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April 18th, 2006, 17:29
| #1 |
| Old Skool  Join Date: May 2005 Location: Dirty Jerzey
Posts: 2,109
|  Loan Refinancing
Got a question - my Key Bank loan is seriously getting out of hand. Up to 7.9% now! I need to get rid of this thing on a flight instructor salary. Does anyone know of a good place to refinance this kind of loan? Its not a federal loan to my knowledge, therefore I'm not eligible for a federal consolidation loan, which is 3% right now. I'm using my GI bill from the military to pay for my college education, but ATP wasn't approved for VA anyway. I'm backed up into the corner here because I don't know what to do. Interest rates continue to rise and I need to find some way to bail out of this before I can't afford the monthly payment. Up the creek without a paddle here if you know what I mean. I didn't expect interest rates to rise like this when I took the loan out, the rates were on the way down. I planned on using a home equity loan later on to refinance this, but there's no way I'm getting a mortgage with this loan on my back. If I didn't do the flight instructor route and went back to installing floors, it would still take me years to pay this off, thus eliminating the chance to get a good paying flying job. Help? |
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April 18th, 2006, 17:41
| #2 |
| Old Skool  Join Date: Jan 2002 Location: Coloradan in Orange County, CA
Posts: 3,235
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That post up there should be required reading before taking out a loan for any flight training! Actually I am in the same boat, I knew it was variable but I didn't realize at the time that it would go up that much. I wonder if I can just go chapter 11 and treaten KeyBank with either they concede or they get nothing. Haha, just like the airlines do it! Your local credit union may be a good place to start the search? I plan on looking here soon too. |
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April 18th, 2006, 17:50
| #3 | |
| Senior Member  Join Date: Aug 2005 Location: SoCal or Mexico? I get confused which is which!
Posts: 870
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__________________ If you try to fail and succeed, which have you done? | |
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April 18th, 2006, 18:50
| #4 | |
| Old Skool Join Date: Mar 2004 Location: _
Posts: 5,471
| Quote:
Normal home loans have a fixed APR (unless you get some sort of interest only etc., which IMO are bad ideas but they do have their places) and so therefore you won't run into the problem that this poster has. Putting a large downpayment down is a good idea, but saving up enough to cover the cost of the home is a bit of a stretch IMO. If you can do it, kudos to you. Most people can't. | |
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April 18th, 2006, 23:12
| #5 |
| Old Skool  Join Date: Jun 2003 Location: Memphis, TN
Posts: 13,831
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You could always just stay in an apartment. 
__________________ "I'm The Doctor, by the way. Run for your life!" |
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