to pay off the loan earlier than the maturity of the loan then he can do so without paying any pre payment penalties.
The interest rate charged on the Plus loans is tax deductible.
These loans can be obtained quickly.
To be eligible for the Federal Plus loans the parent is required to be either a U.S citizen or a non-eligible citizen and should be able to meet with the creditworthiness of the federal minimum standards. Besides this the student is also required to be a U.S citizen or an eligible non-citizen. The student should not be married and should not have any dependents. Besides this the student is
required to be less than 24 years of age. The interest rates on the Plus loan are adjusted on the 1st of July every year. This adjustment is established on the last 91-Day T-Bill rate in May. The borrowers are required to pay the rate on the 91-Day T-Bill + 3.1%.
The interest rates are capped at 9% for the borrower for the term of the loan so that in case the rates rise then you would not have to pay an amount more than this determined amount. The Plus loans have a government origination fee of 3% and a guarantee fee of 1%.In case the parent in unable to meet with the payments for the Plus loan then they can apply for a Plus loan consolidation. The Plus loan consolidation works in the same way as any other debt consolidation or home refinance option. When you opt for Plus loan consolidation then you are required to fill out an online application form. Your application would further be checked and verified and then it is submitted to the underwriters of the Plus loan consolidation company. The underwriters would then get a loan verification certificate from your lender. Later you are given a new loan with lower interest rates.
Later you are required to make payments on this Plus consolidated loan. The process of consolidation can take a time of 1-2 months. According to the experts the best time when you should consider consolidating your Plus loan is right after your final payments has been given out to you. This would help you in getting the lowest interest rate on your Plus loan consolidation. If you wish to reduce your monthly payments and increase your cash flow then the Plus loan consolidation is a good offer for you. If you wish to consolidate the Plus loan then you should be eligible for the loan. The criteria for qualifying include that you are required to have paid your final disbursement; you should not be in apposition of default, you should have a pending amount of $1,000 to be paid towards your Plus loan.
With the help of the Plus loan the parent can get a low interest rate loan for sponsoring the educational needs of their children. The Plus loans have flexible terms and conditions. There are no specific qualifying criteria for the Plus loans. If you are a U.S citizen and have a dependent child who needs educational loan then you can easily apply for the Plus loan. There are a number of lenders that would give Plus loans sponsored by the Federal government. You are just required to take the right route of applying for the Plus loans. There are a number of brokers who would offer to help you out in applying for the Plus loan but you should not go through the broker as you would have to pay additional fees. But if you opt also then the broker can help you find the best loan option that would suit your financial conditions.
The Federal Plus loans are a good option for students who are dependent on their parents to get a loan. If you are thinking of getting your child admitted into a reputable college then you can opt for a Plus loan. With the Plus loan it is the parent who is responsible for making payments towards the loan and not the student. The parent is required to pay the interest as well as the principal on the loan. The Plus loan offers a lot of advantages and it can be easy for the parent to keep up with the payments towards the loan. In case the parent cannot afford the payments then he can easily opt for the Plus loan consolidation.
http://www.omniglot.com/onlineinfo/delaware/plus_loan.html
Home Equity Loans
The Federal P.L.U.S. Loan vs. Home Equity Loans
Using a home equity loan to help pay college costs has been a popular option, since the interest is tax deductible. However, many families would rather have the peace of mind of not putting their house on the line to pay for college.
If you are considering using your home equity to pay for college instead of a PLUS Loan, be sure to consider these points:
Interest Cap
Many home equity loans have very high interest rate caps, which means that if interest rates were to rise, a home equity loan could become a very expensive option — even with the tax advantage.
Liquidity
Parents who hold on to their equity have the peace of mind of preserving their liquidity; they have the funds available for emergencies as well as opportunities.
Insurance
Unlike most home equity loans, the PLUS Loan is fully insured against death and disability and payments can be deferred during times of financial difficulty.
These questions can further help you evaluate the PLUS Loan vs. a home equity loan:
What is the interest cap on my equity line?
