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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

Mortgage Rates Mildly Lower; Volatile Week Ahead
by Matthew Graham
24 Oct 2014 at 2:19pm

Posted To: Mortgage Rate Watch

Mortgage rates caught a break today and were able to ease just slightly lower heading into the weekend. This is somewhat refreshing because yesterday's bigger move higher was the kind of thing that historically results in further upward pressure. The gains weren't quite enough to get the average top tier rate quote back into the 3's for conforming, 30yr fixed loans. 3.875% and 3.75% remain viable for some borrowers looking to pay more money upfront in exchange for a lower monthly payment. In general though, 4.0% is the most prevalent quote today. As it stands, it looks like rates are finding some equilibrium heading into a series of significant events next week. The biggest potential for movement will be mid-week when the Fed likely announces an end to QE3, the 3rd round of quantitative easing...(read more)

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MBS RECAP: Bond Markets Coast Out Uneventfully After Morning Volatility
by Matthew Graham
24 Oct 2014 at 1:37pm

Posted To: MBS Commentary

Earlier today, competing short term trends and considerations made for several salient swings between gains and losses. While MBS and Treasuries never dipped meaningfully into negative territory on the day, they quickly gave up some fairly strong gains on at least 2 separate occasions. On top of that, the overnight session began with a swift move right out of the gate. Taken together, there was simply a good amount of movement and "lead changes." Around noon (just after the second bounce off the day's weakest levels), I put an overlay on the Treasury chart showing a potential consolidation into the close. The trendlines ran through 2.28 on the high end and 2.26 on the low end, which is "the gap" that we've been paying so much attention to this week. This is how things...(read more)

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MBS MID-DAY: Volatility Within a Range, but Little Change
by Matthew Graham
24 Oct 2014 at 10:18am

Posted To: MBS Commentary

If today's bond market movements were a ball game, it would be the kind you like to see, with numerous lead changes , no runaway victory, and the home team leading going into the half. Bonds started out in stronger territory overnight as the NYC Ebola case was confirmed and global markets sympathized with the risk-off bid (i.e. stocks sold, bonds bought). The morning's most significant event hit just after US markets opened when sources said that 25 banks were set to fail the European Central Bank's stress test. Official results are expected on Sunday. Bond markets initially rallied on the news, but it was short-lived. While the news was big, it wasn't altogether unexpected. That brief, initial rally set the day's floor under bond yields and we've been weaker ever since...(read more)

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Suddenly, The New Home Sales Trend is Flat Again
by Jann Swanson
24 Oct 2014 at 9:33am

Posted To: MND NewsWire

New home sales increased only slightly in September, up 0.2 percent over August, bringing the annual rate of those sales to 467,000. Sales were up 17.0 percent from the September 2013 pace of 399,000 units. Perhaps bigger news in today's joint release from the Census Bureau and the Department of Housing and Urban Development was the revision to the August new home sales number. The initial report of those sales indicated a very significant 18 percent increase over July's number, sending sales to a seasonally adjusted annual rate of 504,000 and over the half-million mark for the first time since May 2008. The estimate was well over analysts' expectations; the consensus had been 430,000 units. Turns out the analysts were closer to the mark than the government agencies which today downgraded the...(read more)

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Fannie Mae sees Growth Expanding, Downgrades Loan Origination Expectations
by Jann Swanson
24 Oct 2014 at 7:59am

Posted To: MND NewsWire

Fannie Mae said on Thursday that real economic growth in the last two quarters of 2014 appear poised to exceed 3.0 percent , providing a solid basis for growth in 2015. However the housing recovery will remain "choppy." The October Economic and Housing Outlook published by Fannie Mae says reduced fiscal uncertainty and slowing monetary intervention has enabled momentum in the private sector to build while total government spending no longer declined. Those government cutbacks had been masking improvement in the private economy. Housing contributed to growth as well, rebounding strongly in the second quarter from sharp drops in the previous two quarters The company's Economic and Strategic Research Team, headed by Doug Duncan, chief economist, see a variety of global factors slowing growth and...(read more)

