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I am looking for a good student loan consolidation program that will take on both my Federal and Private student loans from Sallie Mae. If you know of any good ones that you have heard of or used in the past, please leave a description or website so I can look into it. If you are a loan company, don’t bother answering the question as I will mark it as Spam. Thanks.

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Can anyone give me the name of a loan company or companies, that offers fixed rate long term loans? I’m not looking for home equity loans as I don’t have a home. They must be listed with the BBB and have a legitimate website and business. I’m not looking for Joe’s fly by night loan company. I don’t want to have to declare bankruptcy.

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Once you resolve to avail a home loan, the immediate thing that tempests your brain is choosing between fixed and floating rate of interest. It is easy to get dumbfounded at this stage if you are not financially trained.

If the media and banks are exclaiming about increased interest rates you make feel pressed to go and rush into fixing your home loan rates. Your bank or financial consultant may even suggest this.

Now ideally as it should be, we assume that once you select fixed rate plan for yourself the rate of interest will continue unaltered for the entire period you have fixed the interest rate for irrespective of any subsequent increase in the same. But actually this is not necessarily the case.

Here we demystify the nature of fixed interest rate mortgage transaction for you so that you can make an informed conclusion over the subject.

* Read the small print of your home loan document. You will find that the bank has the right to give you thirty or sixty-days notice period that it intends to increase its interest rates.

* The bank’s first-year rates are binding on the bank only for that short period of 1 or 2 months. The 2nd-year home loan rates are not binding at all. Neither are the bank’s 3rd-year loan rates.

* Force Majeure Clause

So, while you read your housing loan contract, you can spot statement like this:

“Provided further that from time to time, the bank may in its sole discretion alter the rate of interest suitably and prospectively on account of change in the internal policies or if unforeseen or extraordinary changes in the money market conditions take place during the period of the agreement.”

This is called Force Majeure Clause that enables the lender to undertake appropriate alterations in the interest rates on home loans they sanction to their borrowers.

So remember to look at refinancing every couple of years so that you do not pay too much. If you select a good housing loan company you can save a lot of money over the life of your mortgage and in most cases the consulting cost is free.

Find out more about a premier Housing Loan advisory firm, providing Housing Loans with free mortgage broking. Don’t reprint this exact article. Instead, reprint a free unique content version of this same article.

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