Many home equity loans have very high interest rate caps.
Do I have enough equity available to cover all four years and all of my children?
Many parents don't, and that's why they are taking advantage of the PLUS Loan now while the terms are so favorable.
Would my equity loan be fully insured?
Is it forgiven in the event of death of the parent and/or student or the total disability of the parent? Does it contain a payment deferment or forbearance clause for times of economic difficulty, like the PLUS does?
Am I carrying any debt above 9%?
Most parents in this situation use the PLUS to pay for school, which frees up other monies (equity, for example) to pay off more expensive debts. Nobody wants to be in debt, but taking out a 9% loan is far better than carrying a credit card balance at 17 or 18%.
https://studentaid2.ed.gov/getmoney/pay_for_college/loans_plus_vs_equity.html
Using a home equity loan to help pay college costs has been a popular option, since the interest is tax deductible. However, many families would rather have the peace of mind of not putting their house on the line to pay for college.
If you are considering using your home equity to pay for college instead of a PLUS Loan, be sure to consider these points:
Interest Cap
Many home equity loans have very high interest rate caps, which means that if interest rates were to rise, a home equity loan could become a very expensive option — even with the tax advantage.
Liquidity
Parents who hold on to their equity have the peace of mind of preserving their liquidity; they have the funds available for emergencies as well as opportunities.
Insurance
Unlike most home equity loans, the PLUS Loan is fully insured against death and disability and payments can be deferred during times of financial difficulty.
These questions can further help you evaluate the PLUS Loan vs. a home equity loan:
What is the interest cap on my equity line?
Many home equity loans have very high interest rate caps.
Do I have enough equity available to cover all four years and all of my children?
Many parents don't, and that's why they are taking advantage of the PLUS Loan now while the terms are so favorable.
Would my equity loan be fully insured?
Is it forgiven in the event of death of the parent and/or student or the total disability of the parent? Does it contain a payment deferment or forbearance clause for times of economic difficulty, like the PLUS does?
Am I carrying any debt above 9%?
Most parents in this situation use the PLUS to pay for school, which frees up other monies (equity, for example) to pay off more expensive debts. Nobody wants to be in debt, but taking out a 9% loan is far better than carrying a credit card balance at 17 or 18%.
https://studentaid2.ed.gov/getmoney/pay_for_college/loans_plus_vs_equity.html
Loan Program
The Keystone Extra
Loan Program
PHEAA recently announced that the Agency is now providing a unique version of the Parent Loan for Undergraduate Students (PLUS) which has significant cost-savings advantages for parents of undergraduate students and makes student loan borrowing easier and more affordable.
The new program, called Keystone PLUS, features loans available to parents or guardians of students who have already borrowed the maximum amount of student aid for school. Each year, parents may borrow up to the difference between their child's educational costs and other financial aid from a participating bank or lending institution. Unlike standard PLUS programs, Keystone PLUS offers borrowers a one percent rebate of the total loan amount after 24 months of on-time payments and an additional one percent rebate after the next 24 on-time payments. Keystone PLUS borrowers have the option of having monthly payments automatically withdrawn from their checking Or savings accounts. For added convenience, PHEAA offers single billing and virtually a 24-hour access to account information.
Loan Program
PHEAA recently announced that the Agency is now providing a unique version of the Parent Loan for Undergraduate Students (PLUS) which has significant cost-savings advantages for parents of undergraduate students and makes student loan borrowing easier and more affordable.
The new program, called Keystone PLUS, features loans available to parents or guardians of students who have already borrowed the maximum amount of student aid for school. Each year, parents may borrow up to the difference between their child's educational costs and other financial aid from a participating bank or lending institution. Unlike standard PLUS programs, Keystone PLUS offers borrowers a one percent rebate of the total loan amount after 24 months of on-time payments and an additional one percent rebate after the next 24 on-time payments. Keystone PLUS borrowers have the option of having monthly payments automatically withdrawn from their checking Or savings accounts. For added convenience, PHEAA offers single billing and virtually a 24-hour access to account information.
