This tag is a generic tag to be used when asking a question on Loans / lending. If there is a specific question the other related tags like home-loan, student-loans, etc should be used.
3
votes
2answers
64 views
How to get the lowest mortgage rate on a new purchase?
Looking for a home loan in the mid $400,000, with 20% down on the value price, a first home purchase and in the U.S.
What strategies can be applied to ensure the best interest rate possible?
What ...
2
votes
2answers
55 views
Basic Info On Construction Loans
My wife and I are looking into possibly buying a lot in Chicago and having a custom home built on it.
My most basic question: is it possible to get a loan that covers buying the lot AND the cost of ...
1
vote
2answers
64 views
Interest rate question
I'm having a little trouble figuring this out. Suppose I took out a loan with the following terms:
Loan Amount: 1,000
Interest Rate (APR): 10%
Compound Frequency: Monthly (12 compounding periods)
...
0
votes
1answer
64 views
How to Split a loan, and how much should be my investment
I am from india, my idea of the question is to understand
what is the loan amount i am entitled to, what should be my plan for applying a loan, and is there any ways to reduce interest rate after a ...
0
votes
1answer
30 views
Mortgage-based budget spreadsheets?
Got my first pre-approval on a mortgage loan, for an amount much larger than I thought I would.
At first glance, it looks like more than my conservative mind would think is reasonable to spend on a ...
0
votes
1answer
61 views
How to find if a public company has taken out a loan?
From a company's Income Statement, Balance Sheet, and Cash Flow data, is it possible to figure out if the company has taken out a loan and how much it has taken out?
4
votes
3answers
152 views
How should I calculate the opportunity cost of using a 401(k) loan?
I've seen a number of financial articles that discuss the "opportunity cost" of using a 401(k) loan; however, I don't seem to recall ever seeing a good formula or calculation that can be done to ...
4
votes
1answer
160 views
How to deal with my job change & 401k loan that I can't fully pay back?
It's been 60 days since I changed my job and I have an outstanding 401(k) loan of $30K(+30k non loan amount). I have only $20K to pay and my 401k plan won't accept the partial amount.
I still didn't ...
2
votes
3answers
157 views
Quick formula for calculating total interest in my head
Is there a rough, quick and dirty, formula that I can do in my head for calculating the total interest on a loan? Something like:
TotalInterest = Principal * (Yearly Interest% * Term In Years / 2);
...
0
votes
0answers
37 views
Best software to import finances [duplicate]
Possible Duplicate:
What are the best software tools for personal finance?
I'm looking for a tool to manage my personal finances with. I've got various loans, credit cards, a few ...
3
votes
1answer
66 views
In what state do usury laws apply?
Let's say that I live in Connecticut and take out a loan with a bank in another state (for this example, let's say New York). Is there a general principle on which state's usury laws would apply, or ...
5
votes
2answers
87 views
Do I have an option to transfer parent plus loans to myself?
My wife and I are currently about to start our payments for student loans. All of our loans are federal student loans through Direct Loans. We also have a parent plus loan, which is technically under ...
0
votes
2answers
61 views
Are there loans for buying businesses?
You want a house or something, you get a mortgage. But what if you're buying up a hotel, or a restaurant? I see these things for sale online at reasonable prices but not so reasonable that I could ...
4
votes
1answer
93 views
Why am I getting “Pre-approved” loans from random financial institutions in the mail?
Lately I've been getting letters in the mail saying that I've been pre-approved for a $2000 dollar loan by some random bank or financial institutions. I've never given out my address to anyone. I ...
3
votes
1answer
146 views
Does it make sense to get a 401k loan for land purchase?
Does it make sense to use a 401k loan as a downpayment on land that you intend to build a house on?
I am currently in one house, however, I do not have much cash to make a downpayment on land that ...
3
votes
4answers
106 views
What is a 401(k) Loan Provision?
I'm considering a few job offers for post-college, and I'm wondering how this (Roth) 401(k) plan stacks up against the average offering:
After one year of service, [Company] will:
...
3
votes
1answer
2k views
My Co-Signer is the Primary Account Holder for my Car Loan - Does this affect my credit?
