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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 on to Recent Gains Ahead of Big Week
by Matthew Graham
25 Jul 2014 at 12:51pm

Posted To: MBS Commentary

Next week promises to be big. Even if the events don't 'agree' with each other enough to spark a major rally or sell-off, the potential is there. Due to last week's geopolitical headlines, bond markets arguably made it down to the lower end of the rate range a bit early to set up their chairs for next week's parade of data. That created a risk that they'd wander around a bit in the meantime and possibly even find new seats. In other words, yesterday's weakness ran the risk of starting a small correction ahead of what everyone knows will be a big week in terms of data and events. This was probably a viable possibility heading into today, but bonds got help from several friends . These include a rally in European debt on weak data abroad, weakness in domestic equities...(read more)

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Mortgage Rates Catch a Break Heading Into Important Week
by Matthew Graham
25 Jul 2014 at 11:46am

Posted To: Mortgage Rate Watch

Mortgage rates were sideways to marginally lower today. Many lenders released new and improved rate sheets in the afternoon in order for the average to get better than yesterday, but even then, lenders are obviously cautious ahead of next week's big-ticket events. The most prevalently-quoted conforming 30yr fixed rate remained at 4.25% for flawless scenarios, though 4.125% is still a contender--especially among lenders who released rate sheet improvements. It's not uncommon for financial securities (like those that influence mortgage rates) to pull back and consolidate/correct after a winning streak. Yesterday's abrupt move higher threatened to stand as the beginning of just such correction heading into next week. As such, simply being sideways is a victory today! And again, the lenders that...(read more)

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Strong Reaction on Wall Street to So-So Home Builder Results
by Jann Swanson
25 Jul 2014 at 10:30am

Posted To: MND NewsWire

It was a bad day on Wall Street Thursday for housing stocks. In no particular order Census Bureau data was released showing that new home sales had declined by 8.1 percent in June compared to May and that May's numbers weren't nearly as shiny as was first thought. ( Read More: New Home Sales Decline from Downgraded May Numbers ) Then several of the big home builders released quarterly earnings that missed analysts expectations. An already jittery stock market did not take it well. The exchange traded fund that trucks home construction fell to a two month low , losing 3.4 percent of its value as most home builder and home builder-related stocks fell. ITB was down another 0.79 percent in early trading on Friday. Both D.R. Horton and Pulte announced that their earnings fell short . Horton reported...(read more)

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MBS MID-DAY: Bond Markets Still at Altar Despite Yesterday's Cold Feet
by Matthew Graham
25 Jul 2014 at 8:56am

Posted To: MBS Commentary

For more than a week, bond markets have flirted with a break into the best levels of the year. On several occasions 10yr yields have looked all but wed to the idea. Such a wedding would take place with a move through the 2.4's. While that's not something that was exceptionally possible until next week's big-ticket events, a crowd had gathered at the altar. In other words, most of the week's activity has taken place between 2.45 and 2.50. Yesterday's weakness caused some concern that bond markets might be getting cold feet as Treasuries rose to 2.52. That left today as a bit of a wild card that could either reinforce the cold feet or reinforce the potential to break the range. Both German Bunds and US Treasuries had a strong, simultaneous bounce off yesterday's weakest...(read more)

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Big Changes at Ginnie; GSE Updates; Zillow Buying Trulia?
by Rob Chrisman
25 Jul 2014 at 8:09am

Posted To: Pipeline Press

"Rob, you have mentioned before that you are beginning to see some companies' volumes slowing down, and maybe even some lay-offs . Is that still happening?" Yes it is. Established lenders, even those adding production units, are looking at their historical purchase volumes and forecasting things for the 2 nd half of 2014. The longer rates stay here or go up, the more refinances will drop, and practically every lender sees a marked decline in purchase volumes during the autumn and winter. Companies are moving toward a variable cost structure, and yes, unfortunately layoffs can be part of the equation - the latest example being RoundPoint Mortgage eliminating 166 jobs . And Zillow might buy Trulia ? That would cause quite a stir... Do you think GSE reform is still a possibility? Snort. Congress...(read more)

