Comments on: Downside of Structured Settlement Loans

By: newmoon

newmoon — Fri, 25 Dec 2009 03:50:21 +0000

I'm not sure why you would want to get a home equity loan to pay off student loans. Typically interest rates on student loans are much lower than home equity loans. It is true that you can use interest paid on a home equity loan as a tax deduction, but you can also use interest paid on student loans as a deduction.

By: Free Blog

Free Blog — Fri, 25 Dec 2009 02:35:48 +0000

you r the man

By: Anonymous

Anonymous — Thu, 24 Dec 2009 18:06:28 +0000

Wow id like to see the written statics on this program

By: ronidl76

ronidl76 — Thu, 24 Dec 2009 17:03:30 +0000

In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home.
However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.

By: MLE

MLE — Thu, 24 Dec 2009 16:44:31 +0000

Nope. It will no longer be a student loan then. You may be able to consolidate several student loans into another student loan at a better rate, but if you pay it off with a personal loan you'll be left with a non-deductible personal loan.

By: ali

ali — Thu, 24 Dec 2009 08:04:39 +0000

All I can say is, if you own the motorcycle, take it back. If he does, tell him to get a title loan. He can make payments but depends on what he still owes you.

By: Jak K

Jak K — Wed, 23 Dec 2009 19:51:33 +0000

To have a mortgage loan you must have land involved, so no trailer park rentals. Lender's are not fond of mobile homes because they lose value – unlike a stick-built home which will appreciate in value. You are unlikely to find 100% financing for a mobile home. 90% or less is the norm and that is with good credit. Your interest rate will be higher as well.

If you are buying this as an investment (in your own future-not as an investment property) you should look into a modular home. Anything but a mobile. You won't get out what you put into a mobile. That said, there are some very nice mobile homes out there.

By: WPBlog Shop

WPBlog Shop — Wed, 23 Dec 2009 12:17:49 +0000

man I’ve become a fan of that guy

By: Andrew M

Andrew M — Wed, 23 Dec 2009 11:57:43 +0000

Nope, sorry, but personal loan won't qualify, as you will have nothing in writing to say that it is student loan interest.

By: Anonymous

Anonymous — Wed, 23 Dec 2009 08:10:41 +0000

I loved it