Latest Loans Questions

Homeowner deductions receipts
Feb, 4, 2013
Home loan borrowers have several tax breaks available for this upcoming tax season. But instead of using a simpler form, such as the 1040EZ, homeowners must now itemize, or list, their deductions. In order to deduct expenses of owning a home, a person will usually file Form 1040 and itemize deductions on Schedule A. Mark Steber, Chief Tax Officer for Jackson Hewitt Tax Service, said homeownership usually marks the first time that consumers will itemize tax deductions on a tax return. “Homeownership makes a tax return complex,” he said. “You can have a complex return and not own a home but you cannot own a home and not have a complex tax return.” Stages of Homeowner Tax Breaks
man shouting into phone
Feb, 4, 2013
There are a number of ways you can stop debt collectors from calling you at home or work. First, remember that most everyone has some form of debt, so relax and keep in mind you are just one of many. People commonly borrow money for a variety of reasons, but due to job loss or unexpected expenses, some fall behind on payments for their debts. Most lenders send delinquent debts over a certain dollar amount to collections agencies. However, this isn’t a quick process nor is it guaranteed to happen with every type of lender.
Graduation cap and money roll
Jan, 31, 2013
Student loan debt is so high because college prices continue to soar higher and quicker than the rate of inflation. In other words, colleges are becoming more expensive when compared to the value of the dollar. Consequently, our purchasing power is not keeping up with the cost of our colleges. Take for instance California’s public colleges. California is known for its higher education and it boasts three types of public institutions: The University of California (UC) colleges, California State colleges, and California Community Colleges.
Tax returns
Jan, 30, 2013
Student loans are tax deductible due to the interest accrued on the loans. The deduction is called the Student Loan Interest Deduction. It works on qualified student loans which are loans taken out solely to pay for higher education. Riley Holmes, a veteran tax professional at a Chicago-based H&R Block division, said that in order to qualify, the interest on student loans must have been used to pay for qualified higher education expenses such as tuition and room and board.
graduation cap on money
Jan, 28, 2013
Yes, you can get a commercial loan if you are still in college! However, you will need to put some work into it since there are a few obstacles that young borrowers—like college students—specifically face. “College students face the triple hurdle of insufficient credit history, low collateral, and if they have student loans, high current debt load. This makes them a bad credit risk in general. So there is a bit of automatic age-ism in the mix, endemic in the system,” said Professor Trexler Proffitt, from Muhlenberg College, in an interview with Fortunately there are ways to jump over these hurdles.
Clock on money
Jan, 25, 2013
There is a time limit for auto loan debts on when they can no longer be legally collected. Debt collectors and lenders cannot sue a borrower once the financing in question has been statute-barred. A statute of limitations is the deadline for filing a lawsuit. But it can be difficult for borrowers to rid themselves of the burden. The time it takes for a debt to become statute-barred depends on the type of debt and the state in which it originated. Gail Cunningham, vice president of membership and public relations for the National Foundation for Credit Counseling, said that due to the varying statue regulations “making a blanket answer [is] difficult.”
Small student loan resting on finger
Jan, 17, 2013
For many students across the country, repaying student loans is a difficult hurdle to overcome. But there are several ways to manage student loan payments: some easier than others. Student loan payments can be reduced in several ways including, but not limited to, the Income-Based Repayment plan, consolidation loans, and bankruptcy absolution. Income-Based Repayment plan The Income-Based Repayment (IBR) plan is a federal plan designed to reduce monthly payments on federal student loans. In order to qualify for IBR, a borrower must prove a “partial financial hardship.”
foreclosed home
Jan, 11, 2013
Defaulting on a VA loan can result in foreclosure, meaning that a homeowner loses their house to the lender. Just like regular mortgages, these veteran mortgages must be paid on time. If a borrower is facing financial difficulty then he or she is given a short grace period to repay their mortgage. Some financers will be more forgiving than others and offer deferment options. However, even for veteran home loans, there is a limit to the mercy of lenders. Eventually, after several months of nonpayment, a financer will begin foreclosure proceedings.
Pie graph levitating over hand
Jan, 9, 2013
A debt-to-income ratio is the percentage of a consumer’s monthly gross income that is spent on repaying debts. Gross income is the total income earned by a consumer. It is not to be confused with net income which is the amount received on a paycheck after paying government and states taxes.
house made of money on graphs
Jan, 9, 2013
There are a number of differences between fixed- and adjustable-rate home loans. Understanding these differences can help prospective borrowers navigate home loan financing so they can borrow the right type of loan that suits them. First, let’s define these two terms before diving into the differences. Fixed-rate Mortgages (FRMs) FRMs have interest levels that never change for the whole lifetime of the home loan. FRMs are attractive since home loan borrowers know exactly how much they will pay each month for the entire duration of the agreement, which makes budgeting easy.