Although Keystone PLUS rates are variable, they cannot exceed nine percent annually, and the interest may be tax deductible. Repayment of PLUS loans begins 60 days from their disbursement dates. In order to receive a Keystone PLUS loan, parents must be creditworthy U.S. Citizens or eligible non-citizens who are not in default on an education loan or do not owe an education grant refund. In addition, their children must be accepted at a participating school or, if enrolled, be making satisfactory progress, be classified as at least half-time students who are working toward a degree or certificate and be registered with Selective Service, if required.
Home Loan Programs
Keystone Home Loan Programs
Start living your dream today by finding out if you're eligible for a low-rate, 30-year fixed PHFA home loan.
Keystone Home Loan Program
Keystone Home Loan Program Income and Purchase Price Limits
You may be eligible for a Keystone Home Loan if you meet the following six conditions:
You are not a first-time homebuyer, but you plan to buy a home in a Targeted county or area or you are a discharged veteran of the United States Armed Forces. Target counties are indicated by a "T" in the listing of Purchase Price and Income Limits. Please note that some Non-Target counties have targeted neighborhoods within them. Those areas are listed by county and census tract starting on page three of the purchase price and the income limits above. To determine the census tract of a specific property, visit www.ffiec.gov, and select 'Geocoding/Mapping System'.
OR
You and all other adults who intend to live in the home within 12 months from closing are first-time homebuyers. This is defined as someone who has not owned (had Title to) their principal residence during the previous three years.
The gross annual household income for all adults that intend to occupy the home within one year from loan closing does not exceed the Keystone Home Loan Program income limit. All sources of income must be included, except for income received by persons under age 18 and income received by dependants enrolled in a full-time undergraduate program.
The purchase price of your prospective home does not exceed the Keystone Home Loan Program purchase price limit. This includes all costs for a complete home. It is also known as the total acquisition cost. The appraised value of land owned outright for more than two years does not need to be included.
You have an acceptable credit history and the ability to make monthly payments on the home you expect to buy. Generally, you should plan to use no more than 30 percent of your income for your monthly mortgage payment. A participating lender or PHFA network counseling agency can help you determine how much of a home you can afford, as well as any credit issues you may need to work on.
You have sufficient funds to pay standard mortgage application and closing fees. Check with a PHFA participating lender to determine the specific costs. These would commonly include such things as credit reports, appraisals, title fees, etc. Buyers who qualify for a PHFA home loan may be able to receive a 25 percent discount on their title insurance, upon request. This could be a savings of hundreds of dollars, depending on your loan amount. So, be sure to ask the lender to request the discount, if applicable. The discount does not apply to loan amounts greater than $200,000 or to the Approved Attorney Procedure.
You have sufficient funds for a downpayment on your prospective home. Borrowers who have a downpayment of less than 20 percent of the home’s purchase price or appraised value are required to obtain mortgage insurance to protect the lender and PHFA in the event that the mortgage becomes delinquent (you fall behind on your payments). The amount of the downpayment differs according to the loan type as listed below.
Conventional loans: This is the term for a loan that is not insured or guaranteed by the government. In this case, borrowers with a middle FICO credit score of at least 660 can put as little as three percent down (this would include the co-borrowers score, too). Of that amount, the lesser of $1,000 or two percent of the sales price must be verified in your bank account for at least three months. The remainder can come from a gift from a member of your immediate family (parent, sibling, child, grandparent, aunt, or uncle) or a nonprofit organization.
For buyers with credit scores below 660, a downpayment of five percent is required for conventional loans. At least three percent must be verified in your bank account for at least three months. The additional two percent can be a gift from a source mentioned above.
FHA loans: These loans are insured by the Federal Housing Administration (FHA) and require a borrower to have a three percent minimum investment.
VA and RHS loan: Loans guaranteed by either the Veterans Administration (VA) or Rural Housing Services (RHS) require no downpayment in most cases. RHS loans are not available in Philadelphia and Delaware counties or other major cities.
