Federal Student Loan Consolidation
Federal student loan consolidation is a fixed-rate refinancing program that combines all of your existing federal student loans into one new loan. Consolidation is a great tool for managing your finances - providing immediate payment relief and long term benefits. With our fast and convenient eSignature, your application will be complete in just a few minutes.
* Cut your monthly student loan payment by as much as 50%
* Simplify your finances with one monthly payment
* Improve your credit rating
* No credit checks, fees, or application charges
* Reduce your interest rate 0.6% by consolidating during your grace period
Save Even More Money - Consolidate Your Credit Card Debt
We realize that student loans are not the only type of debt holding students and recent graduates down. Consolidating your credit card debt can help free up extra money. Get Started Now!
Get Started – Easy Online Application
Federal Student Loan Consolidation Payment Relief
One of the key benefits of consolidating your federal school loans is payment relief. By combining all of your student loans into one consolidated loan, you can lengthen your repayment term from the standard 10 years to up to 30 years, depending on the amount of your education debts. With a lower monthly payment, you'll have more money available to meet other living expenses, including car payments, housing expenses, and career-related necessities. Because there are no penalties for overpayment, you can make larger payments and reduce your repayment term when it becomes affordable. Learn more about how student loan consolidation works in this step-by-step tutorial.
Consolidating with Student loan Consolidator
Get one-on-one personalized customer service. Our loan counselors will educate you on the benefits of federal student loan consolidation and help you determine if consolidating is the right choice. We will explain the consolidation process and the repayment options that are available to you.
What Qualifies for Federal Student Loan Consolidation?
Federal loan consolidation can include Federal Stafford Loan consolidation, PLUS Loan consolidation, Direct Loan consolidation as well as Perkins Loans, HEAL Loans and all Federal FFELP and Direct Loans taken to pay for your education. Private student loan consolidation is different - You will lose your federal loan benefits if you consolidate your federal loans into a private loan consolidation.
Consolidating with Student loan Consolidator
Get one-on-one personalized customer service. Our loan counselors will educate you on the benefits of federal student loan consolidation and help you determine if consolidating is the right choice. We will explain the consolidation process and the repayment options that are available to you.
Showing posts with label Loan. Show all posts
Showing posts with label Loan. Show all posts
Tuesday, November 11, 2008
GETTING A MORTGAGE
A borrower can obtain a mortgage from a bank, credit union, or other lender. Most lenders require the borrower to have a certain amount of money to use as a down payment toward the purchase of the house. For example, if an individual wants to buy a home priced at $100,000 and the lender requires a down payment of $5000, the individual will apply for a loan of $95,000 to pay for the difference.
A lender requires detailed information about borrowers to assess their ability and willingness to repay a loan. For example, a borrower will be asked about income, employment history, and credit history. The lender will also inquire about any debts, such as a car loan or credit card balances.
Before the lender agrees to a loan, an appraisal of the property by a qualified third party is required. The appraisal provides an estimate of the property's value. The lender wants to be certain that the property is worth at least as much as the loan in case of foreclosure.
If all requirements are met, the lender agrees to the loan. The loan agreement specifies the current interest rate and the loan's repayment terms. The terms of repayment specify how much the regular payments will be, how frequently they will be made, and over how many years. The interest rate and the duration, or life, of the mortgage determine the amount of the payment. Payments are usually made monthly. The life of the mortgage can be 15, 20, 30, or even 40 years.
To accept the loan the borrowers must sign a promissory note that obligates them to repay the mortgage debt. The borrower also promises to keep the property insured against fire and other hazards, and to pay any property taxes that may be owed. If the borrower fails to keep any of these obligations, the loan is considered to be in default, and subject to foreclosure.
The actual transfer of funds and property takes place at the closing. At the closing the lender transfers money to the borrower for buying the house and the borrower signs the mortgage documents. The borrower also pays the lender any fees associated with borrowing the money. These might include origination costs for creating and processing the loan, fees for obtaining reports on
A lender requires detailed information about borrowers to assess their ability and willingness to repay a loan. For example, a borrower will be asked about income, employment history, and credit history. The lender will also inquire about any debts, such as a car loan or credit card balances.
Before the lender agrees to a loan, an appraisal of the property by a qualified third party is required. The appraisal provides an estimate of the property's value. The lender wants to be certain that the property is worth at least as much as the loan in case of foreclosure.
If all requirements are met, the lender agrees to the loan. The loan agreement specifies the current interest rate and the loan's repayment terms. The terms of repayment specify how much the regular payments will be, how frequently they will be made, and over how many years. The interest rate and the duration, or life, of the mortgage determine the amount of the payment. Payments are usually made monthly. The life of the mortgage can be 15, 20, 30, or even 40 years.
To accept the loan the borrowers must sign a promissory note that obligates them to repay the mortgage debt. The borrower also promises to keep the property insured against fire and other hazards, and to pay any property taxes that may be owed. If the borrower fails to keep any of these obligations, the loan is considered to be in default, and subject to foreclosure.
The actual transfer of funds and property takes place at the closing. At the closing the lender transfers money to the borrower for buying the house and the borrower signs the mortgage documents. The borrower also pays the lender any fees associated with borrowing the money. These might include origination costs for creating and processing the loan, fees for obtaining reports on
Reconstruction Finance Corporation
Reconstruction Finance Corporation (RFC), independent agency of the United States government, created during the economic depression by congressional enactment in 1932, and abolished by Congress in June 1957. The stated purpose of the RFC was “to provide emergency financing facilities for financial institutions; to aid in financing agriculture, commerce, and industry; to purchase preferred stock, capital notes, or debentures of banks and trust companies; and to make loans and allocations of its funds as prescribed by law.” These purposes were subsequently enlarged by legislative amendment to include participation in the maintenance of the economic stability of the country through the promotion of maximum production and employment and the encouragement of small business enterprises. The basic activities of the RFC were to make and collect loans and to buy and sell securities. Originally, the capital stock of the corporation was fixed at $500 million.
