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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.

breitbart.com

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.

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http://mortgage.brand-blog.com/

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.
MORTGAGE CALCULATOR - Click Here 
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: Light Volume Stability Falls Victim to Headlines
by Matthew Graham
17 Jun 2013 at 2:07pm

Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary Most of this afternoon's drama is extensively relayed in the catalogue of alerts and updates below. To recap that recap, an article from the Financial Times came out at 2pm, and essentially served as a dueling banjo to Hilsenrath's article on Thursday. Whereas Thursday's piece generally suggested "don't freak out" about Fed tapering, today's piece was more in the vein of "no, you should actually freak out a little bit." In neither case was any new, significant suggestion made about what's likely to happen on Wednesday, and it's a testament to the level of anxiety and anticipation (as well as thinly traded markets being easier to push around) that we saw as much movement as we did given the relative lack of actionable data/news. All eyes continue to be...(read more)

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Mortgage Rates Slightly Higher; Anticipation Building for Fed
by Matthew Graham
17 Jun 2013 at 1:14pm

Posted To: Mortgage Rate Watch

Mortgage rates rose in the afternoon , after beginning the day unchanged to slightly higher compared to Friday afternoon. That means lenders recalled their initial rate sheets from this morning and put out new sheets with higher costs. This is typically a result of market volatility and today is no exception as market participants are anxious for Wenesday's FOMC Announcement and press conference. The revised rates in the afternoon are in line with Thursday's offerings, suggesting best-execution rates between 4.125% and 4.0% Considering that Friday's rates were the best of the month, today's deterioration still leaves us in slightly better-than-average shape with respect to the recent range. Even so, the range of rates in June has been rather narrow compared to May. There's a clear sense of...(read more)

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MBS MID-DAY: Eerily Calm Start to FOMC Week
by Matthew Graham
17 Jun 2013 at 8:20am

Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary So far this week, we're being treated to the "all things being equal" approach to Wednesday's tremendously important FOMC Events. In the few days leading up to any major market mover, it's fair to expect lighter volume, narrower trading ranges, and reasonably sideways price movement, "all things being equal." The qualifying phrase is added because all things aren't necessarily always equal in these cases (as we've seen several times in the run up to NFP data where Wednesday and Thursday cause big lead-offs). It has been the case today though, and even in the overnight session, Treasuries were already showing a desire to remain flat despite sharper movement in equities. Empire State Manufacturing data was a relative non-event, but the NAHB Housing Market...(read more)

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Builder Confidence Soars. Sharpest Rise Since 2002
by Jann Swanson
17 Jun 2013 at 8:03am

Posted To: MND NewsWire

Low inventories and increasing traffic have unleashed the confidence of new new home builders the National Association of Home Builders (NAHB) said today. Its Housing Market Index (HMI), issued in conjunction with Wells Fargo Bank, jumped eight points in June to a reading of 52. A score of 50 is significant to the Index as it indicates more builders view sales conditions as good than view it as poor. The eight-point jump in the index was the biggest one-month gain since August and September of 2002 , when the HMI recorded a similar increase of eight points. NAHB Chairman Rick Judson said "This is the first time the HMI has been above 50 since April 2006, and surpassing this important benchmark reflects the fact that builders are seeing better market conditions as demand for new homes increases...(read more)

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Eminent Domain; More on Mini Correspondent; Deducting Mortgage Interest; The ...
by Rob Chrisman
17 Jun 2013 at 6:41am

Posted To: Pipeline Press

The United States does not have the only government that is knee-deep in controlling lending and real estate. Beijing, which already has China's strictest real estate curbs, is being forced to take additional steps to contain surging home prices as demands for record-high down payments fail to deter buyers . The city has enforced citywide price caps since March by withholding presale permits for any new project asking selling prices authorities deem too high. Local officials will need further tightening as they struggle to meet this year's target of keeping prices unchanged from last year. The failure of official curbs to stem price increases in the nation's capital highlights the government's struggle to keep housing affordable as urbanization sends waves of rural workers into China's largest...(read more)

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The Week Ahead: Setting the Tone for 2nd Half of 2013
by Matthew Graham
17 Jun 2013 at 4:19am

