Questions tagged [loans]

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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7
votes
1answer
3k views

What happens if I co-sign a loan and the borrower or debtor dies?

What happens if I co-sign a loan and the borrower or debtor (the person that borrowed the money) dies? Does the co-signer then assume full liability over the loan, i.e. become the new and sole debtor?...
7
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1answer
10k views

Home loan transferred to Freddie Mac — What does this mean?

I got a letter saying that my mortgage loan was "sold to Freddie Mac or to Freddie Mac as a trustee." Other interesting wording is that "the transfer of ownership... has not been publicly recorded." ...
7
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2answers
3k views

Are there any catches to a bank's offer of 0% convenience checks?

My bank has sent me these 0% APR checks for years and I recently find myself in a situation where it would be useful. I have a lot of wedding expenses which will not be a problem in the long term (6 ...
7
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3answers
33k 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 ...
7
votes
5answers
245 views

What is the preferred way to finance home improvements when preparing to sell your house?

Planning on moving and getting our house ready to sell has been more expensive than I expected. I'd like to get this debt off of credit cards. What's the most cost effective way to do this?
7
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4answers
7k views

How do amortization schedules work and when are they used?

Specifically, I notice that on a mortgage statement, my payment is "amortized" so that at the beginning of the loan, I am paying almost entirely interest and very little principal. However, on a ...
7
votes
1answer
390 views

What happens when you make extra payments but don't specify principal reduction?

Lets say your loan payment is $100 a month. What is the differences between: making a regular payment for $120 making a regular payment for $100 plus an additional principal reduction payment for $...
7
votes
2answers
363 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 ...
7
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1answer
2k views

Student debt in arrears from living overseas- what to do?

I have been living overseas for 3 years and did not inform the student finance company (stupid, and totally my fault!) and they have recently sent me a letter asking to confirm my employment status- a ...
7
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1answer
1k 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 ...
7
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1answer
107 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?
7
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1answer
2k views

Any Canadian tax shelter for lending to friends or family?

I am considering helping friends or family out of credit card debt, which is costing them ~18% per year by giving them a loan at more like ~3% (kind of like consolidated credit/debt). Is there ...
6
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5answers
1k views

Early payoff of mortgages: does the interest get recalculated?

I understand that a monthly payment of a mortgage consists of principal and interest. At the beginning of a mortgage, most of the monthly payment goes towards the interest and only a small part ...
6
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5answers
1k 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 ...
6
votes
2answers
843 views

Bank loan responsibility for corporation partners

I own 25% of a small corporation. My partner (who owns the other 75%) and I took a loan with a bank (TD). We both had to give personal guarantees. Am I only responsible for 25% of the loan? If we go ...
6
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2answers
2k views

Is there any loan forgiveness or help for a large Federal parent student loan?

If a parent has a federal student loan for her child's education of over 100 thousand dollars, and she is having trouble paying off, is there any sort of forgiveness, or help?
6
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2answers
908 views

How do scammers / money launderers profit from loans to victims?

Recently, I had an investor [scammer] offer to loan my company money. It was to be posted directly into my accounts — equal amounts in my checking and savings accounts. There were no conditions that ...
6
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2answers
1k views

Should I seek loan forgiveness, or paying off my loan quicker?

A little background: I am a public worker who recently learned about a loan forgiveness program. I have already been paying off this loan (since before the program began) and was not aware of the ...
6
votes
4answers
497 views

Does it make sense to compare the “returns” from debt payoff with long-term stock market investment returns?

I've been thinking long and hard about whether to pay off my student loans with the smaller interest rates as quickly as possible or just pay the minimums and start investing. After reading bunch of ...
6
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3answers
1k views

Will having a secondary signee with bad credit on a mortgage raise or lower interest?

My girlfriend and I are purchasing a house. We were told that it would be better to have the mortgage solely in my name as the only account holder due to her credit score. My question is, between ...
6
votes
7answers
567 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 ...
6
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3answers
329 views

Loan-with-PMI vs other loan: which is best to pay down

I would like to understand whether it is better to make extra payments on a home loan that includes PMI (Private Mortgage Insurance) or a different (high interest) loan. Typically, when deciding ...
6
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3answers
1k 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 ...
6
votes
2answers
8k views

What's the deal between the bank and the dealer when you finance your car loan with your bank?

I'm an absolute beginner to car loans, and I was wondering what's going on between the financing agencies and the dealers when I finance my car loan. (My questions are about car financing in the US.) ...
6
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2answers
15k views

Are companies like EquityZen legitimate and useful?

There are a list of companies claiming to provide liquidation for employees who have ISOs in private startups but don't have the means to exercise them (because of the ridiculous amount of phantom tax ...
6
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3answers
59k 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?
6
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1answer
490 views

Upside down on car loan, sell and refinance gap?

In order to cut down our monthly expenses we are looking to sell our car. We still owe $12,000, kelley blue book says its worth around $10,000 and we don't have $2000 lying around to cover the gap. ...
6
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4answers
278 views

If I were to get into a life situation where I would not be able to make regular payments, do lenders typically provide options other than default?

