Tagged Questions
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 ...
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 ...
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 ...
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 ...
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
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
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
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 ...
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 ...
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 ...
4
votes
2answers
482 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 ...
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. ...
9
votes
3answers
408 views
Am I “cheating the system” by opening up a tiny account with a credit union and then immediately applying for a huge loan?
I've always wondered why credit unions require you to open a membership account before they'll approve a loan. Whenever I think about it, it feels like going to a credit union just for a loan is ...
5
votes
1answer
198 views
I have a 401k loan used for a house down payment and now I am changing jobs: What should I do?
I guess this could be a cautionary tale, but I am hoping it can be remedied.
I had a job that I am leaving, but I had took a 401k loan to put down on a house. I don't have the money to pay it back ...
9
votes
2answers
4k views
What do I need to bring to the bank when applying for a loan?
What do I need to bring to the bank when applying for a loan? Should I bring pay stubs or other evidence of financial stability? What will help my chances of being approved?
11
votes
2answers
550 views
How do loans against 401k / 403b accounts work?
I'm really clueless about these loans. Who gets the interest? Does the account fund the loan, or are they simply used as collateral? What are the tax implications?
7
votes
3answers
122 views
What type of credit or loan to get for job relocation?
I have never had a credit card. The only loans I've had have been student and car loans. Both of those I always paid on time; both are paid off.
I have accepted a job offer and am now looking to ...
6
votes
5answers
376 views
Where can I borrow money for investing?
Where can I borrow money in the US if I have a good credit (730+)? I have heard community unions a good place to borrow money..but the lowest they could get is 12 percent. Can I borrow from a ...
3
votes
3answers
124 views
Will I incur late fees, now that I am making infrequent/late payments on my auto loan?
I have been unemployed for 6 months now. I have been making infrequent payments on my auto loan. I am suppose to be paid up in May of 2012. My lien holder never sends me my balances or a bill, so I ...
6
votes
3answers
107 views
Under what circumstances might getting an ARM be warranted?
Specifically, I'm curious about the 7/1 and the 10/1 ARMs. I'm half-way seriously considering refinancing into one of these, mostly because I doubt I'll still be in this house in 7-10 years. I'm ...
5
votes
3answers
410 views
Should I take a loan on my 401k to repay student loans?
I have a student loan that has 6.5% interest (highest rate of many) and would be able to repay it if I took a loan on my 401k. I know the basic trade-off is that my money may do better in the 401k ...
8
votes
1answer
344 views
Are student loans tax deductible in US?
If I have a student loan from finishing my graduate degree, can I deduct its interest payments from salary for tax purposes?
Is there any education related tax credit that can be applied for payments ...
2
votes
2answers
155 views
Is it worth it to re-finance my car loan?
I have 60-month car loan at 4.75%.
My bank sent me a note saying that I am able to re-finance at 3.25%, to either 60 or 48 months.
I am calculating that it will probably save me about 400-500 ...
4
votes
1answer
73 views
Federal Stafford Loan deferment options?
I have a question pertaining to Federal Stafford Loans, I think it goes here, let me know otherwise.
I have several student loans, Federal Stafford Loans to be exact, and the National Guard has ...
4
votes
2answers
160 views
Should I try to optimize my credit score before applying for a loan?
I am considering shopping for a house somewhere this year, which of course would involve shopping for a mortgage. And mortgage rates depend on the credit score. My credit history is clean from ...
2
votes
1answer
58 views
Lender benefits/perks comparison website or resource?
I was trying to research different lender housing loans in the US. I realize only the true rates and approved amounts would be after meeting with each lender and going through their pre-approval ...
7
votes
2answers
129 views
Options for giving an amount greater than the annual gift tax exclusion
Gifting up to $13,000/year (as of 2009) to someone is not subject to gift tax.
http://en.wikipedia.org/wiki/Gift_tax_in_the_United_States
Assuming that the individual receiving the money is older ...
3
votes
2answers
242 views
Homeowner's association funding a project in a condo: Bank wants an individual guarantor. What to do?
From time to time my HOA (homeowner's association) needs extra money for a project (eg painting fences, fixing roofs, plumbing repair, etc). They typically respond by raising the monthly HOA dues for ...
1
vote
1answer
61 views
Rules for FHA loan availability
I'm trying to find the laws on what makes a condo complex available for FHA loans. I hear it has something to do with the amount of money on reserve and the owner/occupancy ratio. Does anyone know ...
