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.

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18 views

Key aspect of Repurchase Agreement which differeniate it from Loans

I was reading up on Repurchase agreement when I came across a rather interesting statement Although the transaction is similar to a loan, and its economic effect is similar to a loan, the ...
5
votes
1answer
171 views

Should I pay off my 401k loan or reinvest the funds elsewhere?

I have a loan out on my employer 401k plan for $50k, which I took out for the purchase of a home (so there was no penalties, or taxes withheld). The interest rate is 4%, which I'm paying into the ...
0
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0answers
16 views

Capitalizing a charge with an amortization schedule

I'm trying to get more information on how I should be processing Fee Charges if they are supposed to be capitalized. If I make monthly payments, my last payment was December 31 and my next payment is ...
2
votes
3answers
348 views

Buying a property for 3 years and then selling

I have recently taken on a fixed-term contract for three years, which is giving me a salary significantly higher than I am used to. After the three years, however, it is very likely that my salary ...
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2answers
215 views

Paying off a mortgage early

I am thinking about buying a property with a mortgage in the UK, living in it for 3 years, and then selling it. This is because at that point, I will probably be moving out of the city I am currently ...
0
votes
2answers
325 views

Should I take out a bigger mortgage, or pay a greater cash deposit?

Let's say I want to buy a house worth £400k. I can get a mortgage up to £300k, and I have £150k cash sitting in the bank. Which would be my best option: 1) Take out the maximum mortgage of £300k and ...
12
votes
2answers
2k views

In which situations is it better to consider a loan instead of paying cash?

I live in France where credit cards are less widespread than in the U.S. The default account for us is a checking account. Often you can't spend more than what is in your account; otherwise you have ...
5
votes
3answers
536 views

gift is taxable but is “loan” or “debt” taxable?

For tax purpose in the US, what are the differences between (a) you give away your money - gift tax? (b) you loan someone some money - tax free? (c) you pay back the debt you owe - tax free or tax ...
0
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1answer
43 views

home loans and title problems

Me and a family member bought a house with both names on the title but my family member names is on the loan, now we want to change the title and loan to my name only, but I heard we can not do this ...
2
votes
1answer
487 views

How are RSU's factored into Income during loan qualification?

I'm new to the tech industry and was wondering how RSU's factor into loan qualification. RSU's particularly at more established companies are essentially cash. They may change with the stock price ...
16
votes
2answers
5k views

Cosigned on a loan. If I pay loan off, are purchases now mine?

I cosigned a loan for my ex on a refrigerator, microwave, and oven. I know it wasn't smart. But if I pay off loan, can I retrieve the items?
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2answers
105 views

Credit Unions vs Bank Mortgage

I am a first time home buyer. My home-buying credit score is 620. I was recently preapproved for an FHA loan with my bank. The interest rate is decent at 3.75%, the only issue is I will have to pay ...
2
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3answers
123 views

Simple Interest to Compound Interest

In simple annual interest terms 60/2000 is 3%. But what is the rate if this is the total interest paid on 2000 after monthly compounding over 3 years?
3
votes
1answer
67 views

Borrow from American 401k from Canada

If I have a 401k with (for the sake of argument) $100,000 in the US, and I want to borrow the maximum ($50,000) for a mortgage on a house in Canada, is this possible? If so, what are some of the ...
19
votes
5answers
4k views

Would it be advantageous for me to pay off these two credit cards and cancel them with a 401k loan?

I'm considering taking a loan on my 401k in order to pay off and close 2 credit cards. I have approximately 30 years until I consider retiring. The amount of the loan will be $1700 which is less ...
7
votes
4answers
597 views

First Mortgage - Finding a Lender

I have been looking for a home in the US, I am a first time buyer and was wondering if someone with more experience than me can recommend ways to find a good lender? I started off by talking to my ...
2
votes
1answer
173 views

Best mortgage options when you have less than 20% downpayment?

Whats the best way to buy a home (condo) when you have less than 20% downpayment? I'll have closer to 10%. Should I just pay PMI or take out a loan for the other 10% or something else? I live in ...
3
votes
2answers
213 views

can someone else put up the collateral for a loan?

