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December 29, 2006

US home sales rise

US home resales increased 0.6 percent in November,

 industry data showed, suggesting the slumping property market is stabilizing.

The National Association of Realtors said existing-home sales amounted to a seasonally adjusted annual rate of 6.28 million units in November, well ahead of the 6.15 million figure expected on Wall Street. This followed a 0.5 percent increase in October.


The November sales level was 10.7 percent below the pace of a year ago, reflecting the tumble in the real estate market after years of spectacular growth.

David Lereah, NAR's chief economist, said the report suggests the worst may be over for the housing slump.

"As the housing market recovers from its correction, existing-home sales should be rising gradually during 2007 -- it looks like we may have reached the low point for the current cycle in September," he said.

"We've entered a more sustainable period of home sales now, and we expect greater support for prices over time as inventory levels are eventually drawn down."

The latest report showed housing inventory levels fell 1.0 percent at the end of November to 3.82 million existing homes available for sale, which represents a 7.3-month supply at the current sales pace.

December 25, 2006

Second Mortgages Interest rates

What Are Second Mortgages, And When Are They Helpful?

2nd mortgage basically allows you to borrow money against the equity of your home. If you need cash fast for things such as remodeling your home, adding on another room or even to consolidate your debts, these options are useful. A second mortgage in the form of a home equity loan is a great way to get extra cash fast and these types of loans are usually calculated at a set interest rate.

Interest rates tend to be much higher with second mortgages than with refinancing. If you need cash quickly and plan to pay off the money that you have borrowed quickly, a second mortgage is just the ticket. You are also given a lot of flexibility with a second mortgage, including having the option of borrowing all of your home’s equity or just part. You can also choose a long-term repayment option or a short term one.


December 22, 2006

Refinance Second Mortgage, 2nd Mortgage Refinancing

A 2nd mortgage simply means that the amount you borrow is secured by your property, in second preference to your first mortgage. Some lenders call it secured loan. 2nd mortgage loans are loans that are made in addition to the first mortgage, and it is usually based on the amount of equity that the borrower uses to build into his home.

Refinance Second Mortgage, means that you'll be getting a new mortgage with a new low interest rate and  new term.

December 04, 2006

fixed rate mortgage vs adjustable rate mortgage

The are two types of mortgage loans:

Fixed rate mortgage, and adjustable rate mortgage(ARM).
In a fixed rate mortgage,the interest rate remains fixed for the life of the loan. The borrower is protected from sudden increases in monthly payments if interest rates grow. Borrowers choose fixed rate mortgage when interest rates are low.

In a adjustable rate mortgage(ARM),the interest rate may change during the life of the loan.

If you intend to live in your home more than just few years and you like the financial stability of a fixed payment, Than fixed rate mortgage is the right loan for you.

But, If you Plan to briefly remains in your home, Don't afraid from monthly payment change, And you firm your income will increase in the future, Than adjustable rate mortgage is the right loas for you.

Adjustable rate loans have cleverly protected borrowers money in recent years.
According the msn money expert fixed-rate mortgage are much higher than the Adjustable Rate Mortgages.

November 21, 2006

Mortgage interest rates drop

Mortgage rates fall sharply

Mortgage rates at 8-month low

Rates on 30-year mortgages fell sharply last week to the lowest level in eight months, reflecting easing inflation concerns.

Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages dipped to 6.24 percent, down from 6.33 percent the previous week. The decline pushed rates to the lowest level since March 2, when they also stood at 6.24 percent.

Analysts attributed last week’s drop to further good news on inflation as both consumer and wholesale prices registered big drops


November 14, 2006

Free Interest Only Mortgage Calculator

    Free Mortgage Calculator
 The calculator is able to find any of the five (5) variables involved in a mortgage loan: -
 Monthly Payment - Loan Amount - Down Payment Amount - Interest - Term or Number of Payments.
This calculator can run in three (3) modes -
-  Simple:  The Basic case of a loan that doesn't involve any taxes or insurance.
 - Advanced: The same as Simple with added taxes and insurance.
 - Complete: The same as above with the addition of any fees that may be involved.
The results of the calculations are split into three (3) sections and multiple parts:
 - Summary: Displays the basic loan information and payment break-down.
- Amortization: Displays the amortization table.
- Distribution: Shows the totals and true amounts paid over the life of the loan.
Tips For Using A Loan Calculator  
 by Tim Renolds

