How good is rategenuis?

You need refinance with NFCU have you applied? It’s a lot more lenient and generous than traditional lenders when it comes to score and DTI

 

I have asked them over the phone before I applied that’s why I figured out they are not what I want. I can still pay my loan with Toyota if need be. Even with their personal loan to which I had, I couldn’t pay the principal only but with my discover personal loan, they let me have the option to pay principal only that’s why I got a loan through discover and paid my navy federal personal loan with it because I saw that discover let’s me pay my principle if I wanted and now my discover loan is almost finished where as if I were to keep going with navy it would have taken me further.

I have 3 credit lines through navy already.

 

What do you mean?

 

I always figure a money lending institution is in business to make money.

 

You could become a memeber without that requirement. You had to sign up for a navy federal donation group and fax in your non profit member ship card with a manual application and it had to be manually reviewed and accepted.

 

There was a credit union back in KC where I grew up that at the end of the year they would divide profits to members based on your accounts and amounts and mortgages/ loans held.

Not sure if it was all the profit or some.

 

USAA does that still.

 

It’s great that some credit unions give back but they, too, have to make money to pay the bills & be able to give PROFITS back to the members

 

Haha! Let me rephrase that, I choose to go in person the ladies love seeing our dog and she gets loads of treats. It’s a thing we do monthly.

 

This is clearer than saying "principle payments only." Yes, Navy Federal does allow you to make principle payments early. But if you worded it as Principle Payments Only, they would say no. The way amortization works is that the regular payment includes 100% of the accrued interest plus a portion of the principle. Any amount paid above that regular payment in the same month would automatically be principle only. I've paid off just about every loan I've had early by doing this.

 

This is not always true. Some institutions will automatically apply any additional money paid towards future payments, rather than towards the principal. You would pay extra and end up with “no payment due” the next month. Most loans I’ve had require you to specify that additional money paid is to go towards principal in order for it to do so.

 

I think I would know how an interest based loan work instead of an option of principle payments. You can call navy federal and they would say that they don’t allow payments to the principle even if you ask them to put it towards the principle. The extra payment that you do would go towards the next payment+interest which I am not interested. I don’t really care about paying in a month to get the next month no payment.


I have had personal loans through them and that is exactly interested based loan to, so that’s why I got discover loan and now I can pay the principal only if I want with extra payment.