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Even Bad News is Good in September Foreclosure Summary
by Jann Swanson
24 Oct 2014 at 7:57am

Posted To: MND NewsWire

September appears to have been another month in which loan performance improved and the states continued to slog through the overhang of delinquent mortgages left over from, in some cases, the early days of the housing crash. Black Knight Financial Services released a "first look" at its data for the month showing overall improvement in delinquency and foreclosure metrics. The inventory of delinquent loans - those for which one or more payments have been missed but the loan is not yet in foreclosure - declined by 3.90 percent or 117,000 loans in September, nearly reversing a huge 146,000 delinquent loan increase in August. This brought the 30+ day rate down to 5.67 percent and was a 12.22 percent drop representing 388,000 fewer loans compared to September 2013. Of the 2.88 million loans that...(read more)

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Update on Chase Lawsuit; More Potential Buybacks; Upcoming Events and Trainings
by Rob Chrisman
24 Oct 2014 at 7:55am

Posted To: Pipeline Press

According to Zillow Real Estate Research, home ownership rates among millennials have declined over the past four decades mainly due to changing family structures. Zillow honed in on marital status and employment rates to determine how many young adults are purchasing homes. Its staff found that the homeownership rate is above historical levels for young married couples that are engaged in full time employment, as well as single young adults working full time - but has declined since the recession. The homeownership rate has declined over the past four decades among married couples, where only one spouse is working full time and the other is unemployed. The homeownership rate among married couples where one spouse is working full time and the other spouse is working part time has slightly declined...(read more)

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MBS Day Ahead: New Home Sales and Second Chances
by Matthew Graham
24 Oct 2014 at 4:22am

Posted To: MBS Commentary

We approached Thursday's session with a mainstream viewpoint and alternative, more bullish possibilities to consider. The mainstream viewpoint (among analysts, strategists, traders, etc) generally held that rates would be moving higher after last week's big rally. From there, specifics weren't as unanimous, but I saw a lot of calls for Treasury yields to make it to the 2.4-2.6% range before potentially bouncing back for another rally. That's still entirely possible, but the more bullish alternative would be for the post-rally correction to be shorter-lived, and to sputter out somewhere near "the gap" between 2.26 and 2.28 created on the morning of October 14th (The previous Friday closed at 2.28 and the 14th opened at 2.26, making for an uncommon gap in yields). As...(read more)

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Mortgage Rates Actually Moved Higher Today
by Matthew Graham
23 Oct 2014 at 2:38pm

Posted To: Mortgage Rate Watch

Mortgage rates did as expected and departed their recently more stable range today. Unfortunately, we got the less enjoyable of the two potential departures with rates moving higher at a moderate pace. At the same time, the world's most widely-followed weekly check on rates from Freddie Mac indicated a move in the other direction! The discrepancy is a result of Freddie's survey methodology. It's not that the data is inaccurate --simply stale . Here's what it means when Freddie says rates were lower this week: Human survey respondents chiming in at some point between Sunday and Monday this week reported lower rate quotes to Freddie than they did at some point between Sunday and Wednesday last week. Given that Freddie tells us they receive more responses earlier on in their survey periods AND...(read more)

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MBS RECAP: Bond Markets Weaker; Europe a Bigger Motivator Than Stocks
by Matthew Graham
23 Oct 2014 at 2:33pm

Posted To: MBS Commentary

Today was decidedly negative for bond markets. 10yr yields found no solace in "the gap" from 2.26 to 2.28 and instead moved right through to 2.30. There are other potentially supportive ceilings overhead, but we would have liked to have seen stronger support at the gap in order to maintain a more bullish stance. In simpler terms, it's OK that rates have been moving higher. It's a normal aftershock following big moves like that seen last Wednesday. It would have been even more OK if they'd stopped moving higher yesterday. The fact that they did not suggests a defensive approach heading into next week's FOMC Announcement and Treasury auction cycle. On a positive note, we did get some good information about current trading motivations. US bond markets opted to follow...(read more)

