Is consolidating debt into your mortgage a good idea
Learn more A "soft" credit check allows a lender to check the applicant's credit and provide the applicant with an estimated interest rate without affecting their credit score.
This is unlike a "hard" credit check, which may impact an applicant's credit.
Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns.
Learn more"Term" refers to the length of the loan, typically in years.
In general, the shorter the term, the lower the interest rate and the higher the monthly payments.
Borrowers typically have the option to make interest-only payments during this period in order to prevent accruing interest from increasing their balance.
Many parents take out "Parent PLUS" loans to pay for their children to attend college.