When it comes to getting a loan for your mortgage and using a mortgage calculator, you should definitely know the differences in a home equity loan and a home loan. First, a home loan is basically your first loan when purchasing a home. This could mean first time buyers or seasoned buyers that are just looking for a different home. A home equity loan is a type of loan that uses the equity within your home to determine how much you can receive. This type of loan is typically referred to as a second mortgage; additionally with this type of loan, the interest rates are higher than that of a home loan.
When you are wanting to obtain a home equity loan you should use a mortgage calculator specific for home equity to determine what the different areas of using your equity in relation to the payment is required. These calculators typically help you to determine if this action is the best for you or not. One thing that a mortgage calculator can really help you with is determining if refinancing the home entirely is a better alternative for you. It can help you with a variety of options when it comes to refinancing, and this is especially true if you have a great deal of equity within your home. If you input these figures into the mortgage calculator, you will be able to itemize and compare which of the options or alternatives is best suited for you.
Typically obtaining a home equity loan is appealing to an owner, for the simple reason that the mortgage lending company or person makes it appealing and wants your property. Prior to agreeing or signing any paper you will want to figure out all details he or she is offering you and consult with your mortgage calculator, you will want to make sure that your calculations match the ones he presented you. One thing that is truly imperative is that you fully understand all obligations required of you when you are obtaining a home equity loan, there is nothing worse than having your home become threatened with foreclosure because there was something you did not understand.
You should consider all of your options to make informed and calculated decisions, as refinancing your home or obtaining home equity loans is a big decision for anyone to make. Do not go into lightly and only sign agreements or contracts that you completely and fully understand.
About the Author
Tim Renolds is a wirter for the Home Owner Loans website. Tim enjoys writitng on many finance related subjects.
Mortgage News Daily

MBS RECAP: Super Flat Day... Not at all What You'd Expect
by Matthew Graham
30 Oct 2014 at 1:59pm

Posted To: MBS Commentary

If the official end of QE is to be an inspirational moment for bond markets in the bigger picture, you wouldn't know it based on how trading has gone since then. A case is rapidly building for the news being fully priced in ahead of time and actual whipsaw effect happening a few weeks earlier. Whatever the case, inspiration was lacking and continues its absence today. MBS were able to hold super steady today at slightly stronger levels. But here too, the improvement was fairly uninspired , and may even have more to do with the fact that rates had simply spent so many days in a row moving higher after October 15th's big drop. That can happen sometimes. One thing's for sure though: the traditional motivations were irrelevant today. Rates are typically pressured higher by stronger...(read more)

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Mortgage Rates Recover Slightly; Holding Near 4 Percent
by Matthew Graham
30 Oct 2014 at 12:48pm

Posted To: Mortgage Rate Watch

Mortgage rates pulled back to hold near 4 percent after rising to the highest levels in 3 weeks. After yesterday's Fed announcement, the most common rate quotes were at risk of edging up to 4.125% for top tier borrowers. While some lenders are still in that range today, the improvement keeps the balance tipped decisively toward 4.0% . In other words, both rates are out there today, but 4.0% is more prevalent. In general, rates are nearly back in line with Tuesday's. Whether rates had simply had enough of their recent move higher or whether they're just more in tune with weakness in the European economy, today's stronger GDP report didn't have any impact. Typically, stronger data would push rates higher. That said, the resilience was nominal at best, keeping us in a limbo between 2014's previous...(read more)

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Affordability Has Nothing to do with Home Prices or Rates -RealtyTrac
by Jann Swanson
30 Oct 2014 at 9:30am

Posted To: MND NewsWire

"A real estate market that should be flying high is instead a real estate market that is faltering ," according to Brian Mushaney, Executive Vice President, Data Solutions, for RealtyTrac. Writing in the current issue of RealtyTrac's Housing News Report he points to a market which he says should be a buyer's paradise in many ways, with property values well below historic affordability levels, banks with tons of cash to loan, interest rates near their all-time lows, and foreclosures abating. "So why," he asks, writing, "have home sales stalled in recent months? It is an issue of affordability he says, but not the way we usually think about it. The 30 percent of income as a measure of the maximum to be spent on housing doesn't work today because markets vary enormously. The better approach is...(read more)

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MBS MID-DAY: Slow, Steady Morning Sees Yesterday's Weakness Completely Undone
by Matthew Graham
30 Oct 2014 at 9:02am

Posted To: MBS Commentary

"Jobless Claims remained in the 280's and GDP came in at 3.5 vs a 3.0 forecast. So naturally, bond markets are adding to yesterday's weakness." That sentence would be seem logical and appropriate for most any time in the history of bond markets, but as we continue to navigate the extended post-crisis tumult, a strange new reality is constantly being defined. 2013 was the last time we saw a really firm connection between data and trading levels. The interesting thing was that it was the opposite of the traditional connection. Weaker data actually helped bond markets as it prolonged the hope that QE3 would stick around. After tapering began--and even more so after it became apparent that it was on an all but predetermined, linear course--bond markets became increasingly divorced...(read more)

