Low rates and low housing prices
...Markets. We see it in the stock market as well. It always bounces back.
Now is the time to buy because you can get a good deal on a home as well as low rates on a mortgage. Mortgage lenders are dying to give away money. There are some lenders who are calling people that they dealt with years ago in order to...
Steps to getting a mortgage after bad credit
...After a period of bad credit, home ownership may seem out of reach. These steps will help you repair your credit and get a mortgage.
Getting a home mortgage after a period of bad credit is not impossible. It may be more of a challenge, but with a little work and proper planning, you can repair your...
Basic financial information tips (part i)
...Not always mean you are getting a good deal. For instance: the difference in total interest paid on an 11% versus an 8% 30 year, $100,000 mortgage loan is $64,283 (assuming all payments are made as agreed). Consolidation Loans. A consolidation loan can result in great savings to borrowers if the new interest...
Top 10 nokia lumia tips and tricks everyone should know
TWO: Holding the camera key will open the camera, even if the screen is locked.
THREE: When using the calculator app rotate the phone to landscape mode and you’ll get a scientific calculator.
FOUR: You can add additional keyboard layouts for...
Sun and soil
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Google plus public talk: Loans Direct
Find out your mortgage payment optionsing MortgageCalculator mobile app by Loans Direct. You can have a amortization tableom here for your convenience and also email it if required. Download the appom Apple’s App Store or Google’s Play Store. or
: Improved Sound Limited - Bound For Spain .1976
Improved Sound Limited - Rathbone Hotel in 1976 (Germany, Krautrock, Psychedelic Pop-Rock
Artist: Improved Sound Limited Location: Germany Album: Rathbone Hotel Released: 1976 Genre: Krautrock, Psychedelic Pop-Rock Duration: 42:56
The fourth (final) album from Nuremberg (Nürnberg, Bayern). Better known as the album of Rathbone Hotel Condor. But it is - the same thing. Just made the CBS Records Group to change the name ... Singing - in English, and recorded the album in London.
All music by Axel Linstädt, all lyrics by Bernd Linstädt.
01. Number One - 3:27
02. Tularosa - 3:15
03. Till 9 A.M. - 3:21
04. If I Could Read Her Mind - 4:41
05. Stray Cat - 3:01
06. Old Mexico - 3:11
07. Nothing's Worrying Me No More - 4:14
08. Little Sue - 3:38
09. Suicide Road - 3:25
10. Mortgage - 3:57
11. Bound For Spain - 2:41
12. Sonora - 3:12
- Johnny Fickert - vocals, percussion
- Axel Linstädt - vocals, guitars, keyboards, mellotron
- Uli Ruppert - bass
- Rolf Gröschner - drums
- Frank Baum - pedal steel guitar
- Geoffrey Richardson - viola
- David Hitchcock - producer
Posted: 16 October 2014
The True Impact of Student Loans on Credit and Home Ownership
It’s a common question asked over and over again: Will student loan debt keep me from owning a home? The reason is when you purchase an education you may have far more debt than what a new car costs and enough to feel like it’s a small mortgage.
The answer to whether student loans affects your chances of securing a loan for large purchase is divided into two parts: credit score and payment impact.
Especially for mortgages, your debt-to-income ratio is vitally important. This number represents all your monthly payments compared to your monthly pretax income. For instance, let’s says you make $4,000 per month before taxes. You have $300 in minimum payments on your credit cards and $600 in student loans. You have total of $900 of debt payments each month. $900/$4,000 equals 22.5 percent. To meet the Federal Housing Administration loans (FHA) standards for home ownership, you’d have to have a debt to income ratio including your mortgage payment “(principal and interest, escrow deposits for taxes, hazard insurance, mortgage insurance premium, homeowners’ dues, etc.)” of 43 percent or less. You’d have to stick to homes where your total mortgage payment would be $820 or less.
If you didn’t have a student loan payment, you could invest up to another $600 per month in a home. So does this mean your student loans could squash your homeownership dreams if you want a home with a total mortgage payment of $1000? In the immediate future, yes. In a few months, maybe not. Why?
If your student loans are federal, you might be able to change repayment plans to reduce the payment. For instance, you borrowed $50,000 in federal student loans at 6.8 percent, your payment could range from under $200 to just under $600. The highest amount is on a 10-year repayment plan while the lowest is based on income on the Pay as You Earn Plan. This is based an income that could result in a $4,000 per month take home for an individual. However, if you earn a lower income, your payment under Pay as You Earn could be well under $100.
Then there’s private student loans. You can ask your lender about extended repayment options to reduce your payment amount. Otherwise, pay the best course of action may be to repay your private student loan as fast as possible before your home purchase. Then, you’ll no longer have this payment. However, if it’s a large balance remaining, you may be better off paying off credit cards. With each credit card payment, you might reduce the minimum payment lenders use to calculate your debt-to-income ratio. Plus, high credit card balances impact your credit score much more than high student loan balances.
In an article posted on Foxbusiness.com credit expert Barry Paperno says:
“The most critical scoring distinction between cards and loans tends to be within the amounts-owed category, where loan debt carries far less scoring weight than credit card debt, which includes credit utilization and some other debt-measuring calculations. For this reason, if you ever want to help your score by paying down some of your debt above and beyond the minimum payment, always pay your credit card balances before any loan debt.”
The other good news for credit scoring is making your student loan payments on time each month goes a long way towards maintaining or improving your credit score. The other way your loans could impact your score is if you applied for new private loans. The good news is according to Paperno in the same foxbusiness.com article:
“no inquiries of any kind that are more than a year old will ever count in a credit score”
So applying for new private student loans could potentially impact your score, and that’s only if you didn’t apply for any other credit. Federal student loans do not require a credit check.
Bottom line: pay your student loans on time and look at repayment options available to you. You may find a plan that better fits your current budget as well as your future.
|Date: Sep 8, 2014, 3:49 PM|
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|Date: Jul 1, 2014, 5:18 PM|
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|Date: Jun 9, 2014, 6:04 PM|
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