Borrowers should be aware that not all participating lenders offer FHA, VA, or RHS loans. Also, those loan types may have additional eligibility requirements regarding the buyer and/or the property.
Keystone Home Loan PLUS Program
Keystone Home Loan PLUS Income and Purchase Price Limits
You may be eligible for the Keystone Home Loan PLUS and the lowest PHFA interest rate available if you meet the six conditions above for the Keystone Home Loan Program plus the additional four below:
All adults who intend to live in the home within 12 months from closing must be first-time homebuyers, regardless of the location of the home. This is defined as someone who has not owned (had Title to) their principal residence during the previous three years. Additionally, all adult occupants may not have ownership interest in any other real estate, except for a business property if the business is that persons primary source of income.
The gross annual household income for all adults that intend to occupy the home within one year from loan closing does not exceed the Keystone Home Loan PLUS income limit. All sources of income must be included, except for income received by persons under age 18 and income received by dependants enrolled in a full-time undergraduate program. These limits are lower than the Keystone Home Loan income limits.
The purchase price of your prospective home does not exceed the Keystone Home Loan PLUS purchase price limit. This includes all costs for a complete home. The appraised value of land owned outright for more than two years does not need to be included. These limits are lower than the Keystone Home Loan purchase price limits.
Household liquid assets may not be greater than $5,000 after deducting the funds needed to close on the loan. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit, and similar liquid accounts. Funds from retirement accounts such as 401(k)s, IRAs, and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired.
Keystone Assistance Loan Program
The Keystone Assistance Loan Program provides a zero interest second loan to help with costs associated with a home purchase. This loan has no monthly payment and only becomes due and payable upon sale or transfer of your home. The maximum amount of assistance available is $1,500 for buyers using the Keystone Home Loan program and $3,000 under the Keystone Home Loan PLUS program. Buyers must meet the requirements of the Keystone Home Loan or the Keystone Home Loan PLUS, as well as the criteria below:
All adult occupants may not have had an ownership interest in their primary residence in the last three years, nor may they have a present interest in any other real estate, except for a business property if the business is that person’s primary source of income. This applies even if the buyer is a purchasing a home in a targeted area under the Keystone Home Loan.
Household liquid assets may not be greater than $5,000 after deducting the funds needed to close on the loan. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit, and similar liquid accounts. Funds from retirement accounts such as 401(k)s, IRAs, and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired.
Start living your dream today.
If you meet the conditions above, call a PHFA participating lender to start your mortgage application. PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education through one of its approved counseling agencies. We strongly encourage you to seek the assistance of a counselor before you sign a sales agreement, especially if you are a first-time buyer. Any borrower with a FICO credit score lower than 660 is required to complete a course prior to closing on their loan.
http://www.phfa.org/consumers/homebuyers/khlprograms.aspx
Start living your dream today by finding out if you're eligible for a low-rate, 30-year fixed PHFA home loan.
Keystone Home Loan Program
Keystone Home Loan Program Income and Purchase Price Limits
You may be eligible for a Keystone Home Loan if you meet the following six conditions:
You are not a first-time homebuyer, but you plan to buy a home in a Targeted county or area or you are a discharged veteran of the United States Armed Forces. Target counties are indicated by a "T" in the listing of Purchase Price and Income Limits. Please note that some Non-Target counties have targeted neighborhoods within them. Those areas are listed by county and census tract starting on page three of the purchase price and the income limits above. To determine the census tract of a specific property, visit www.ffiec.gov, and select 'Geocoding/Mapping System'.
OR
You and all other adults who intend to live in the home within 12 months from closing are first-time homebuyers. This is defined as someone who has not owned (had Title to) their principal residence during the previous three years.
The gross annual household income for all adults that intend to occupy the home within one year from loan closing does not exceed the Keystone Home Loan Program income limit. All sources of income must be included, except for income received by persons under age 18 and income received by dependants enrolled in a full-time undergraduate program.