Lets say I had a home loan and suddenly lost my job. I have a few months savings, but for whatever reason am aware that I will not be able to make regular payments and will default on my house if I ...
6
votes
1answer
934 views

Shopping around for loans without detrimentally affecting credit rating/chance of getting said loan?

I've found myself stuck in a quandary. I put a deposit down on a car and I'm trying to obtain a personal loan based on this. The problem is that I'm finding that despite passing all initial checks ...
6
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1answer
100 views

Can you report on time payments on private loan?

We have a contractual loan (one with a contract, not a handshake) from an family member who bought our student loans. We pay regularly just like any other loan and we pay a small amount of interest (...
6
votes
1answer
355 views

What's the proper way to calculate ROI per year given the ROI for a period of time?

I'm trying to figure out what would be my yearly ROI if I know my ROI for a given period of time. On May 1st, I started invested 8.82 BTC in loans on BitLendingClub and now (August 6th) I have 9.33 ...
6
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1answer
205 views

Verification of student loan amounts

I consolidated my student loan debt with FedLoan a year or two after graduation. Is there an easy way to verify that my current balances are accurate? Is this something an accountant would handle, or ...
6
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2answers
12k views

How to determine lease vs buy for specific scenario of a Tesla Model 3 I plan to keep 3 years

I want a Tesla Model 3. Like this guy How to determine car loan length as a function of how long I plan to keep a car I (using his words): ...plan to keep for 3 years (see below for why) I am ...
6
votes
1answer
2k views

Loan to buy a real estate in Germany

Today I have a question about home-loans: I started saving money to raise a small capital in order to submit a request for a loan and since I am totally new to this topic (and some language barriers ...
6
votes
1answer
124 views

Can I take a loan against my building to reinvest in my business?

I own my business building, it is a restaurant. It is worth about $400,000. I have average credit. Can I use my building to take out a loan to reinvest in my business? How easy is the process if yes?
6
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2answers
2k 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. This ...
6
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2answers
1k views

How can someone with a new job but no credit history get a loan to settle another debt?

I was recently hit with a large personal debt, something that can't go against my credit score, but might if it ever went to court/collections. However, it came unexpectedly, and I am now looking for ...
6
votes
1answer
993 views

Why do banks require justification for a HELOC?

When you apply for a HELOC, the underwriters will ask how you intend to use the funds. However, the draw period for a HELOC typically lasts 10 years. It is foreseeable that someone takes out HELOC to ...
6
votes
1answer
533 views

How do I determine how long it will take to pay off my all my loans?

Right now I have a spreadsheet with the loans I have, the interest rates the are each at, and how much I am putting toward each in monthly payments. I then calculate how long each loan will take to ...
5
votes
6answers
18k views

When to trade in a relatively new car for maximum value

I am considering purchasing a new car in the next year to replace my current car. I currently own a 2010 model year vehicle which I estimate to be paid off early spring 2012. My question is, in ...
5
votes
4answers
1k views

Will paying off my car early hinder my ability to build credit?

I don't have much credit because I am young but I did recently purchase a car which I am paying 9% on. This seems ridiculously high to me and I was thinking about pulling out some of my stocks to pay ...
5
votes
5answers
64k views

Where can I get a car loan for roughly $2000?

I'm looking to buy a new car and have found one that I really like. It is priced at $4500 (with taxes). I currently have $2700 in my savings account. I would like to get a loan for $2000 (leaving me ...
5
votes
4answers
627 views

Is home equity worth taking out a mortgage when I have $67k student loans to pay?

Note: home equity isn't the only reason I'm thinking about buying. I'd like to have control over my own living environment, more space, not have to worry about annoying the apartment unit upstairs if ...
5
votes
4answers
7k views

How to pay bills for one month while waiting for new job?

I recently, and unexpectedly, lost my job. Because I had summers off (no paychecks either), I've been using my credit cards for most purchases, saving what cash I had saved from the previous year to ...
5
votes
3answers
767 views

Is it worth it to take a car loan to improve credit ratings?

I've been considering buying a car recently, but I know that, as I am young, I don't currently have a credit score, as I really haven't needed credit up until now. So, would it be better to take a ...
5
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3answers
1k views

Co-signing a loan with girlfriend. How do I protect myself?

I live with my girlfriend. We are in a committed relationship and we both see things progressing toward marriage. We recently found out that the house we live in needs a new roof. She owns the house; ...
5
votes
2answers
180 views

Does there exist a kind of loan where no part of principal is paid, while interest is still paid?

I know that when debt is being re-paid, one pays interests along with repayment of some parts of debt principal. However, I am wondering a case where no part of debt principal is re-paid while ...
5
votes
3answers
730 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 ...
5
votes
1answer
602 views

Remedies for Defaulting on a 401(k) loan

I changed employers and am unable to pay back my 401(k) loan within the 60-day period allowed. I realize this will default the loan and I will receive a 1099-R, have to pay taxes and penalties. The ...
5
votes
2answers
230 views

Loan for mortgage from father to son

My brother got an amazing loan to buy his house from dad for $200,000 but he only pays $150 a month ($100 capital + $50 interest). My question is, is this legal? Doesn't the IRS see this as more of a ...

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