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Rumors about Provident; e-Signature News; Lawsuit Update on PHH, Lawsky, Cast...
by Rob Chrisman
30 Oct 2014 at 8:19am

Posted To: Pipeline Press

As mortgage bankers gear up to see what the Shipping Department dresses up as tomorrow, let's take a quick look at some demographics. There is now a larger cohort of unmarried young adults who are driving the overall homeownership rate down as they are less likely to own a home. The creation of household formations plays an important role in homeownership rates among young adults and is one of the main reasons the average age of first time home buyers is now 31 years old. There were plenty of smoke signals yesterday regarding Provident Funding Associates, LLC. as the broker herd was spooked. (There are several "Providents" around the nation, so the rumors may not have involved the well-known California wholesaler that bills itself as, "The Undisputed Price Leader since 1992", known to live...(read more)

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MBS Day Ahead: Maybe GDP and Yellen can Move Markets
by Matthew Graham
30 Oct 2014 at 4:29am

Posted To: MBS Commentary

GDP reports come in three flavors: advance, preliminary, and final. Today is the 'advance' reading for the 3rd quarter and hence the first look at Q3 GDP despite Q3 having been over for a full month. Because of its stale nature, the market impact of GDP is often questioned, but the advance has the most potential of the three. In addition to GDP there is other economic data, a Yellen speech, and the week's last Treasury auction. Maybe somewhere in the mix of these events, markets will find some justification for actual movement, because yesterday's FOMC Announcement didn't really cut it. Granted, we'd discussed the fact that the Announcement itself would be less interesting than the longer-term market reaction that can now begin, but even then, the lack of response yesterday...(read more)

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MBS RECAP: Fed Reads From Known Script, but With Unexpected Gusto; Bonds Don'...
by Matthew Graham
29 Oct 2014 at 2:03pm

Posted To: MBS Commentary

Nine times out of ten, any conversation about trading volume in bond markets is pointless and dangerous when it comes to considering potential mortgage rate movement. Reason being: some people assume that low volume means a move is less valid and then potentially feel like locking into weakness isn't a dire need. The best thing to keep in mind with respect to that is that markets can always move either direction tomorrow and today's volume hardly ever tells you anything about the chances. Here's what volume can tell us though. It can tell us how much markets cared about the movement they just made. This is a look at the past with no comment on the future. With that in mind, volume was surprisingly low in bond markets today. It was lower than yesterday, and what even happened yesterday...(read more)

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Mortgage Rates at 3-Week Highs After Fed Ends QE
by Matthew Graham
29 Oct 2014 at 1:36pm

Posted To: Mortgage Rate Watch

Mortgage rates rose to the highest level in 3 weeks after today's Fed Announcement. The move was a two-part process with initial rate sheets being weaker in the morning and mid-day reprices (lenders raising rates) following the Fed. The pace of the movement was moderate, leaving 4.0% intact as the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers, but 4.125% is now much closer than it had been. Many lenders are already there today. It's important to understand that the Fed ending QE and today's rise in rates are not in a direct causal relationship. Market participants unanimously agreed that today would mark the end of the Fed's third round of quantitative easing (QE3) and that part of the announcement was no surprise. It's also important to understand that, apart from...(read more)

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Foreclosures Ticked up in September, Downward Trend Holds
by Jann Swanson
29 Oct 2014 at 10:59am

Posted To: MND NewsWire

Completed foreclosures rose slightly in September CoreLogic said today, but the long-term trend continues to be a relatively precipitous drop from the record high numbers of the last six years. The company's September National Foreclosure Report notes a 4.7 percent increase in the number of homes lost to foreclosure during the month relative to the August number, 46,000 units compared to 44,000. The September total however represents a year-over-year drop of 32.6 percent from 68,000 foreclosures the previous September 2013 and is 61 percent below the number at the peak of activity in 2010. All 50 states posted a double-digit decline in completed foreclosures; Washington, DC had a 7.1 percent increase although it still remained among the areas with the smallest absolute number of completed foreclosures...(read more)

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MBS MID-DAY: Bond Markets on the Ropes Ahead of FOMC Announcement
by Matthew Graham
29 Oct 2014 at 9:11am

