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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: Bond Markets Hold Narrow Range Overall; Some Month-End Volatility ...
by Matthew Graham
29 Aug 2014 at 1:07pm

Posted To: MBS Commentary

Overnight trading was uneventful for bond markets and made for a just slightly weaker open for both Treasuries and MBS. Economic data was completely and utterly ignored. It wasn't until headlines out of the UK concerning a "severe" terrorism alert sent UK bond yields sharply lower that US bond markets finally found some motivation to get moving. From there, liquidity waned severely, leaving the market open to any significant month-end trade flows. In other words, if there were to be even a normal amount of month-end trading around the 3pm Treasury close, it would have an inordinate impact considering it would comprise such a comparatively large piece of the action. That's exactly what happened as tradeflows began picking up at 2:59pm. Volume spiked easily to the highest levels...(read more)

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Mortgage Rates Unchanged Near 2014 Lows Ahead of 3-Day Weekend
by Matthew Graham
29 Aug 2014 at 11:49am

Posted To: Mortgage Rate Watch

Mortgage rates barely budged today. A few lenders were a bit higher than yesterday. A few more were a bit lower, but most hadn't moved enough to be considered anything more than unchanged. Most borrowers would see the exact same quote today compared to yesterday. 4.125% remains the most prevalently quoted conforming 30yr fixed rate, but 4.0% is as close as it's been since May 28th. The lack of material improvement in mortgage rates is notable today, considering the underlying markets that most directly affect rates would indicate some improvement. This is one of the few instances where mortgage-backed-securities (MBS) will be in better shape without any noticeable effect on loan pricing. This phenomenon actually isn't that uncommon on the day before a 3-day weekend, and especially when it happens...(read more)

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New Credit Score Model Would be Great for Housing! Too Bad it Won't be Used
by Ted Rood
29 Aug 2014 at 9:48am

Posted To: MND NewsWire

FICO, the company that develops proprietary scoring models for credit bureaus and lenders, announced August 7 that a new model (FICO Score 9) would be released this fall. FICO's press release caught buyers', Realtors', and lenders' attention, as the new model was touted as significantly more “borrower friendly”. Paid collections would no longer impact credit scores. Medical debts (paid or not) would hurt scores less as well. FICO predicted some consumers' scores could rise by 25 points, an amount that would significantly reduce their loan costs or interest rates. The pending changes (which followed a CFPB study on the fairness of FICO's scoring models) ignited a frenzy of optimism from Steve Brown, president of the National Assn of Realtors who gushed they would “make a real...(read more)

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Housing Market Entering Dicey Transition Phase
by Jann Swanson
29 Aug 2014 at 9:42am

Posted To: MND NewsWire

RealtyTrac estimated that home sales in July were at an annualized rate of 4.63 million units , a decrease of 3 percent from June and down 12 percent from July 2013. This would be the third consecutive month in which RealtyTrac has projected a decrease in sales volume and the report is sharp contrast to the Existing Home Sales report issued last week by the National Association of Realtors® (NAR). That report showed existing home sales rose 2.4 percent from June to July, the fourth straight month-over-month increases, to an annualized total of 5.15 million sales and a rate down only 4.3 percent from the previous July. The RealtyTrac report points to a decreasing share of distressed sales - bank owned real estate (REO) and short sales - in the transaction mix. REO accounted for 8.0 percent...(read more)

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MBS MID-DAY: In Stunning Turn of Events, Economic Data Still Doesn't Matter
by Matthew Graham
29 Aug 2014 at 9:23am

Posted To: MBS Commentary

Right there in the title of the first commentary of the day: "more economic data that probably won't matter." There's always some small tinge of doubt in my mind before I preemptively dismiss the importance of things that have historically been important. That's probably why I qualified it with the "probably." But now we see that was probably unnecessary. Probably. Who knows how markets might have reacted if this morning's wage/spending data had been much farther from expectations? Considering that this morning's batch of economic data would certainly have been a market mover at most other moments in market history, the fact that it was completely overlooked says a lot about the current environment. Some market-watchers out there may even be a bit confused...(read more)

