Stock investing for dummies
First Republic is known for providing a range of refinancing options geared towards current students as well as graduates. The company promotes policies that work with first-time lendees with no previous credit. Its programs offer a way to safely build up credit scores.
Eagle Gold All-in-One
The company’s premier choice among available plans is the Eagle Gold All-in-One loan. This go-to option is a favorite among applicants with a wide range of financial needs. It includes both fixed and variable rates. No fees are associated with the loan and lendees can choose their terms. A special rebate of up to 2% of the interest on the initial balance is available if full repayment occurs within the first 48 months of receipt.
Special rates are available for lendees that also have a First Republic checking account. A minimum of $500 dollars is needed at the time of opening and a balance of at least $3500 must be kept on a monthly basis. Keep in mind that the primary checking account holder must also be employed for a minimum of 24 months. Certain terms and conditions may also apply to applicant employment status. For example, the current employment must be with only one company or organization for a minimum 24 months.
Loan Interest Reductions
In some cases, the company will reduce interest on the loan. If a single applicant’s income is under $80,000 or a couple’s income is under $160,000, they may be eligible for this option. Not all applicants that meet these requirements will be eligible for this interest reduction. Anyone thinking about using this feature should discuss their situation with an appointed personal banking representative and carefully weigh any possible risks that may be associated with the deduction such as penalties or fees.
Minimum and Maximum Limits
Both minimum and maximum limits are placed on all loans. These figures are slightly higher than other lending companies. Minimums start at $60,000 and maximums cannot exceed $300,000. Changes to limits may be imposed in certain situations and the final limit is decided on by a First Republic official. This means applicants will have little to no say about decisions.
First Republic has several important restrictions that every potential applicant should be aware of before going forward. No deferment or forgiveness is offered. Loans may only be presented in states where the company has locations and is accredited to do business.
It is easy to contact the company at any time. In addition to locations throughout the United States, they may also be reached by phone or email. Their website presents a contact form that also helps customers reach a personal banker or appropriate representative.
First Republic may not be the best choice if you or your parents have low credit. Their tighter restrictions also make this a less than perfect choice for anyone who is uncertain about future employment status. A well-crafted website does offer some helpful sections that can help anyone take control of their financial status.
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