http://www.loanunify.info Wed, 20 Jan 2010 16:45:08 +0000 http://wordpress.org/?v=2.9.1 hourly 1 http://www.loanunify.info/2010/01/20/what-is-an-interest-only-loan-and-what-are-the-benefits-and-drawbacks/comment-page-1/#comment-241 jgmeier93592001 Wed, 20 Jan 2010 16:45:08 +0000 http://www.loanunify.info/2010/01/20/what-is-an-interest-only-loan-and-what-are-the-benefits-and-drawbacks/#comment-241 If your a first time home buyer, you need to do a lot of research on all the loan programs. Perhaps the reason why the LO was recommending the FHA is because of credit concerns. Don't know since I do not know your credit profile. You might want to go to banking web sites and/or the NFCC (National Foundation of Credit Counseling) website. There are too many loan programs to list and explain on this forum. I would suggest that you talk to your friends and family to see what they did on their first home purchase. Dump the person that was not open enough to explain other programs available for you. Hope this helps you, contact me directly if you have any questions. If your a first time home buyer, you need to do a lot of research on all the loan programs. Perhaps the reason why the LO was recommending the FHA is because of credit concerns. Don’t know since I do not know your credit profile. You might want to go to banking web sites and/or the NFCC (National Foundation of Credit Counseling) website. There are too many loan programs to list and explain on this forum. I would suggest that you talk to your friends and family to see what they did on their first home purchase. Dump the person that was not open enough to explain other programs available for you. Hope this helps you, contact me directly if you have any questions.

]]> http://www.loanunify.info/2010/01/20/what-is-an-interest-only-loan-and-what-are-the-benefits-and-drawbacks/comment-page-1/#comment-240 leadbelly Wed, 20 Jan 2010 16:26:42 +0000 http://www.loanunify.info/2010/01/20/what-is-an-interest-only-loan-and-what-are-the-benefits-and-drawbacks/#comment-240 an interest only loan means you only pay the interest accruing. the advantage is having lower payments, because you are not actually paying off what you owe. you could do that for a year or two to clear your other commitments, or to wait for a child to enter school so both parents can work. In Australia, you must finalise a home loan within 30 years of taking it...so paying interest only is actually increasing the rate that you must later pay. If you are certain your home will increase in value, you could presumably pay interest only for an extended period then sell at a profit, clear your debt, and walk away with the remaining cash. However, banks are reluctant to grant such conditions due to the uncertainty of selling at a profit. an interest only loan means you only pay the interest accruing.
the advantage is having lower payments, because you are not actually paying off what you owe.
you could do that for a year or two to clear your other commitments, or to wait for a child to enter school so both parents can work.
In Australia, you must finalise a home loan within 30 years of taking it…so paying interest only is actually increasing the rate that you must later pay.
If you are certain your home will increase in value, you could presumably pay interest only for an extended period then sell at a profit, clear your debt, and walk away with the remaining cash.
However, banks are reluctant to grant such conditions due to the uncertainty of selling at a profit.

]]> http://www.loanunify.info/2010/01/20/are-there-any-student-loans-that-include-the-cost-of-paying-off-a-car/comment-page-1/#comment-243 Tianna Wed, 20 Jan 2010 15:51:42 +0000 http://www.loanunify.info/2010/01/20/are-there-any-student-loans-that-include-the-cost-of-paying-off-a-car/#comment-243 There are two sources for student loans -- the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In most<!--instances the FAFSA is required for all federal financial aid including federal student loans. Deferment options are available while you are still attending school at least half-time. There are four main federal loan programs. http://best-loans.awardspace.com/student-loans.htm Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan-->you can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating also locks the interest rate you pay on your loan. There are two sources for student loans — the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In most