We were talking today at work and I am curious... Say an individual (Mary) is looking at a 20k bank loan. Mary has no assets to secure the loan. Could some else (Joe) (parent, friend, sibling,whoever) ...
2
votes
1answer
1k views

Correct way to calculating interest accrued with leap year

Principal is $119,654.7 compounding semi annually Disbursal Date is 11/25/2015 Initial Payment is 3/15/2016 Interest Rate 9.1% In this case - there is 36 days in 365 - there is 75 days in ...
0
votes
1answer
33 views

Lowest Interest Options for Short-Term Loan

I am looking for a short-term loan in the amount of $15k to buy some household items. I will be able to return the money in full by 3 months I have a credit score of 760+. Currently, I am seeing ...
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votes
1answer
111 views

Can banks borrow 0% interest rate loans for overnight speculations? [closed]

I was wondering if banks have the ability to borrow money overnight for speculations at 0% interest rates. Also, would third party providers have access to these short term or overnight loans?
2
votes
2answers
64 views

How flexible is the loan industry?

I'm wondering how flexible loan officers (or departments) are to providing better rates for more information. For example, is something like a 1% reduction in rate for an auto loan be a reasonable ...
9
votes
3answers
1k views

Overpaying on mortgage - How is term reduction calculated?

Just for some example figures: Original Term: 25 Years Loan Amount: £100,000 Interest rate: 2% I'm trying to make an excel table which keeps track of my mortgage payments including overpayments. ...
1
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2answers
69 views

What are the disadvantages to borrowing money for energy conservation measures / solar panels?

I am contemplating putting solar panels on my roof, as there is a collective buying of solar panels in my neighborhood going on. Special loans are offered by local government for solar panels or ...
4
votes
2answers
172 views

Proper/best way to loan money to a family member

If I want to loan money to a family member so that they can pay off student loans quicker, I have a few questions. Is it inevitably taxed by the government? What is proper documentation procedure (...
-1
votes
1answer
36 views

how banks hedge interest risk and default risk [closed]

this is probably a naive question. Is it true that banks always prefer to borrow short and lend long liabilities? If so, interest rate on long term loans fluctuate over time. how do banks hedge the ...
1
vote
1answer
96 views

Time of CIBIL score update?

I have Education loan EMI of Rs 4500 per month. I didn't pay EMI for last 5 Months. So my cibil score has reduced to 600. I plan pay last 5 months EMI in a single payment and EMI regularly from this ...
4
votes
4answers
999 views

What are some examples of unsecured loans

I am writing an essay on unsecured loans and am now trying to find some examples, so that I may then talk about the pros and cons for each example. I have already mentioned credit cards and an ...
1
vote
2answers
164 views

What's the process to buy an old house to tear it down and create a new one?

I'm seeing an old house in Union City, NJ, that I'd like to buy to tear it down and create a 3 family one to generate income. What are the steps to take in this process and what kind of contract ...
2
votes
1answer
103 views

Under 18, loan possible?

I'm 17 and I got a car for dirt cheap, my mom and dad helped buy it at the time because it was a great one-time deal. The only problem is that driving school in MA is about $700 and it would really ...
1
vote
0answers
41 views

How does paying off car lease work? [duplicate]

I'm a little bit confused on paying my lease amount early. As far as I understand, I loaded the total amount of the car. Let's say the total amount of car is 50k and the total lease amount is 25k. ...
1
vote
1answer
475 views

Can you pay off lease early?

If I pay off lease amount early for a car, is there any impact on my credit? Let's say I'm paying $400/month for 36 months, which is 14,400 total. If I pay 14,400 within 6 months, are there any ...
1
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1answer
77 views

A co-signed car for my husband isn't showing up on my Husband's credit. How can I improve both his and my credit records?

I had to co-sign for my husband to get a vehicle before we got married. He's making all the payments, but it's on my credit. He can't get a loan for anything because he "doesn't have any credit", ...
1
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1answer
183 views

How should I distribute my savings?