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MBS Day Ahead: Too Much Too Soon for Bond Market Rally Ahead of Big Week?
by Matthew Graham
25 Jul 2014 at 4:27am

Posted To: MBS Commentary

Next week is a big one. ADP/GDP/FOMC all hit on Wednesday. Month-End is on Thursday, and NFP is on Friday. There are other top-tier reports as well, and a Treasury auction cycle, but the named peril is more than enough evidence for the big potential. This round of GDP seems extra special, because it follows a first quarter reading that was extra special in its own way. There's a lot going on here with respect to GDP, and we'll talk more about it next week, but the point for this week is that markets bellied right up to the long-term bar well in advance of the data that will likely determine whether or not they stay there. By "the bar," I mean the longer term range boundary for 10yr yields in the mid 2.4's (call it 2.47, 2.44, whatever...). If they did indeed arrive a bit...(read more)

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Mortgage Rates Rise at Fastest Pace in Weeks
by Matthew Graham
24 Jul 2014 at 1:10pm

Posted To: Mortgage Rate Watch

Mortgage rates moved higher today at the fastest pace since July 3rd as bond markets began backing away from more anxious levels associated with last week's geopolitical headlines. Such headlines (Malaysian airliner and Gaza invasion) can motivate investors to seek safe-havens such as Treasuries and MBS (the mortgage-backed securities that influence mortgage rates). Since last week, bond markets have been relatively on edge but never moved any lower than the initial move on Thursday. If there has been one day since then that "undoes" the flight-to-safety, today is the best candidate. This isn't for any particular reason either. Sometimes when it comes to financial market movements, "it's just time." A few caveats here though... First of all, the movement wasn't exceptionally large in a historical...(read more)

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MBS RECAP: Week's Monotonous Trend Broken as Bond Markets Slide
by Matthew Graham
24 Jul 2014 at 12:59pm

Posted To: MBS Commentary

For the past 4 sessions, bond markets have traded a narrow range near their best levels of the year. This effectively began with the geopolitical risk rally on the 17th. It's not entirely fair to say the narrow trend is over, but if not, it's being stretched to the limit today. Fannie 3.5s are heading out the door just over 3/8ths of a point weaker. This began in the overnight session as European bond markets (using Germany as a benchmark) moved up in yield from their own lowest levels (though in their case, it was all-time lows). Domestic data didn't help as Jobless Claims were much stronger than expected. New Home Sales helped stem the tide of losses by coming in much MUCH weaker than expected. That said, the losses were only really stemmed for Treasuries. MBS maintained a modestly...(read more)

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Housing Market Sending Mixed Signals -Freddie Mac
by Jann Swanson
24 Jul 2014 at 12:23pm

Posted To: MND NewsWire

Freddie Mac said today that its Multi-Indicator Market Index or MiMi for May is sending out mixed signals to the housing market. While more markets entered their stable range of housing activity, most markets remained stalled, just as they were in April, due primarily to weak mortgage application activity. MiMi is designed to monitor and measure the stability of the housing market nationally and in the states and 50 top metro markets relative to the long-term stable range in each. The index combines proprietary Freddie Mac data with current local market data on home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments and the local employment picture. The data is...(read more)

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MBS MID-DAY: Weakness Persists Despite Rotten New Home Sales Data
by Matthew Graham
24 Jul 2014 at 9:27am

Posted To: MBS Commentary

Typically, negative economic data on the scale of this morning's New Home Sales would be a clearly positive factor for bond prices. Sales fell at their fastest pace since last July and last month's strong report was revised to mediocre levels. In one fell swoop , the entire shape of 2014 New Home Sales went from "gradually improving" to "sideways and maybe slightly weaker." Yet bond markets barely batted an eye at the data! At best, we could say that it helped stem the existing losses and encourage sideways movement, but it certainly didn't prompt any major bounce back. Pervasive weakness had been a problem almost right from the start of the overnight session. After recovering to 'unchanged' by the start of the European session, US Treasuries were almost...(read more)

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New Home Sales Decline from Downgraded May Numbers
by Jann Swanson
24 Jul 2014 at 8:24am