Posted To: MBS Commentary

The theme of " honing in " is everywhere in financial markets and in the universe beyond. It goes by many names and can be thought of in many ways: a plucked guitar string returning to stillness, a driver regaining control after swerving to avoid a road hazard, Goldilocks' acquisition of the "just right" porridge, or even planets in orbit around a center of gravity. In all of these examples, the progression of events isn't always as simple as narrowing down options by eliminating the extremes . The guitar string can break (or be plucked again!); the driver can over-correct and crash; Goldilocks could be eaten by a bear; and even orbits--given enough time--will eventually expand or contract, or will be affected by something else (like the sun swelling enough to engulf the earth in about 5 billion...(read more)

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Friday Borrower Do's and Don'ts
by Ted Rood
14 Jun 2013 at 2:54pm

Posted To: Community Commentary

Here's another weekly installment of Do's and Don't's for prospective borrowers embarking on, or already engaged in the home mortgage process. In case it needs to be said, the "don't's" are strictly for comedy (though most are based on real world examples of things that will kill or greatly delay the mortgage process). The "do's," on the other hand, are potentially valuable nuggets of information that may greatly benefit your mortgage experience. In fact, most of them can end up making a difference in the success or failure of a loan, and at the very least, can help avoid costly delays . Above all else, remember that your loan originator wants to close your loan as quickly and as efficiently as you and the good ones fully appreciate that their borrowers' satisfaction plays a huge role in their...(read more)

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MBS End Week at Best Closing Levels; No Comfort Until We Hear from FOMC
by Matthew Graham
14 Jun 2013 at 2:35pm

Posted To: MBS Commentary

MBS Live : MBS Afternoon Market Summary The sense of anxiety and uncertainty is palpable. Almost in perfect unison, when the lunch bell rang, traders in equities and bond markets alike began taking chips off the table ahead of next week's seemingly epic FOMC events. Before that, MBS had reached its best levels of the week, and even after the slide in the PM hours, managed to close at the best end-of-day levels of the week. 10yr yields didn't make any tremendous heady in the intermediate range, but they did manage to confirm the break below the 2.18 level that had been providing a floor of resistance all week. It would be nice if this was a meaningful bullish change of pace, but with this being the first visit to 2.10 all week, this barely scratches the bullish surface of the 2.31-2.07 range...(read more)

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Lowest Mortgage Rates of the Month Ahead of Fed Week
by Matthew Graham
14 Jun 2013 at 2:12pm

Posted To: Mortgage Rate Watch

Mortgage rates were significantly lower to start the day, and despite rising slightly in the afternoon, managed to end the week at the lowest levels since late May. For borrowers hoping to exit the recent roller coaster of rate volatility it's a small victory in the sense that it should amount to an eight of a percent drop in interest rates for most scenarios. The recently prevailing best-execution rate of 4.125% is now being overtaken by 4.0% for Conventional 30yr Fixed Loans. Conclusions about today's improvements are the same as yesterday's: dips in rates present opportunities to lock rather than cues to float unless you're not planning on locking until after next Wednesday's extremely important FOMC Announcement. This dip happens to be the best we've seen in 2 weeks and thus, presents the...(read more)

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Confidence in Banks Back to 2008 Levels, But Still Historically Low
by Jann Swanson
14 Jun 2013 at 12:29pm

Posted To: MND NewsWire

Americans' confidence in U.S. banks has rebounded a bit from the low it hit in 2012. Gallop reports that 26 percent of recent survey respondents said they have a "great deal" or "quite a lot" of confidence in banks compared to 21 percent such responses last year. This is the highest level for these responses since June 2008 when confidence peaked at 41 percent before beginning to erode, ultimately by 20 percentage points. Gallup asks questions about banks and a variety of other institutions in regular surveys and has since 1993 and periodically before that. In the most recent survey, conducted from June 1 to 4, banks ranked 10 th among 16 Institutions but showed greater improvement than any of the others. The percentage of Americans saying they have a great deal or quite a lot of confidence...(read more)

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Builders/Remodelers Busiest Since 2005; Homeowner Tastes Evolve
by Jann Swanson
14 Jun 2013 at 11:38am