TL;DR How much should I keep as an emergency fund and how should I prioritise/distribute anything surplus to this? I currently have about 5-6x my monthly salary in savings. Currently I keep this ...
-1
votes
1answer
45 views

What are the formulas for these? [closed]

What are the formulas for the following? Overall increase given the percentages: a, b, c, d Future value of a one-time deposit given the amount of the one time deposit, APR, length of time, and ...
4
votes
1answer
205 views

Is it possible to remove and replace a cosigner?

Is it possible to remove a cosigner from a car loan and replace with a new cosigner? If the new cosigner possesses a legal driver's license, and the cosigner to be replaced has no driver's license, ...
2
votes
2answers
225 views

Is it sensible to borrow from a 401K to fund an IRA (traditional or Roth)?

Is it sensible to borrow from a 401K to fund an IRA (traditional or Roth)? I am aware of the downsides to borrowing from a 401K plan but if the principal is low and the maturity short (and no other ...
1
vote
1answer
70 views

A home loan refinance problem

I have owned my home for 19 years. I purchased the property on my own with no co signer. About 9 years ago I had some credit issues due to an ugly divorce. I refinanced my home and quit claimed the ...
1
vote
0answers
89 views

What are the tax etc. implications of giving a friend's company an interest free loan?

I want to extend a loan of $50,000.00 ,interest free, to a friend to start a business. Can he deposit this check into his account and not incur any tax difficulties? Are there any tax implications for ...
1
vote
1answer
44 views

Calculating long intervals of Interest with Simple Interest Formula

My last post Calculating long intervals of Interest calculates interest using compounding formula. But what about calculating simple interest accrued where the day count is actual/actual and it goes ...
0
votes
2answers
579 views

Is it possible to borrow money to invest in a foreign country?

Suppose I live in Canada. If I want to borrow money from the banks here and use that money in another country to carry out construction projects and hence make profit. Is it possible to create a legal ...
2
votes
2answers
67 views

Calculating long intervals of Interest

Small interval calculations is fairly straight forward. But what about long intervals. If a loan's daycount is set to Actual/Actual and the duration has run into two different DayCount intervals, how ...
2
votes
3answers
129 views

Loan repayment calculation and monthly compounding interest problem

I need to write a mock up application that returns a quote to potential borrowers. The specification says that "The monthly and total repayment should use monthly compounding interest". Program ...
1
vote
1answer
33 views

Why SUM(PMT) is not identical to FV?

I'm exploring financial functions in a spreadsheet. When I use FV, which is based on FV = PV*(1+r)^n I get a different number than when using PMT and multiplying by the number of periods. For example:...
2
votes
6answers
502 views

Why is the breakdown of a loan repayment into principal and interest of any importance?

Repaying a loan is a type of cash outflow. Why should I care which part of each payment goes towards the interest and which part towards the principal? "A loan is a loan", no? I know that this ...
6
votes
1answer
211 views

monthly payment discrepancy

8/28/2015 original post - I recently took out a loan as follows: loan amount: $116,000 interest rate: 4.75% term: 360 months When I calculate the monthly payment it comes out to $605.11/month. ...
7
votes
1answer
87 views

For the purposes of building credit, does dividing up a loan help?

I want to enhance my credit with share secured loans (I'm a member of a credit union). All else being equal, will paying off 5 $200 loans give my credit score more of a boost than one $1000 loan?
1
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3answers
309 views

Buy a new home or stay on rental flat?

I got married a year back. My husband and I both are working professionals. we both are earning well and can save 50000 per month combined after deducting our rental of 25000 per month and all other ...
2
votes
1answer
104 views

How to get loaned money back to US

I had loaned about 150 K money to a relative to purchase a house in India over a period of 8 years. The house never materialized due to some conflicts. My relative is returning the money back with ...
8
votes
4answers
1k views

Co signing a loan and having them leave the state with no contact information

I helped my now ex get into school by co signing a loan. I have made great attempt on contacting her through friends and family. She has left the state and won't talk to me about our responsibilitys. ...