Posted To: MND NewsWire

New homes sales retreated in June from the very strong performance reported for May; a performance that turns out to have been less strong. A joint release from the Census Bureau and the Department of Housing and Urban Development this morning put June sales of newly constructed single family homes at a seasonally adjusted annual pace of 406,000 units. This represents an 8.1 percent drop from the revised May rate of 442,000. May sales however were originally estimated to be at the rate of 504,000 units which would have been an 18.6 percent increase over April and, the report said, the most rapid increase in 20 years. June sales were also down, by 11.5 percent year over year . Those sales were estimated at 459,000. On an unadjusted basis there were 38,000 new homes sold in June, down from 42...(read more)

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Banks and Lenders Buying Each Other & Financial Services Companies - Does it ...
by Rob Chrisman
24 Jul 2014 at 6:53am

Posted To: Pipeline Press

For LOs who feel "enough is enough" with regard to the proposed Pre-Licensure Education Expiration Policy on education, timelines, and requirements, here is your chance to comment through NMLS. Out in California the Bank of Marin ($1.8 billion in assets) said it will discontinue the mortgage brokerage operation it acquired from Bank of Alameda (CA), after determining the activity was too commodity-based to make a reasonable return . It is certainly hard to earn the small revenues that a commodity business generates if a company is trying to offer a specialized product! But folks are trying different combinations. KeyBank ($88B, OH) will acquire investment bank and capital markets firm Pacific Crest Securities. Guaranty Bank and Trust Co. ($2B, CO) will acquire Cherry Hills Investment Advisors...(read more)

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MBS Day Ahead: Rates Continue Hovering on the Edge of a Breakout
by Matthew Graham
24 Jul 2014 at 4:42am

Posted To: MBS Commentary

The past 5 days have simply seen rates grind around recent lows. Things have been a bit brighter in Treasuries compared to MBS, but in general, both have traded increasingly narrow ranges near the best levels of the year (again, that's more true for Treasuries, but not entirely untrue for MBS). Yesterday's weakness acted as another bounce that keeps us "grinding around" so to speak. We've discussed this noisy, important zone in terms of 2.47% in 10yr yields, with a break below 2.40 needed for outright confirmation that we're moving through the zone (2.34 would be the warning track before concluding a 2014 Treasury rally knocked it out of the park). Prospects for ongoing strength (and much of the strength seen so far this year) have been closely tied to goings-on in...(read more)

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Mortgage Rates Back up to Unchanged After Stronger Start
by Matthew Graham
23 Jul 2014 at 2:07pm

Posted To: Mortgage Rate Watch

Mortgage rates were mixed today depending on the lender and the time of day you look. Most recently, the average lender is back to unchanged vs yesterday. Before that, most lenders were in slightly better shape, but market weakness prompted widespread reprices. On an individual basis, some lenders are slightly higher or lower, especially if they didn't reprice with the rest of the market. 4.125% remains the most prevalently-quoted conforming 30yr fixed rate for top tier scenarios. Any changes in quotes from yesterday would only affect the closing costs, and even then, they'd be minimal. In addition to being unchanged this week, rates continue to hold an exceptionally narrow long term range as well. Rates have held between 4.125 and 4.25 for well over 2 months. It continues to be the case that...(read more)

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MBS RECAP: Bond Markets Lose Ground After Strong Start; MBS Underperform
by Matthew Graham
23 Jul 2014 at 2:05pm

Posted To: MBS Commentary

Although MBS did a good job of pushing back against a recent bout of underperformance over the past 3 sessions, today showed it won't be a straight shot. In other words, MBS had closed the gap to Treasuries somewhat since Friday, but it widened again today . This was ultimately only exceptionally noticeable compared to yesterday. When viewed against the backdrop of the past 5 days, nothing too troubling is going on between Treasuries and MBS, and nothing that can't be explained. Such an explanation would included elevated supply from MBS originators as well as geopolitical risk having a more direct effect on Treasuries. Both sides of the market started out in stronger territory today thanks to bond-market-friendly comments from the Bank of England--essentially the only market mover...(read more)

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