For seven years following its creation, the RFC was classified as an emergency agency. In 1939 it was grouped with other agencies to constitute the Federal Loan Agency. It was transferred to the Department of Commerce in 1942 and reverted to the Federal Loan Agency three years later. When that agency was abolished in 1947, its functions were assumed by the RFC.
Approximately two-thirds of the disbursements of the RFC were made in connection with the national defense of the U.S., especially during World War II. Loans were also made by the RFC to federal agencies and to state and local governments in connection with the relief of the unemployed and the relief of victims of disasters such as floods and earthquakes. Disbursements to private enterprises included loans to banks and trust companies to aid in their establishment, reorganization, or liquidation, and to mortgage-loan companies, building and loan associations, and insurance companies. Loans were also made to agricultural financing institutions, to enterprises engaged in financing the export of agricultural surpluses, and to railroads, mines, mills, and other industrial enterprises. Hundreds of millions of dollars were disbursed by the RFC for the purchase of securities offered by the Public Works Administration, other government agencies, and private corporations.
In 1948, after the financial crisis of the depression and World War II had passed, Congress reduced the capital stock of the RFC to $100 million and provided for the retirement of the outstanding capital stock in excess of that amount. It also authorized the RFC to issue to the Treasury its own notes, debentures, bonds, or other similar obligations, in the amount of its outstanding loans, in order to borrow money with which to carry on its functions.
During 1951 and 1952 congressional investigators found considerable evidence of fraud and corruption among RFC officials. In July 1953, Congress enacted the RFC Liquidation Act, providing for the gradual transfer of the functions of the RFC to other government agencies. The RFC loan powers were transferred in 1954 to the Small Business Administration. The RFC was abolished in June 1957, and its remaining functions were transferred to the Housing and Home Finance Agency, the General Services Administration, and the Department of the Treasury. During its existence from 1932 to 1957, the RFC disbursed more than $50 billion in loans.
For seven years following its creation, the RFC was classified as an emergency agency. In 1939 it was grouped with other agencies to constitute the Federal Loan Agency. It was transferred to the Department of Commerce in 1942 and reverted to the Federal Loan Agency three years later. When that agency was abolished in 1947, its functions were assumed by the RFC.
Approximately two-thirds of the disbursements of the RFC were made in connection with the national defense of the U.S., especially during World War II. Loans were also made by the RFC to federal agencies and to state and local governments in connection with the relief of the unemployed and the relief of victims of disasters such as floods and earthquakes. Disbursements to private enterprises included loans to banks and trust companies to aid in their establishment, reorganization, or liquidation, and to mortgage-loan companies, building and loan associations, and insurance companies. Loans were also made to agricultural financing institutions, to enterprises engaged in financing the export of agricultural surpluses, and to railroads, mines, mills, and other industrial enterprises. Hundreds of millions of dollars were disbursed by the RFC for the purchase of securities offered by the Public Works Administration, other government agencies, and private corporations.
In 1948, after the financial crisis of the depression and World War II had passed, Congress reduced the capital stock of the RFC to $100 million and provided for the retirement of the outstanding capital stock in excess of that amount. It also authorized the RFC to issue to the Treasury its own notes, debentures, bonds, or other similar obligations, in the amount of its outstanding loans, in order to borrow money with which to carry on its functions.
During 1951 and 1952 congressional investigators found considerable evidence of fraud and corruption among RFC officials. In July 1953, Congress enacted the RFC Liquidation Act, providing for the gradual transfer of the functions of the RFC to other government agencies. The RFC loan powers were transferred in 1954 to the Small Business Administration. The RFC was abolished in June 1957, and its remaining functions were transferred to the Housing and Home Finance Agency, the General Services Administration, and the Department of the Treasury. During its existence from 1932 to 1957, the RFC disbursed more than $50 billion in loans.
Federal Home Loan Bank Board
Federal Home Loan Bank Board, former independent agency of the U.S. government established, with its related units, in the 1932-1934 period to encourage thrift and economical home financing. The board set policies, issued regulations, and supervised the operations of the following units: the Federal Home Loan Bank System, which constituted a network of reserve credit for savings and home-financing institutions served by 12 regional Federal Home Loan banks; the Federal Savings and Loan Insurance Corp. (FSLIC), which insured the accounts of depositors in insured savings and loan associations and similar institutions; and the Federal Home Loan Mortgage Corp., created by the Emergency Home Finance Act of 1970 to operate a secondary mortgage market.
Under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Office of Thrift Supervision, a newly created bureau within the Department of the Treasury, assumed the board's regulatory responsibilities, while the Savings Association Insurance Fund (SAIF), administered by the Federal Deposit Insurance Corp. (FDIC), replaced the FSLIC.
The board is administered by three members appointed to 4-year terms by the president and confirmed by the Senate. The chairperson is designated by the president.
Under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, the Office of Thrift Supervision, a newly created bureau within the Department of the Treasury, assumed the board's regulatory responsibilities, while the Savings Association Insurance Fund (SAIF), administered by the Federal Deposit Insurance Corp. (FDIC), replaced the FSLIC.
The board is administered by three members appointed to 4-year terms by the president and confirmed by the Senate. The chairperson is designated by the president.
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