Sentence examples for shorter-term loans from inspiring English sources

As rates slowly creep down even further, however, shorter-term loans appear to be staging a comeback.

Mr. Oleson said more borrowers should take on shorter-term loans even if that means increasing their monthly payments.

Bankers generally prefer smaller, less risky projects and shorter-term loans than the 20-year terms solar plants typically need.

The 31 percent who shortened their terms represented the second-highest level since 2002, when 35 percent took out shorter-term loans, the data showed.

More than 6m women-owned small businesses in developing countries lack access to necessary financing due in part to discriminatory loan terms, such as higher interest rates and shorter-term loans, that tend to favor male applicants.

On the surface, it would appear that the reduction in tax savings associated with home mortgage-interest expenses should encourage homeowners to reduce these expenses by keeping debt to a minimum and by signing up for shorter-term loans.

By comparison, a family's income would need to be about $29,400 to qualify for a 30-year loan of the same size with monthly payments of $686 - or $120 a month less than the shorter-term loan.

It can also help in other ways, enabling homeowners to pay down debt more quickly on a shorter-term loan or tap into equity for home improvements and other needs.

Traci Levine, a Realtor with Long & Foster in Potomac, said she is seeing more first- and second-trust mortgages, in which the first mortgage is a conforming loan at the $625,500 limit and the second mortgage is often a variable-rate, shorter-term loan at a rate a couple of percentage points higher.

If you can afford larger monthly payments, then you can take out a shorter-term loan, which usually comes with a better interest rate than a longer-term loan, McBride said.

For example, some may have lower interest rates but call for the loan to be paid off over a longer period of time (and some will hit you with penalty fees if the loan is paid off too quickly).[4] If you could technically afford to pay it off faster, then the slower form of repayment could actually cost you more than a shorter-term loan with a slightly higher rate of interest.