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Remodeling Market Stability a Positive Sign for Housing
by Jann Swanson
23 Oct 2014 at 11:09am

Posted To: MND NewsWire

Builders who engage in home remodeling continue to display confidence in their market the National Association of Home Builders (NAHB) said today. NAHB's Remodeling Market Index (RMI) rose from 56 in the second quarter of 2014 to 57 in the third quarter. NAHB described the current index reading as a "high water mark" and said it was the sixth consecutive quarter that the reading has been above the benchmark of 50. This indicates that more remodelers report a higher level of activity compared to the previous quarter than those who see activity as down. The RMI averages responses about current activity with those about future expectations for work. Both current and future responses are based on calls for bids, amount of work committed for the next three months, backlog of jobs, and appointments...(read more)

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Negative Equity Falling, but Still Exceeds $1 trillion
by Jann Swanson
23 Oct 2014 at 11:06am

Posted To: MND NewsWire

The percentage of American homeowners a mortgage that was seriously underwater fell to 15 percent in the third quarter of 2014 RealtyTrac said on Thursday. There were 8.1 million properties with mortgages that met the company's definition of seriously underwater - where the combined loan amount of the homes mortgage(s) is at least 25 percent higher than the properties market value. The combined market value of negative equity in these properties is an estimated $1.4 trillion. In the second quarter of 2014 there were an estimated 9.1 million residential properties in a negative equity situation or 17 percent of all mortgaged homes . The new third quarter figures were the lowest since RealtyTrac began following the issue in the first quarter of 2012. Negative equity, which is a leading indicator...(read more)

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MBS MID-DAY: The Trend is Not Our Friend
by Matthew Graham
23 Oct 2014 at 10:20am

Posted To: MBS Commentary

Treasury yields moved steadily into the important gap between 2.26 and 2.28 this morning and had been holding their ground just under 2.28 for nearly an hour until breaking higher just after 11:45am. The technical follow-through has been moderately bad , but disappointingly steady. 2.296 had been a potential turning point, but a weaker-than-expected 30yr TIPS auction just provided an additional measure of weakness, bringing yields up to 2.30. MBS continue to hold up better than Treasuries during the selling trend, but that's little consolation when prices are down between 3/8ths and 1/2th a point. Also unfortunate this morning is that we've seen a reversal in the recent trend of Treasuries holding firmer in the face of rising stock prices. Today it's Treasury yields that are outpacing...(read more)

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Bank M&A Momentum; Puts and Calls in Hedging; Should Realtors Help with Remode...
by Rob Chrisman
23 Oct 2014 at 7:45am

Posted To: Pipeline Press

"I've decided to sell my Hoover ... well, it was just collecting dust". While we're talking about dust, if you think the drought in California is only a problem for pool owners and golf courses, think again - especially when you go to buy a head of lettuce or a bunch of carrots and the price is 10% higher than a year ago. Yes, look for crop prices to be impacted. Besides campaigning there is little going on in Congress, but the Mortgage Bankers Association along with other industry trade groups urged the Senate to pass H.R. 5461 , which would add corrections to the Dodd-Frank Act and improve upon the definitions provided for points and fees . H.R. 5461, which recently passed the House with strong support, contains four proposals that would rectify inadvertent consequences of the Dodd-Frank...(read more)

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MBS Day Ahead: Econ Data Remains Limited and Unimportant; Bonds Minding the Gap
by Matthew Graham
23 Oct 2014 at 4:32am

Posted To: MBS Commentary

Yesterday morning's notes presented a mostly bullish case for bond markets with today as the first potential break from the corrective/consolidative post-rally weakness. Today, let's talk about what to watch for if things turn out to be less than bullish . It's pretty simple really, and goes back to the "gap" that we've discussed a few times since it's formation with the start of trading last week. Gaps like these serve one of two purposes . They either constitute a warning about the end of a rally or hint that it is shifting into higher gear. Normally, we'd expect the gap to be "filled" more quickly if it was warning about the end of the rally, so that's hopeful. In the event that bond markets are weakening, however, the gap serves an important...(read more)

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