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Loan Amount

01.06.2011 14:21:50

Loan Amount Calculator

If you consider getting a loan to buy a car, home, luxury items, etc., a very important thing to do is to obtain a pre-qualified loan. You can talk to your lender and learn what loan amount you are qualified for. This way you can calculate loan amount and plan your budget well in advance before jumping into a loan.

Another option to know the exact loan amount is a loan amount calculator that will give you enough information for consideration. You can find lots of financial tools that work in a similar way: you will need to specify the amount that you can afford to pay each month, the interest rate and the loan term in months or years. The loan amount calculator will provide computing and display an approximate loan amount. Some of calculators include taxes, equity insurance and other loan-related expenses; therefore, to get the most relevant information, you need to consider all of the factors associated with obtaining a loan.

Mortgage Loan Amount Calculator

If you do a thorough research of the financial market, you will see that some lenders offer interest rates that are below their usual minimum mortgage loan amount . This is a good thing to know, since it will allow you to save hundreds or even thousands of dollars.

When a minimum loan amount goes under $100k, in many cases rates are higher, since the lender doesn’t get as much funds from a $60k loan if compared to the loans above $100k. As a rule, there is a minimum amount of revenue that each financial institution or individual lender need to produce.

In any case, if you need to know how much and how long you will need to pay for your loan, a mortgage loan amount calculator is a good pre-approving solution that will show the results based on your financial situation.

Stafford Loan Amounts

Stafford loans are governmental loans granted to college or university students. These loans are aimed at supporting students in their personal, employment or educational needs. What makes Stafford loans even more attractive is that almost all students qualify for it notwithstanding their previous history of credit. The benefits of these loans include the following:
  • Depending on the years a student spent in school and the degree he/she earned, the student loan amount can reach $20,500 a year
  • Interest rates are rather low and do not exceed 3.5 percent of the total Stafford loan amount
  • Students don’t have to pay off their debt until they graduate their college or university
  • All US nationals accepted to a school are eligible for the loan based on the Federal Family Education Loan Program
If your school decides so, you can apply for a subsidized program that will provide you with larger Stafford loan amounts.

FHA Maximum Loan Amount

The Federal Housing Administration (FHA) ensures loan issuance by FHA-approved financial institutions across the USA. Therefore, if you need a mortgage to buy a new home or pay for your medical treatment, FHA insures that you get the FHA maximum loan amount that can be provided to you based on your financial situation.

FHA loan amounts highly depend on the type of property, as well as the state you want to buy a home in.

The FHA frequently updates its loan limits, so you will need to check the current FHA maximum loan amount whenever you decide to get a mortgage. If you have any questions or issues with your FHA-approved mortgage, please visit the FHA website for more detailed information on the options made available for you in your state and county.

Jumbo Loan Amount

Jumbo loan amount is the mortgage that exceeds the conventional conforming amount. Two federal companies, Fannie Mae (FNMA) and Freddie Mac (FHLMC), are responsible for setting jumbo loan amounts for individual loans that a person buys from a bank or financial broker. FNMA and FHLMC buy most of home mortgages in the USA. When their limits are lesser than the complete loan amounts, they are called “jumbo loan amounts”. In average, jumbo loan rates are higher than standard mortgage rates.

As of 2011, the maximum jumbo loan amount is about $415,000; however, it has higher interest rates than standard mortgages because such loans are associated with a higher risk level for lenders. That is why, many lenders ask for a higher down payment from those, who want to get a jumbo loan or a loan amount based on income .

As to the student loans – they include such loan programs as Stafford Loan, the PLUS loan for both graduate students and parents with dependent students. The maximum federal student loan amounts differ based on the years a student attends the school, his family status, etc., but in average, the maximum amount that a graduate student can get is up to $12,000, while a freshman can get up to $6,000.

Student Loan Amounts

Student loans are usually low-interest federal loans made available to undergraduate and graduate students who have a high financial need. To be approved for a maximum student loan amount , students must go through a Free Application for Federal Student Aid (FAFSA), where they must state how important it is for them to get financial support from the government.

When you apply for a student loan, you should understand that even if you do qualify for a loan, but the governmental funds are gone, you may not get the money you need. Therefore, it is important to submit your application no later than January 1 to ensure that you get the maximum student loan amount as well as other loan benefits.

The average student loan amount is $4,000 per year, with the loan’s maximum limit of up to $20,000. Graduate students can get more funds that can reach $40,000 a year.

If you find yourself in a situation, when you’ve run out of your student loan amounts, you should consider other loan sources that will help you achieve your financial goals.

Conforming Loan Amount

A conforming loan is a home mortgage in the gross loan amount of up to $415,000 that is regulated by the federal-approved Fannie Mae and/or Freddie Mac agencies.

Due to the fact that conforming loan amounts are set forth by FNMA and FHLMC, they are thought to have lower risk and are more eagerly purchased in bulk by investors interested in the secondary market. Consequently, because of such an increased demand, a conforming loan amount has lower rates than jumbo mortgages.

Conforming loan amounts are typically reconsidered every year. In some US states, the maximum loan amount can reach $730,000.


Tags: [gross loan balance] [adjusted gross income] [gross loan amount]

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