I recently financed a car purchase, and my father co-signed for me. I received the first bill, to find out that he is listed as the primary account holder with the finance company, although I am the ...
3
votes
3answers
133 views
Building Credit for a Young Person with No Credit
I don't have any credit established but I'm a computer programmer and I make pretty good money. I'm 21 and I would like to buy a new car. I can't get a loan because I don't have any credit and I've ...
2
votes
1answer
117 views
How can I get a loan secured with free and clear land?
I own a piece of vacant land free and clear. I have an immediate need for cash and would like to take out a loan secured by my property.
The land was last appraised at $980,000. I cannot pay a ...
2
votes
1answer
121 views
Any smart way to get the interest down on our student loans?
Trying to figure this out. I have a student loan $24,000 at 6.55% with Nelnet, and my wife has $48,000 at 5.2% with Mohelo. We have a home worth $220,000 with $40k in equity, and the rest at $180k at ...
1
vote
4answers
491 views
Can a friend put up collateral for my secured loan?
I'm the friend. My mom needs a loan from me and figures involving a bank might avoid some headaches.
She wants me to lend her 20K. Wire it to the bank. Then the bank will (presumably) lend her 20K.
Do ...
7
votes
2answers
669 views
New car price was negotiated as a “cash deal”. Will the price change if I finance instead?
I am planning to buy a new car. I went to a dealership and when talking to a sales person I said I can pay cash. He knocked down the price quite a bit.
Since the dealership did not have any low APR ...
-1
votes
1answer
126 views
How to read interest/principal payoff table
I have this data (modified dates) in my transaction history: (APR=.99%)
I have made 4 payments till date.
4th Paid on: 06/25/2001 $1000.00
Principal $1000.00 //Paid ...
5
votes
2answers
895 views
What does a 30/360 day count convention mean?
I've been trying to understand day count conventions, but the Wikipedia article is confusing. It was my understanding that interest is usually compounded daily - I don't quite understand how it fits ...
18
votes
8answers
661 views
Optimal way to use a credit card to build better credit?
I have a credit card with a $700 limit and I am curious how to optimize credit gain with it. Right now, I use it once a month (usually on something small like a drink from a convenience store or ...
12
votes
4answers
541 views
Can someone help me understand my student loans?
I have more loans than these but I am wondering how to handle these three (all with the same bank):
3%, last payment ~$36, current balance $6153, original amount $5500, payoff balance $6170
2.5%, ...
1
vote
2answers
204 views
4
votes
2answers
129 views
Which loan should I offset?
Imagine I have two loans, one is 300k and the other is 50k.
I also have an offset account with 35k in it.
All income is going in to the offset account and so it should rise rapidly. If i offset the ...
2
votes
1answer
101 views
How to calculate outstanding Graduate Plus Loan balance currently in deferment?
Can someone tell me what I'm doing wrong here?
If I have a $56,500 loan and the interest rate is 7.9% how much will I
owe after 8 months?
I thought this would be fairly simple. I would ...
4
votes
2answers
3k views
Can I get a housing loan for my father's property?
I want to apply for a home loan, but the property is registered in my father's name. Is it possible? Can anybody help clarify my understanding of home loans?
9
votes
1answer
458 views
How do Islamic Banking give loans for housing purposes?
Islamic banks do not give loans they invest in financial activities of their clients. Am I correct?
If yes, then how can they provide loans for housings? Home loans have nothing to do with business.
...
0
votes
0answers
34 views
Credit score impact of shopping around to get the best home loan? [duplicate]
Possible Duplicate:
Multiple mortgage pre-approvals and effects on credit score
My wife and I are starting the process of buying our first house. We would like to shop around a bit to get ...
1
vote
1answer
95 views
Why can I refinance my recent car loan at a lower rate than I had received originally?
I just purchased a new car a month ago at 3.2% APR. This was the best rate I could get at the time.
I currently have an offer from a bank to refinance at 2.25% APR. For a $25k auto loan, this ...
0
votes
2answers
141 views
Formula for recalculation of a bad loan, i.e. where payments were missed?
I need to know if exists any formula to calculate interest rate, principal interest, total amount to be paid, in the case of a bad loan.