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New Digs for Fannie; CFPB Fines; HELOCs on the Rise; Cash vs. Security Sales
by Rob Chrisman
29 Aug 2014 at 7:11am

Posted To: Pipeline Press

Cleverness is alive and well in lending, and the "free Russian cat with your loan funding" story yesterday brought a few e-mails. Chris L. contributes, "Thanks for sharing the idea about giving a cat at closing. That could be the 'purrrr-fect' house warming gift for our new borrowers. My concern is with our compliance department. If we give the cat as a gift, the single family residential property might then be viewed by them as mixed use since it is now a 'cat-house'. And Brian M. offers, "Those Russian Bank cats don't come free, I hope the cost is reflected on a separate Fee Line. If adopted here, this practice could be a catastrophe. Does the appli-cat-ion process determine who qualifies?" There is little cleverness or humor in commercial & multi-family servicing , and in fact is quite...(read more)

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MBS Day Ahead: More Economic Data That Probably Won't Matter and a 3-Day Weekend
by Matthew Graham
29 Aug 2014 at 4:42am

Posted To: MBS Commentary

NOTE: Bond markets and mortgage lenders (and banks, among other things) will be closed on Monday for Labor Day. This morning's headline suggests that economic data "probably" won't matter, but if yesterday's activity is any indication, "probably" is far too generous. Markets shrugged off a trifecta of stronger data in favor of European market influence and to some extent, geopolitical risk. On top of that, there's also the matter of "month-end" which compels some bond market participants to hold a certain balance of Treasuries in order comply with their portfolio requirements. Keep in mind though, that there's usually an underlying theme in place, regardless of economic data or geopolitical events. When the data and events support the theme...(read more)

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MBS RECAP: Same Old Story: Minor Volatility and Modest Euro-Driven Gains
by Matthew Graham
28 Aug 2014 at 1:45pm

Posted To: MBS Commentary

In yesterday's recap, we discussed the phenomenon whereby most of the market movement has been happening overnight during these Euro-centric times, with the US trading hours seeing comparatively less volatility. Same old story today, but more impressive! Bond markets managed to shrug off THREE stronger-than-expected economic reports, including a revision to GDP that took Q2 up to 4.2%. Yet not only did that data never materialize into selling pressure, but neither did the rest of the data or stock market gains. Fannie 3.5s traded a fairly narrow range and never dipped into negative territory. They're heading out an eighth of a point higher. The scariest dip happened heading into 2pm, but bonds bounced back. There was brief, modest reprice risk at the lows today. MBS Pricing Snapshot...(read more)

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Mortgage Rates Fall For Sixth Straight Day
by Matthew Graham
28 Aug 2014 at 12:45pm

Posted To: Mortgage Rate Watch

Mortgage rates fell modestly for an impressive sixth straight day today. Yet again, we're seeing little attention paid to the events in the US that NORMALLY influence interest rates. Case in point, stronger economic data typically pushes rates higher, and three out of three economic reports were stronger than expected today. The dark horse market consideration continues to be Europe. Specifically, expectations for further accommodation from the European Central Bank combined with real economic deterioration in the Eurozone are motivating record low rates in European bond markets and US markets are interconnected enough to get some of that benefit. We talked about this in more detail on Tuesday: ( Read More: How Long Will Low, Flat Mortgage Rates Last? ). The cumulative effect of the 6 days...(read more)

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MBS MID-DAY: Bond Markets Holding Stronger Territory Despite Stronger Data
by Matthew Graham
28 Aug 2014 at 8:42am

Posted To: MBS Commentary

Even the confirmation of a 4%+ GDP and the strongest read on Pending Home Sales in 11 months were not enough to wrest control of bond market momentum from Europe. Particularly, market participants widely expect the European Central Bank (ECB) to announce some form of quantitative easing (QE) by March 2015. The ECB has not been shy about telegraphing that likelihood and markets have not been shy about pricing it in. It's dominated bond market momentum since early April and continues to make domestic economic data look irrelevant for Treasuries and MBS. After all, ALL THREE of this morning's economic reports were stronger than expected, yet MBS are up 5 ticks and 10yr yields are down 2.5bps. Both are at the best levels in weeks and near their best levels in over a year. Bottom line, we...(read more)

