Sentences with phrase «than the current loan balance»

Cash - Out Refinance When a borrower refinances his mortgage at a higher amount than the current loan balance with the intention of pulling out money for personal use, it is referred to as a «cash out refinance.»

Not exact matches

Borrowers should keep in mind that lower interest rates at the beginning of a loan result in more actual savings than lower interest rates towards the end of a loan since the principal is lower as time goes by (interest charged is a percentage of the current loan balance).

CommonBond's average savings methodology excludes refinance loans during the period mentioned above in which members elect a refinance loan with longer maturity than their existing student loans, the term length of the member's original student loan (s) is greater than 30 years, and the member did not provide sufficient information regarding his or her outstanding balance, loan type, APR, or current monthly payment.

CommonBond's average savings methodology excludes refinance loans during the period mentioned above in which members elect a refinance loan with longer maturity than their existing student loans, the term length of the member's original student loan (s) is greater is than 30 years, and the member did not provide sufficient information regarding his or her outstanding balance, loan type, APR, or current monthly payment.

And for both investor and owner - occupier loans, adjusting for offset balances leads to only a small change in the share of loans with current LVRs greater than 80 per cent.

Debt consolidation works best if you can roll your balances into a loan or line of credit with an interest rate that's lower than your current rates.

Additionally, unless you are EXTREMELY secure in your current job, the possibility of having to come up with the balance of the loan in a short period of time, or suffer even greater consequences, could lead to more harm than the original loan did any good.

If you refinance for a higher amount than the current loan you may also get rid of other debt like credit card balances which have a lot higher interest rates.

1Cosigner Release allowed if an account is in current standing, after 36 months of consecutive and on — time payments with a borrower FICO greater than 699 and minimum income requirement of $ 30,000 for loan balances up to $ 100,000, and income requirement of $ 50,000 for loan balances over $ 100,000 with no foreclosures, repossessions, wage garnishments, unpaid judgments or other public records having an open balance exceeding $ 100 during the last 7 years.

If homes are worth less than a year ago then it become tough to refinance unless your current loan balance is substantially below the current value of your home.

For refinances starting June 11th 2012 and after, the current upfront fee of 1 percent of the loan amount is being reduced to a mere 0.01 % — equal to $ 10 on a $ 100,000 mortgage — while the annual insurance premium is being cut by more than half, to 0.55 percent of the balance, down from 1.15 percent currently.

An underwater trade - in refers to a used car whose market value is lower than the current auto loan balance on that vehicle.

Where the current fair market value of your property is less than the amount you owe on your loan, the lender may agree to a short sale allowing your property to be sold for less than the amount of the loan balance.

SoFi's monthly savings methodology for student loan refinancing excludes refinancings in which 1) members elect a SoFi loan with a shorter term than their prior student loan term (s) 2) the term length of the SoFi member's prior student loan (s) was shorter than 5 years or longer than 30 years 3) the SoFi member did not provide correct or complete information regarding his or her outstanding balance, loan type, APR, or current monthly payment.

SoFi's average savings methodology for student loan refinancing excludes refinancings in which 1) members elect SoFi loans with longer maturity than their existing student loans, as these borrowers typically forfeit lifetime savings for lower monthly payments; 2) the term length of the member's original student loan (s) is greater is than 30 years; and 3) the member did not provide correct or complete information regarding his or her outstanding balance, loan type, APR, or current monthly payment.

Other than the amount of your closing costs, you aren't allowed to borrow more than you need to refinance the balance on your current loan.

SoFi's average savings methodology for student loan refinancing excludes refinancings in which 1) members elect SoFi loans with longer maturity than their existing student loans 2) the term length of the member's original student loan (s) is greater is than 30 years 3) the member did not provide correct or complete information regarding his or her outstanding balance, loan type, APR, or current monthly payment.

Borrowers should keep in mind that lower interest rates at the beginning of a loan result in more actual savings than lower interest rates towards the end of a loan since the principal is lower as time goes by (interest charged is a percentage of the current loan balance).

His focus with homeowners facing foreclosure is to give them the hope of a dignified solution to their financial crisis through current lender loan modification, loan refinancing (short or long - term) or a short sale (a lender - approved sale at less than the outstanding loan balance).

You might have to get an appraisal to demonstrate that your loan balance isn't more than 80 percent of the home's current value.

At current interest rates, 6.4 percent of maturing loans would have a DSCR less than 1.2 x, and if rates climb by 150 bp, 15.7 percent of the outstanding loan balances could be affected.