Time For A Student Loan Consolidation Loan?

If you have taken out several student loans then the time to consolidate could be now. There are several great debt consolidation loan programs available to help you pull all of your loans together into one easy to make monthly payment. Stay tuned for some helpful information!

Upon completing college, your first job probably paid little while your expenses have been sky high. It is not unusual for grads to have student debt in the neighborhood of $50-100,000 in school loans. New auto payments, credit cards, and living expenses can jack up your debt levels tremendously. You need help and help is available to you in form of a student loan consolidation loan.

So what is student loan consolidation loan anyway? It is one type of a loan that permits you to take two or more student loans, pay them off, and make one single monthly payment to one lender. Specifically, if you have three loans owed to three separate lenders, you may always feel that all that you are doing is righting out checks, week in and week out. So, why not combine all three payments into one loan?

One more helpful part about a student loan consolidation loan is that you could possibly reduce your interest rate, stretch out your repayment time, and even borrow a small amount of additional money to pay back other creditors including credit card companies.

So, how do you apply for a student loan consolidation loan? Several ways including: searching online, responding to television advertisements, jotting down a number you hear announced over the radio, etc. Top lending companies are continuously advertising their offerings to consumers and are highly desirous for your business. Simply comparison shop to find the consolidation loan plan that is right for you.

Before applying for a consolidation loan, there are some things for you to keep in mind:

1. Loan Amount. Will the loan you secure enable you to pay off all of your student debt or only a portion of what you owe? Your lender will likely want to see a proof of income before extending a favorable loan rate to you. Expect copies of your credit reports to be pulled by the lender as well.

2. Loan Rate. Will the loan rate be for a fixed amount or will it be an adjustable rate loan? Consider locking in for a long term fixed rate consolidation loan to ensure your monthly payments remain fixed.

3. Loan Term. Are you able to stand paying back your student loan consolidation loan for 15 or 20 years? If you pay the loan back early will there be any prepayment penalties? What if you were to default on your loan?

Your options to obtain a student loan consolidation loan has never been better so take full advantage of one additional way for you to consolidate your debt through a student loan consolidation loan.

Homeowner Loans: Immediate Solution for Emergencies!

What Are Homeowner Loans?

Though usually called homeowner loans or personal loans for homeowners, the truth is that these loans are better referred to as home equity loans. The name refers to the secured nature of the loan as home equity loans are backed up by the equity you’ve built on your home.

Home equity is the remaining value of the property that is not affected by mortgages or liens. The difference between the value of the property and the mortgage loan amount that is still owed, constitutes equity. After subtracting the remaining liens (if present), the amount you get will be the home equity loan security.

As with mortgages, the lender can resort to take legal action against the property to recover his money if the borrower fails to meet the monthly payments. However, the legal processes in both cases are essentially different as mortgages have a priority on the property over the home equity loans.

Fast Approval Process

When it comes to timing, as opposed to mortgage loans and refinance mortgage loans, homeowner loans have instant approval. Most of the paperwork needed is already prepared due to the previous mortgage loan and thus only some simple checks have to be done.

Depending on the complexity of the property’s appraisal and the condition of the borrower’s credit report, the loan approval process can take any time between 72 business Hs. and two weeks. Some lenders take more time than others when evaluating applications so you might want to ask the estimate delay before applying if you are very short on time.

Lower Rates, Higher Amounts

Since this loan is requested against property, the amount of money you can obtain is significantly higher than other forms of personal loans. However, it will always be limited to the amount of home equity available in your property. There are some lenders willing to lend over this limit but since in that case only part of the loan is covered, the interest rate charged will be higher.

Nevertheless, in both cases, the interest rate charged for homeowner loans is significantly lower than that of unsecured personal loans. This is due to the lower risk involved for the lender when lending against a property’s equity. For larger loan amounts, requesting a homeowner loan instead of an unsecured loan can save you thousands of dollars over the whole life of the loan.

Homeowner Loan’s Purpose

As regards to the uses a homeowner loan can have, there are no limitations whatsoever. A homeowner loan is a personal loan that can satisfy any personal need. Paying for vacations, making house improvements, consolidating and eliminating debt, car repair or replacement, paying for medical bills or legal fees, are just a few examples of the purpose a homeowner loan can have. As stated, any emergency situation can be easily solved by the prompt approval of a Homeowner Loan.