The purchase price of your prospective home does not exceed the Keystone Home Loan Program purchase price limit. This includes all costs for a complete home. It is also known as the total acquisition cost. The appraised value of land owned outright for more than two years does not need to be included.
You have an acceptable credit history and the ability to make monthly payments on the home you expect to buy. Generally, you should plan to use no more than 30 percent of your income for your monthly mortgage payment. A participating lender or PHFA network counseling agency can help you determine how much of a home you can afford, as well as any credit issues you may need to work on.
You have sufficient funds to pay standard mortgage application and closing fees. Check with a PHFA participating lender to determine the specific costs. These would commonly include such things as credit reports, appraisals, title fees, etc. Buyers who qualify for a PHFA home loan may be able to receive a 25 percent discount on their title insurance, upon request. This could be a savings of hundreds of dollars, depending on your loan amount. So, be sure to ask the lender to request the discount, if applicable. The discount does not apply to loan amounts greater than $200,000 or to the Approved Attorney Procedure.
You have sufficient funds for a downpayment on your prospective home. Borrowers who have a downpayment of less than 20 percent of the home’s purchase price or appraised value are required to obtain mortgage insurance to protect the lender and PHFA in the event that the mortgage becomes delinquent (you fall behind on your payments). The amount of the downpayment differs according to the loan type as listed below.
Conventional loans: This is the term for a loan that is not insured or guaranteed by the government. In this case, borrowers with a middle FICO credit score of at least 660 can put as little as three percent down (this would include the co-borrowers score, too). Of that amount, the lesser of $1,000 or two percent of the sales price must be verified in your bank account for at least three months. The remainder can come from a gift from a member of your immediate family (parent, sibling, child, grandparent, aunt, or uncle) or a nonprofit organization.
For buyers with credit scores below 660, a downpayment of five percent is required for conventional loans. At least three percent must be verified in your bank account for at least three months. The additional two percent can be a gift from a source mentioned above.
FHA loans: These loans are insured by the Federal Housing Administration (FHA) and require a borrower to have a three percent minimum investment.
VA and RHS loan: Loans guaranteed by either the Veterans Administration (VA) or Rural Housing Services (RHS) require no downpayment in most cases. RHS loans are not available in Philadelphia and Delaware counties or other major cities.
Borrowers should be aware that not all participating lenders offer FHA, VA, or RHS loans. Also, those loan types may have additional eligibility requirements regarding the buyer and/or the property.
Keystone Home Loan PLUS Program
Keystone Home Loan PLUS Income and Purchase Price Limits
You may be eligible for the Keystone Home Loan PLUS and the lowest PHFA interest rate available if you meet the six conditions above for the Keystone Home Loan Program plus the additional four below:
All adults who intend to live in the home within 12 months from closing must be first-time homebuyers, regardless of the location of the home. This is defined as someone who has not owned (had Title to) their principal residence during the previous three years. Additionally, all adult occupants may not have ownership interest in any other real estate, except for a business property if the business is that persons primary source of income.
The gross annual household income for all adults that intend to occupy the home within one year from loan closing does not exceed the Keystone Home Loan PLUS income limit. All sources of income must be included, except for income received by persons under age 18 and income received by dependants enrolled in a full-time undergraduate program. These limits are lower than the Keystone Home Loan income limits.
The purchase price of your prospective home does not exceed the Keystone Home Loan PLUS purchase price limit. This includes all costs for a complete home. The appraised value of land owned outright for more than two years does not need to be included. These limits are lower than the Keystone Home Loan purchase price limits.
Household liquid assets may not be greater than $5,000 after deducting the funds needed to close on the loan. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit, and similar liquid accounts. Funds from retirement accounts such as 401(k)s, IRAs, and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired.
Keystone Assistance Loan Program
The Keystone Assistance Loan Program provides a zero interest second loan to help with costs associated with a home purchase. This loan has no monthly payment and only becomes due and payable upon sale or transfer of your home. The maximum amount of assistance available is $1,500 for buyers using the Keystone Home Loan program and $3,000 under the Keystone Home Loan PLUS program. Buyers must meet the requirements of the Keystone Home Loan or the Keystone Home Loan PLUS, as well as the criteria below:
All adult occupants may not have had an ownership interest in their primary residence in the last three years, nor may they have a present interest in any other real estate, except for a business property if the business is that person’s primary source of income. This applies even if the buyer is a purchasing a home in a targeted area under the Keystone Home Loan.