Posted To: MND NewsWire

The American Institute of Architects (AIA) is seeing an improving market reflected in the size and amenities Americans now expect in both new homes and when they remodel. The Institute also says that responses to its Home Design Trends Survey for the first quarter of 2013 indicate that member firms involved in residential work are seeing their strongest growth levels since the economic downturn began. AIA Home Design Survey Index for Q1 2013 said that respondents reported that business conditions are strengthening with scores of 67 for billings and 74 for new projects where any score above 50 is positive. AIA Chief Economist Kermit Baker said, "With business conditions at residential architecture firms at the strongest growth level since 2005 , this is a very encouraging sign for the housing...(read more)

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California Home Sales Highest Since 2006, Affordability Twice As High
by Jann Swanson
14 Jun 2013 at 11:02am

Posted To: MND NewsWire

The California housing market heated up a little more in May with resales of houses and condominiums rising by 8.3 percent from resales in April. A total of 42,293 units sold during the month compared to 39,051 in April and 41,790 in May 2012, a 1.2 percent increase. DataQuick said that the numbers were the strongest for any May since 2006 when 54,099 homes were sold. May sales have ranged from a high of 67,078 in 2005 to a low of 32,223 ten years earlier. Reaching back to 1988, sales for the month have averaged 46,471, 9.0 percent higher than the most recent figure. Home prices are also increasing rapidly . May was the 15 th consecutive month that the state had seen an increase in median prices on an annual basis and last month's prices were up 25.9 percent from one year earlier, rising from...(read more)

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MBS MID-DAY: Leveling Off After Hitting Resistance
by Matthew Graham
14 Jun 2013 at 9:44am

Posted To: MBS Commentary

MBS Live : MBS Morning Market Summary If we're not meant to see current prices in MBS and Treasuries as resistance, markets are doing and exceptional job of trying to convince us otherwise. The periodic jolts of price movement that would normally be detectable after data releases of any importance are nowhere to be found this morning as bond markets simply rallied calmly into 10am. From then on, those levels have held as the guardrail, 103-26 in Fannie 3.5s and 2.103 in 10yr yields. We did see a quick break lower in Treasury yields, but by far and away, 2.103 has seen the most frequent bouncing. The only question for the afternoon is whether or not we can coast peacefully into the close, or if we'll be treated to yet another battle with our May/June nemesis: a leaky Friday afternoon in bond...(read more)

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NAR Testifies on QM; Ocwen Servicing Deal; CFPB Videos; Mergers; Top Ten Fund...
by Rob Chrisman
14 Jun 2013 at 9:06am

Posted To: Pipeline Press

NAR has been invited to testify at an upcoming Congressional hearing about the Qualified Mortgage rule (QM) . The House Financial Services Subcommittee on Financial Institutions and Consumer Credit has scheduled the hearing for Tuesday 6/18 at 10am. You can learn more about the QM rule and NAR's position here . And in a letter to CFPB director Richard Cordray, NAFCU president and CEO Fred Becker asked the CFPB to re-evaluate the rule that exempts credit unions that have $2 billion or less in assets and that originated 500 or fewer mortgages per year. While the change would help many smaller credit unions, Becker's letter notes that there are a number of small lenders already approaching or surpassing the 500-loan threshold. To address that issue and allow small creditors to continue operating...(read more)

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The Day Ahead: Moderate Econ Data; Mostly Focused on Fed Next Week
by Matthew Graham
14 Jun 2013 at 3:53am

Posted To: MBS Commentary

Everything in bond markets since May 3rd has been a blur-- the bad kind- -and the leading candidate to provide clarity is next week's FOMC events (announcement, press conference and member forecasts). As next Wednesday approaches, it's a fair hope that bond markets have begun to enter some sort of final approach pattern. While this may indeed be happening, it's been a turbulent ride, and we can't be entirely sure we won't fall out of the sky between now and then. Given that today is the last of the week, that the auction cycle is over, and that the most significant economic data is behind us, the tentative, bullish hope is that we can at least continue to grind it out in this noisy sideways range without sustaining too much damage. The sad thing is that we could easily explain away a move down...(read more)

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