Sentences with phrase «borrower makes payments on time»

The loan originator must indicate whether the monthly amount owed for principal, interest, and any mortgage insurance can rise even if the borrower makes payments on time.

For reverse mortgage transactions, the loan originator must indicate that the loan balance can rise even if the borrower makes payments on time and the maximum amount to which the loan balance can rise must be disclosed as «Unknown.»

As long as the borrower makes payments on time, generally the mortgage balance is reduced and the borrower gains equity.

It's important to note that when lenders calculate an APR, they assume borrowers make payments on time and in full, meaning late payment, NSF or similar fees are not included in an APR..

It's important to note that when lenders calculate an APR, they assume borrowers make payments on time and in full, meaning late payment, NSF or similar fees are not included in an APR..

President Barack Obama signed an executive order in 2014 that would forgive federal student loans if the borrower made payments on time for 20 years, or 10 years if the borrower worked in public service.

Not exact matches

If the borrower is creditworthy and has made payments for the past 24 months on time, or is on active military duty, no additional action is taken.

This type of payment makes sense for lenders because it reduces the costs associated with processing a loan payment, and more frequent direct debits (daily or weekly) make it possible for the lender to identify any potential repayment issues early — giving them time to try to help borrowers catch up on any loan payments they may have missed and mitigate larger credit issues down the road.

The terms of cosigner release depend on the lender, but typically, the borrower needs to prove they have made on - time payments and have sufficient income to pay back the loans on their own, without your help.

To qualify, borrowers must have worked in a qualifying field for at least ten years and made payments on their federal student loans for at least the same amount of time.

After the borrower makes 36, on - time, consecutive payments, Citizens Bank allows co-signers to apply for a release.

Even though these loans have higher interest rates for borrowers with bad credit, personal loans are a great way to rebuild credit history if you make all your payments on time.

These policies allow the cosigner to be released from their financial obligation after the borrower has made on - time payments for a specified period — typically a few years.

iHelp also offers co-signer release after payments have been made on time for 24 months and the borrower is deemed to be creditworthy.

Not be currently enrolled in school; borrowers with verified graduate degrees may apply while in their grace period, while graduates with bachelor's degrees must have made at least three on - time payments, and those who have not earned a degree must show proof of twelve on - time payments

If you make three voluntary, on - time, full monthly payments before consolidating, you can choose from any of the repayment plans available to Direct Consolidation Loan borrowers.

Sallie Mae, for example, will accept applications for cosigner release after the borrower has made 12 consecutive on - time payment.

College Ave will accept applications for cosigner release after the borrower is halfway through the repayment term, has made 24 consecutive on - time payments, and can provide proof that they've been working for the last 24 months.

In the industry's slimy underside, firms push borrowers into default and foreclosure, even when they've been making payments on time.

It notes that a borrower must make 36 straight months of on - time payments after leaving deferment or forbearance in order to release a cosigner.

The VA usually requires a two - year waiting period following a Chapter 7 bankruptcy or foreclosure before it will insure a loan, and borrowers in Chapter 13 must have made at least 12 on - time payments and secure the approval of the bankruptcy court.

A loan is considered «delinquent» when a borrower doesn't make a loan payment on time.

On the other hand, if the borrower makes on - time payments for the duration of the loan, you could both see a boost in your scores,» Tayne sayOn the other hand, if the borrower makes on - time payments for the duration of the loan, you could both see a boost in your scores,» Tayne sayon - time payments for the duration of the loan, you could both see a boost in your scores,» Tayne says.

To secure a release, the borrower will likely need to prove they can continue making on - time payments by themselves, which means having a steady income and a good credit score.

An arrangement in which a borrower doesn't have to start making payments on a loan until a certain agreed - upon time (common with student loans).

Plus, the bank had set up the illegal late fees for some borrowers even when payments were made on time.

In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on - time full principal and interest payments as indicated in the borrower's credit agreement during the repayment period (excluding interest - only payments) immediately prior to the request.

Any borrower on an installment loan account has one choice: make payments on time.

For mortgage loans greater than 12 months old, borrowers must have no more than one payment more than 30 days late, and must have made the immediately preceding three payments on time.

A Chapter 13 bankruptcy does not disqualify a borrower from obtaining an FHA mortgage provided the lender documents that one year of the payout period under the bankruptcy has elapsed and the borrower's payment performance has been satisfactory (i.e., all required payments made on time).

That co-signer is placing a lot of trust in the borrower to make the payments on time, because the borrower's financial actions will directly affect the co-signer's credit as well as their own.

The lender also grants «late fee forgiveness» and refunds its $ 25 late fee to borrowers who make three consecutive on - time payments after one late payment.

If you've been a responsible borrower (i.e., you've made your payments on time and in full every month), you should have more negotiating power.

And the cosigner can be released after 24 consecutive, monthly principal and interest payments are made on time, and the borrower meets certain eligibility and credit criteria.

It is not uncommon to see news stories of student loan servicers making mistakes in crediting payments to borrowers» accounts, or reporting late payments when payments were made on time.

According to Navient, primary borrowers can qualify to release their cosigner once they graduate and have made 12 consecutive, on - time payments (both principal and interest).

Over time, the interest on a student loan can make it difficult for a borrower to pay down the principal on a loan, as many of the initial payments will go solely towards paying off the accumulated interest.

Bad Credit Personal Loans start out at a higher rate than traditional loans, but if the borrower makes all his payments on time for the first 24 months, the interest rate is lowered.

Another advantage of a credit union is that if you have a cosigner, you may get a lower interest rate, AND relieve the burden on the cosigner, if you as the borrower, have made on - time payments for 12 consecutive months.

For borrowers who are making their payments on time but are on the verge of default, the Obama administration's loan modification program can reduce their credit score as much as 100 points.

Delinquent If the borrower fails to make a payment on time, the borrower is considered delinquent and late fees may be charged.

Not be currently enrolled in school; borrowers with verified graduate degrees may apply while in their grace period, while graduates with bachelor's degrees must have made at least three on - time payments, and those who have not earned a degree must show proof of twelve on - time payments

iHelp also offers co-signer release after payments have been made on time for 24 months and the borrower is deemed to be creditworthy.

To secure a release, the borrower will likely need to prove they can continue making on - time payments by themselves, which means having a steady income and a good credit score.

In addition, for student borrowers who utilize a cosigner, the cosigner can be released from the student loan obligation after the primary borrower makes 24 consecutive on - time principal and interest payments during the repayment period.

Loan discounts may be contingent on specific borrower behavior, such as repaying the loan through direct debit from the borrower's bank account (ACH) or making a number of consecutive payments on time.

At the end of the repayment term, either 20 or 25 years, the remaining balance is automatically forgiven so long as borrowers have made consistent, on - time payments.

The following changes apply for Kentucky FHA Streamline loans with or without appraisal: A.) Seasoning — At the time of loan application, the borrower must have made at least 6 payments on the FHA - insured mortgage being refinanced.

For example, borrowers with excellent credit, significant cash reserves, or a long history of making mortgage payments on time are often allowed to exceed the 43 % debt threshold.

FHA offers a Streamline Refinance loan program for any borrower with an existing FHA loan that has made a minimum of six on - time monthly payments and will save a minimum of 5 % off their current monthly payment.