Sentences with phrase «require full payment of the loan»

Not exact matches

The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the ACH interest rate reduction benefit (s); ACH interest rate reduction (s) apply when full payments (including both principal and interest) are automatically drafted from a bank account and will remain on the account unless (1) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (2) there are three automatic deductions returned for insufficient funds within the life of the loan.

The fixed rate assigned to a loan will never change except as required by law or if you request and qualify for the ACH interest rate reduction benefit (s); ACH interest rate reduction (s) apply when full payments (including both principal and interest) are automatically drafted from a bank account and will remain on the account unless (1) the automatic deduction of payments is stopped (including times during deferment or forbearance) or (2) there are three automatic deductions returned for insufficient funds within the life of the loan.

A minimum loan amount of $ 300,000, payment of property taxes and insurance with monthly mortgage payment (escrows), a maximum debt to income ratio of 41 %, full credit and income verification, and required asset reserves.

The following features are prohibited from high - fee, high - rates loans: 1) All balloon payments - where the normal payments do not pay off the principal balance in full and a lump sum payment of more than twice the amount of the normal payments is required - for loans with less than 5 yr.

Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges.

Borrowers may also opt for standard repayment, which requires full principal and interest payments each month from the start of the loan.

Since Reverse Mortgage loans do not require a payment in full in order to satisfy the loan or bring down the balance, homeowners can opt to make partial repayments to the loan in a number of different ways.

For a biweekly service plan to work for a borrower, the borrower must be in a secure enough financial position to make 13 full loan payments a year instead of the required 12.

For the purpose of regaining eligibility to receive federal student aid, a satisfactory repayment arrangement requires you to make six consecutive, voluntary, on - time, full monthly payments on the defaulted loan.

Regardless of when the loan is due, lenders usually require that you either write a post-dated check for the full amount due or provide your bank account information and authorize an electronic debit payment on the due date.

For a payment to count as one of the required 120 qualifying payments, you must be a full - time employee at a qualifying public service organization on the date that your federal loan servicer receives your monthly Direct Loan paymloan servicer receives your monthly Direct Loan paymLoan payment.

You must also be a full - time employee of a public service entity when you are making each of the required 120 qualifying loan payments for your 10 - year loan.

Your monthly required payments are going to increase to exhibit the full amortization for the remainder of the loan.

The VA lenders handbook accounts for the lack of a down payment by stating «because VA loans can be for the full reasonable value of the property, no down payment is required by VA..»

Your lender, landlord or utility provider may only require a certain number of on - time payments, or it may require a satisfactory credit history and demonstrated ability to assume full responsibility for repayment of the loan.

In addition, the terms of the loan dictate that you are required to make monthly principal and interest payments until the loan is paid in full.

You knew there had to be a catch, and here it is: Because an FHA loan does not have the strict standards of a conventional loan, it requires two kinds of mortgage insurance premiums: one is paid in full upfront — or, it can be financed into the mortgage — and the other is a monthly payment.

First, borrowers may opt for immediate repayment of a new student loan, requiring full principal and interest payments on a monthly basis, 45 days after the loan is funded.

However, if you put down less than 20 percent of the full purchase price on either loan, you are required to also buy mortgage insurance, called PMI on conventional loans and MIP on FHA loans, which generally adds between.5 and 1 percent of the loan amount onto your house payment annually until your loan is 80 percent or less of the value of your house.

Repayment Term — The number of years, or months, required to repay the full amount of a loan, including total interest payments due.

Some of these loans automatically renew at prevailing rates, whereas others may require the balloon payment be paid in full.