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Subservicer and New Jumbo Products; Flagstar and the CFPB; Theory of M&A
by Rob Chrisman
28 Aug 2014 at 8:14am

Posted To: MND NewsWire

What's this? The borrower receives a cat when their mortgage closes? What would the CFPB say? Will fleas lead to a class action lawsuit a year down the road? Would the DOJ claim canine disparate treatment? Besides, for many people, not receiving a cat would be a better selling point. There has been a huge rise in servicing by small and mid-sized lenders, and due to potential liability most turn to a subservicer. LoanCare, part of the Black Knight family of companies, is a leading national provider of full-service, interim, component and back-up subservicing as well as servicing performance solutions to the mortgage industry . With subservicing volumes exceeding 550,000 loans totaling over $110 billion in unpaid principal balance (UPB), "LoanCare has been the smart solution for subservicing...(read more)

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Pending Home Sales Highest in Nearly a Year
by Jann Swanson
28 Aug 2014 at 8:09am

Posted To: MND NewsWire

Favorable housing conditions were credited for leading pending home sales higher in July to their best level since August 2013 . Pending sales as measured by purchase contract signings rebounded from a slight dip in June that interrupted three straight months of steady gains. The Pending Home Sales Index (PHSI) compiled by the National Association of Realtors (NAR) rose 3.3 percent to 105.9 from 102.5 in June but is still 2.1 percent below the July 2013 level. It is the third straight month the Index has been above 100, considered an average level of contract activity. The gains were broad-based with only a slight decline in the Index in the Midwest. Lawrence Yun, NAR chief economist, said, "Interest rates are lower than they were a year ago, price growth continues to moderate and total housing...(read more)

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MBS Day Ahead: Busiest Day of Economic Data, but Dark Horses in Europe
by Matthew Graham
28 Aug 2014 at 4:28am

Posted To: MBS Commentary

Today is the busiest day of the week for domestic economic data and Treasury Auctions. The 8:30 time slot brings Jobless Claims and the 2nd revision of 2nd quarter GDP. At 10am, there's Pending Home Sales and the week's last Treasury auction hits at 1pm. Given that the first reading of Q2 GDP is the one that flipped the script from -2.9 to +4.0 , this revision is potentially very important in building a sense of "what's really going on with GDP." But even with all that recent relevance, there are scheduled events outside our domestic calendar that could be just as meaningful. In fact, they could do even more to set the tone between now and next Thursday. We're talking about the inflation readings in the Eurozone --largely because inflation is seen as the lynchpin for...(read more)

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MBS RECAP: Yet Again, Treasuries Inspired by Europe and MBS Underperform
by Matthew Graham
27 Aug 2014 at 1:57pm

Posted To: MBS Commentary

Both MBS and Treasuries started the day in good shape as a bout of universally downbeat data washed over the Eurozone. Speculation for some measure of central bank action at next week's meeting (European Central Bank, to be clear) also helped. German Bunds ended up trading briefly under 0.90%. As the day progressed, Treasuries began to outperform MBS noticeably. This was especially apparent when 10's made new lows heading into 3pm while MBS continued bumping their heads on a ceiling at 102-27. One of the updates on MBS Live devotes more time talking about this underperformance. Here's an excerpt: Long story short, MBS were less attractive at the spread levels achieved this morning. On top of that, we seem to have some organic resistance at 102-27 in Fannie 3.5s. This has been an...(read more)

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Mortgage Rates Closing in on 2014 Lows
by Matthew Graham
27 Aug 2014 at 1:35pm

Posted To: Mortgage Rate Watch

Mortgage rates fell by an almost imperceptible amount today. Some lenders were actually unchanged or slightly higher. The actual NOTE rates quoted today would be identical to yesterday, with the only differences being seen in the form of modestly lower closing costs. This means that 4.125% stays intact as the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios. All that having been said, the slow trickle of improvement is gradually bringing rates closer to their best levels in 2014. It would only take another few days of these improvements to get there. The bond markets that underlie mortgage rates started strong today, once again benefiting from strength in European bond markets. We talked about this phenomenon at length yesterday ( Read More: How Long Will Low, Flat...(read more)

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