Posted To: MBS Commentary

MBS and Treasuries are at their weakest levels in 3 weeks ahead of this afternoon's FOMC Announcement. That's really all there is to it. We haven't had any meaningful market movers, and in fact, the only motivation has come from traders watching other traders. In that regard, "defensive" would be the best way to characterize the bigger trades we've seen. There was an obvious glut of large trade activity from 9:11 to 9:17am in 5 and 10yr Treasuries. This took bonds to their weakest levels, but the volatility is completely insignificant compared to that seen 2 weeks ago, or that which might be on the horizon. While we're technically into our weakest recent levels, it's nothing more than an incidental drift . For instance, Fannie 3.5s are down only 1/32nd on the...(read more)

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LOS Survey; RESPA-TILA Toolkit; LO Comp Violations Still Out There
by Rob Chrisman
29 Oct 2014 at 7:34am

Posted To: Pipeline Press

You don't think things are changing? Apple announced it has signed up 500 more banks in addition to the 6 largest US banks it announced during the launch of its Apple Pay service, which is now available today. In the UK, Lloyds Bank is cutting 9,000 jobs. "Lloyds...wants a new type of branch, complete with iPads and facilitated internet discussion screens, enabling chats with staff who may not be physically in the same branch as the customer." And Walmart has recently announced a new banking initiative called GoBank through which it will offer mobile checking accounts with debit cards in its 4,300 US locations by the end of October. Bank analysts will counter with the line of thought that the most profitable bank customers may not shop at Walmart, but still... Current volumes aren't too shabby...(read more)

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Mortgage Apps: Still Much More Refi Demand Than 2 Weeks Ago
by Jann Swanson
29 Oct 2014 at 6:54am

Posted To: MND NewsWire

Mortgage application numbers during the week ended October 24 backed off a bit from the numbers posted during the week ended October 17 but were still elevated compared to other recent weeks. The Mortgage Bankers Association's (MBA's) Weekly Mortgage Applications Survey for last week reported almost entirely declining numbers but for context we will include the increases from the previous week in which there was unusually high refinancing volume. MBA's Market Composite Index, a measure of mortgage loan application volume fell 6.6 percent on a seasonally adjusted basis from the previous week when it had posted an 11.6 percent increase. On an unadjusted basis the Index was down 7 percent following a 12 percent gain. The Refinancing Index was down 7 percent as well on the heels of a huge 23 percent...(read more)

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MBS Day Ahead: FOMC Day: Could be a Market Mover
by Matthew Graham
29 Oct 2014 at 4:32am

Posted To: MBS Commentary

I worked really hard just now on avoiding the use of the cliche headline opener "all eyes." You see that a lot (no pun intended) when it comes to things like FOMC and NFP. For instance: "All Eyes on FOMC." It's true though . Every market participant cares about the Fed, but many of them only care if the Fed says something surprising. With that in mind, let's talk about what would be surprising in terms of changes in the statement. 1. It would be a massive surprise if the Fed DOES NOT end QE3 asset purchases. Pundit surveys are running well over 95% in that regard. Not only would it be a surprise to see the Fed keep, say, $5 bln a month for now, but it would be a dead giveaway as to their level of concern about 'something' (where the 'something' could...(read more)

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MBS RECAP: Bond Markets Nervous Ahead of Tomorrow's FOMC
by Matthew Graham
28 Oct 2014 at 2:43pm

Posted To: MBS Commentary

Despite one solid attempt to bounce back to unchanged levels this morning, bond markets spent the day in weaker territory. For most of the day this wasn't too offensive as the weakness was fairly well-contained. As the close approached, an ascending trend in yields became apparent. Treasuries and MBS both ultimately closed at the weakest levels of the day. 10yr yields incidentally matched their intraday high from last Thursday. But therein lies a mitigating factor. Yields ONLY made it back to recent highs. They notably did not embark on any new adventure into weaker territory in the 3 and a half days since first hitting 2.30. Not only that, but as of the official 3pm close, they were only up to 2.287. When we add in the fact that stocks were moving higher at a fairly quick pace today, that...(read more)

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Mortgage Rates Stay Sideways Ahead of Important Fed Announcement
by Matthew Graham
28 Oct 2014 at 1:08pm

Posted To: Mortgage Rate Watch

Mortgage rates were almost universally sideways today with very few lenders changing rate sheets noticeably from yesterday. As such, the most prevalent conforming 30yr fixed rate quote remains 4.0% for top tier borrowers. It continues to be the case that paying points upfront in exchange for a lower rate may make sense to some borrowers at these levels. There's nothing inherently bad or good about that strategy. It's simply a trade-off between upfront costs and monthly payment. The bond markets that underlie mortgage rate movement have arguably been hunkering down for a bigger dose of volatility with tomorrow's big Fed Announcement. Even though there is broad consensus that the Fed will announce the end of QE3 asset purchases, there is plenty of uncertainty and anxiety regarding the other potential...(read more)

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