Ex: In a bank exists a 20 year home - loan. The client was ...
2
votes
2answers
318 views
Go for Fixed or Floating interest in Mortgage
Which type of loan is best, a Fixed interest rate or a floating interest rate?
In India most banks offer mortgages that start with a 12% floating rate or a fixed rate mortgage with a 13.5% interest ...
-1
votes
1answer
119 views
What's the Effective Interest formula used by this loan calculator?
I used a loan calculator which gives an effective rate of 80.781 whereas wikipedia http://en.wikipedia.org/wiki/Annual_percentage_rate gives a rate of 49% for these parameters:
borrowed: 100
fees: ...
-1
votes
1answer
86 views
Credit Card: Charge from the bank
Let's say I have a debt of $50.
Let's say I don't pay for my credit card debts. Next month they will charge me interest upon the money I should have paid ($50 + interest).
Now let's say I pay more ...
1
vote
2answers
229 views
PCP or Bank Loan for Car Purchase?
I'm trying to figure out the best way to pay for a car we're about to purchase. I had a figure in mind of between £6-7k when looking at cars, so I also knew I wanted to pay around £200-£240 per month ...
1
vote
2answers
107 views
Refinancing a vehicle, longer term with extra in the kitty, or shorter term and just make scheduled payment?
My truck is currently financed with $31k owing @ 9.9% interest over 72 months = $565/month
I've been approved to refinance my vehicle with the following
$31k owing, down payment of $3.5k & 5.9% ...
8
votes
3answers
1k views
First time home hunters. Pay debt or save for down payment
tl;dr
We want to buy a house.
We've done all the pro's and con's of home ownership.
We have 1/2 a down payment and some highish loan payments
Would it be wiser to pay down the loans and go ...
4
votes
2answers
481 views
What are the tax implications of lending to my own LLC?
Well, as I mentioned before, I'm buying rental property under the name of my LLC (California). I used cash for the purchases, but the initial investment I made in the company was not enough to cover ...
10
votes
4answers
367 views
Did my salesman damage my credit? What can I do?
I am in the process of purchasing a new truck. A few months ago I put a $500 security deposit down on a truck. I was told that the truck was at a neighboring dealership and that it would take 2-5 days ...
0
votes
2answers
86 views
Is there any kind of unsecured stock loan?
I am interested to buy some shares in the future. Can anybody tell me is there any kind of stock loan which doesn't need collateral?
6
votes
7answers
352 views
How smart is it really to take out a loan right now?
With the economy in its current state (i.e. horrific), interest rates on loans are very low right now. I have heard people say that right now is a 'good' time to take out a loan, and that it is a ...
4
votes
1answer
133 views
High Student Debt - Will Mortgage Lenders Take Into Account Repayment Assistance Program?
I am a few years out of professional school, and am starting to think about buying a home. Based on my credit, income, and available down payment, I would be easily eligible for a good-size mortgage. ...
1
vote
1answer
123 views
What does “parity” mean with regards to student loans?
I read in a newspaper that interest on part-time student loans was made the same as a full time student's loan in order to
"achieve parity between part-time and full-time student loan programs"
...
2
votes
0answers
58 views
Quicken loans experiences?
Does anyone here have any information or experiences with Quicken Loans? I can't help but notice their attractive rates. I started the refinance process online with one of the representatives a few ...
0
votes
4answers
166 views
What is Loan to Value Ratio?
Suppose if I am taking a $50,000 on loan for home or for car or for anything,I have read it many times that LVR is 85% or 80%.what does it mean actually?
Is it applicable for Indian citizens too?
2
votes
2answers
967 views
How can I pay off tuition fees from a past semester so that I can enrol in school again?
I still owe my tuition fees for a university of California school from fall 2010. I have been out of school since then with two semesters to go before I can graduate. I've been trying to take out a ...
1
vote
2answers
212 views
How to structure a loan for my owner-financed business sale, so we are paid sooner than later?
My wife and I are in the process of selling our business to a buyer. We have agreed on an amount to sell the business for, and to owner-finance the balance.
The buyer has already taken over ...
