Jefferson Bank Loans Department

Question 1

What credit score does the VA loan need?

Answer

To qualify to receive the VA Home Loan, you typically need a credit score higher than 580. Veterans and military personnel have to have been in the military for 180 days during peacetime , or 90 days in time of war. Alternatively, they can be qualified for a VA Home Loan if they've been employed in the National Guard or Reserves for up to six years. Spouses could also be eligible when a member of the military dies while serving in active duty or becomes disabled because of an illness related to the service. Jefferson Bank Loans Department.

Question 2

What is the Loan Origination Fee?

Answer

A loan origination charge is the amount the lender is charged for processing the application. The fee is usually calculated as a percentage of the amount of the loan. A mortgage of $100,000 could lead to your lender charging 2percent or $2,000 for loan origination fees. Jefferson Bank Department.

Question 3

What is loan forgiveness?

Answer

The loan forgiveness program is a form of debt relief that permits the student to get the outstanding student loans wiped out. There are many different programs that grant loan forgiveness, including the Public Service Loan Forgiveness Program and the Teacher Loan Forgiveness Program. To be eligible for loan forgiveness under these programs, borrowers need to meet certain qualifications including making 120 monthly qualifying repayments on their student loans, and also working in a qualifying teaching or public service position. Jefferson Department.

Question 4

What is what is a "direct loan"?

Answer

Direct loans are a type of loan which is provided by the U.S. Department of Education. Direct loans can only be made to schools that are approved to participate in Federal Direct Loan Program. Direct loans are available in two forms that are subsidized or unsubsidized. A loan that is subsidized is given by the government if you are in school at least 50%, for six months after your graduation and throughout any deferment period. An unsubsidized loan will have you paying interest from the date the loan is granted until the time you make your final payment. You have the option to pay the loan while at college or get it capitalized (added into your principal balance). Jefferson Bank Loans Department.

Question 5

What is a loan officer?

Answer

A lender is any person or company who lends money in the expectation of repayment with interest. It is possible to find lenders at credit unions, banks as well as payday lenders. They may also be private or corporate investors. Jefferson Bank Department.

Question 6

How can you determine your loan status?

Answer

There are a variety of ways to check the status of your loan. One is to call your lender to request a statement of account. A loan tracking tool like Loan Tracker Pro can be utilized to track your loan. It will provide current details such as the date of origination and interest rates, monthly payments amount, as well as other information. Jefferson Department.

Question 7

What are micro-lenders?

Answer

A micro loan lender is a type of financial institution, which offers loans to small and medium-sized businesses. The amount typically borrowed is usually lower than $50,000. They typically provide loans to entrepreneurs and poor borrowers who might not qualify for loans from traditional banks. Micro lenders usually charge high rates of interest and charges since they take on more risk by lending to those who might not be able repay the loan. They can be of value to entrepreneurs by helping them establish their business and expand. Jefferson Bank Loans Department.

Question 8

How do you calculate amortization on a loan?

Answer

There are a variety of ways to calculate the amortization of mortgage loans. An online calculator or spreadsheet is the most efficient method to calculate the amortization of a loan. You can also use a financial calculator, or perhaps an eraser and paper. To calculate amortization manually you'll need the following details including: -the total amount of the loan interest rate - the duration of the loan in years -the monthly amount of the payment When you've got that information you can determine amortization: 1.) Divide the amount of the loan by the amount of months of the loan's duration to determine the monthly amount to pay. If you have a loan of $10,000 with a 6% interest rate over 5 years, you would pay a monthly payment would be $1,500. Jefferson Bank Department.

Question 9

What is an heloc loan and how could it be used?

Answer

A HELOC (or home equity line) loan is which allows the borrower access to a credit line that is revolving. This type of loan is generally utilized to pay for major expenses such as home repairs or renovations, educational expenses or medical bills. The amount that can be borrowed is usually determined by the borrower's equity in their home. HELOC loans are characterized by an interest rate lower than conventional mortgages and personal loans. The interest rate on a HELOC loan is usually higher than a credit card. Jefferson Department.

Question 10

How much is pmi for an FHA loan?

Answer

There is no definitive answer to this question because it can vary depending on several aspects, including the amount of loan and the amount of the down payment and the mortgage insurance firm involved. The typical cost for pmi on an FHA loan varies between 0.5% and 1.0 per year. If you take a $100,000 loan you can expect to pay anything from $500 to $1,000 annually to cover mortgage insurance. Jefferson Bank Loans Department.