Household liquid assets may not be greater than $5,000 after deducting the funds needed to close on the loan. This includes cash and funds in checking and savings accounts, stocks, bonds, certificates of deposit, and similar liquid accounts. Funds from retirement accounts such as 401(k)s, IRAs, and pension funds will only be considered if they can be withdrawn without a penalty due to borrower meeting age requirement and/or being retired.
Start living your dream today.
If you meet the conditions above, call a PHFA participating lender to start your mortgage application. PHFA also offers homebuyers the opportunity to receive homebuyer counseling and education through one of its approved counseling agencies. We strongly encourage you to seek the assistance of a counselor before you sign a sales agreement, especially if you are a first-time buyer. Any borrower with a FICO credit score lower than 660 is required to complete a course prior to closing on their loan.
http://www.phfa.org/consumers/homebuyers/khlprograms.aspx
Senin, 15 Februari 2010
International Commercial Loans
International Commercial Loans
International Commercial Loans rates can change daily and are dependant on asset quality and performance. Unlike rates from traditional lending sources, at A2ZBigLoans.com our obligation is to you, the borrower. Since we are not limited by our affiliation with any one bank, we are able to present your commercial mortgage loan to a broad spectrum of potential capital sources and secure the best terms and pricing that the market can offer.
To receive Current Commercial Property Loans, Private Lender Rates, and/or Business Real Estate Financing rates for your project, please submit your quick loan request.
A2ZBigLoans.com is an independent, commercial mortgage lender solution, and originating commercial loan debt for its institutional and private money investors worldwide.
With a core focus on commercial mortgage loans, a diverse product mix, an innovative online commercial lending platform, and a staff of seasoned, experienced professionals, We provides a low cost, single source solution for commercial business loans, construction loans, and other commercial property loans.
Chiefly, commercial real estate loans are used for business purpose but it can be also utilized for the agricultural use, shopping centers, apartments, motels, hotels, casino, automobile dealerships, office buildings and for many other commercial purposes.
No doubt, through commercial real estate loans, one can obtain considerable amount of money and buy the properties that they would like to.
http://www.a2zbigloans.com/
International home loans
International home loans
International home loans International home loans are an excellent tool to facilitate real estate investments around the world. Our trained team of home loan experts keep abreast of the most competitive international property loan deals available in the market today, and will offer informed recommendations to clients about the same.
1. Pre-application – our staff will i) find the most appropriate international home loan deal according to our client’s home loan requirements, personal circumstances and property location ii) meet with the bank to confirm details of the loan, including amount of financing available, lending rates, loan repayment schedules and loan tenure. Once these details are confirmed, our staff prepare a table of recommendations to our client, enabling him to make an informed decision.
2. Application – Healy Consultants completes the international home loan application form provided by the bank. Furthermore, we collect client due diligence required by the bank, typically including applicant’s passport copy, letter from employer confirming salary and/or bank statements. A copy of the valuation report of the property is also supplied, if required. Sometimes a lender also requires cashflow statements and rental income forecasts as part of the aplication. To maximise the likelihood that the international home loan is approved quickly, Healy Consultants will prepare these additional documents on our client’s behalf.
3. Post-application – once the international home loan application is submitted, Healy Consultants liaises with the bank officer handling the application. We i) confirm that the application is successfully received and ii) that the information contained in the application pack is sufficient. If the bank requests additional information on the applicant or property we will supply it (with the assistance of our client).
4. The bank will send out a Home Loan offer, which we will then forward to our client. Once our client accepts the offer we often help the client open personal and/or corporate bank accounts to receive rental income.
Contact Us
http://www.healyconsultants.com/banking-services/international-home-loans.html
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