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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

FHFA Criticized for Process Leading to Repurchase Changes
by Jann Swanson
18 Sep 2014 at 12:19pm

Posted To: MND NewsWire

The Federal Housing Finance Agency's (FHFA) Office of the Inspector General (OIG) has released an audit critical of the FHFA for decision making leading to changes in the Representation and Warranty Framework for Fannie Mae and Freddie Mac, the government sponsored enterprises (GSEs) under FHFA conservatorship. Those changes were a component of FHFA's Contract Harmonization Project initiated in June 2011 to improve the GSEs' contracts and contracting processes with its seller servicers. As a result of discussions between FHFA and the GSEs the Agency determined that contract harmonization was necessary and appropriate and on January 19, 2012 directed the GSEs to align their contracts in eight areas, two of which were priorities with 180 day deadlines: 1) Consistent and precise benchmarks and...(read more)

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Plummeting Housing Starts Data Not as Scary as it Looks
by Jann Swanson
18 Sep 2014 at 12:03pm

Posted To: MND NewsWire

Housing starts 'plummeted' in August the Census Bureau said today, falling 14.4 percent from the revised seasonally adjusted annual rate of 1,117,000 units in July to 956,000 units. The abrupt change, however was driven by a 31.5 percent decline in initial construction of buildings containing 5 or more units . Single-family construction starts were down only 2.4 percent . Not only that, but last month's numbers were revised significantly higher. The August New Residential Construction report, jointly issued by Census in conjunction with the Department of Housing and Urban Development, revised the July housing starts upward from the original 1,093,000 annual pace reported last month, already a 15.7 percent increase over June. Despite the decrease in starts in August, the seasonally adjusted...(read more)

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MBS MID-DAY: Holding Near Unchanged Levels; Little Regard for Data
by Matthew Graham
18 Sep 2014 at 9:39am

Posted To: MBS Commentary

Occasionally the days after FOMC Announcements can can offer more volatility and faster-paced movement than that seen on the day of the announcement. Today is not one of those days. Markets got all dressed up for yesterday and now have nowhere to go . Case in point, 10yr yields are at 2.622, the same level as Monday morning's highs. Fannie 3.5s have similarly not broken below their recent weak points. All we can really conclude about that is that it's good for now... good to not be stampeding higher in the same sort of frenzied philosophical shift that took place in mid 2013. We can also conclude it's bad though... bad to have rates move higher quickly in September with no meaningful reprieve. In a way, that confirms the recent negativity as something other than an anomaly. One...(read more)

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Cobalt, Stearns, Caliber...M&A Rolls On - Is The Consumer Better Off?
by Rob Chrisman
18 Sep 2014 at 7:59am

Posted To: Pipeline Press

Peter Drucker opined, "Management is doing things right; leadership is doing the right things." The Federal Reserve sure wants banks that lend money (and, besides those for food or bodily fluids, which ones don't?) to do things right and do the right things. And thus we find it's timeless, "Comprehensive Mortgage Banking Examination Procedures" from a couple years ago. For example, hedging starts on page 11 and goes through page 14. It can give any lender insight on what the Fed is looking at during exams. My cat Myrtle gave it a "claw's up". We have seen, and will continue to see, large numbers of mergers and acquisitions in banking and mortgage banking. Recently in Texas Pilgrim Bank ($386mm) announced it will acquire State National Bank of Texas ($240mm). Up north in Ohio First Citizens...(read more)

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MBS Day Ahead: Wide Range of Possibilities With Fed Out of The Way
by Matthew Graham
18 Sep 2014 at 4:32am

Posted To: MBS Commentary

With the Fed-related events out of the way, we'll finally get to see how much they mattered. Yesterday's initial market reaction--while negative--was anything but conclusive . The most important observation in that regard is that the parts of the bond market that we care about didn't move into any new weaker territory compared to Monday morning. That seems relevant for now. While we're missing a conclusive verdict on what matters and where we're headed, it's clear that something (or a combination of somethings) is going on. It's probably nothing to do with domestic economic data as that has been so incredibly detached from market movements of late as to be completely useless. Yes, we'll still watch it and discuss it, and yes it may still garner some initial reaction...(read more)

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Mortgage Rates at 1.5 Month Highs After Fed
by Matthew Graham
17 Sep 2014 at 2:30pm

Posted To: Mortgage Rate Watch

Mortgage rates moved higher at a moderate pace today after the Fed reiterated their intentions regarding the gradual tightening of monetary policy. That policy has been one of the key factors in historically low mortgage rates. While the Fed didn't make any surprising moves, they did confirm some market fears. Ultimately the market movement wasn't very big compared to what it might have been. As such, it was a pretty fair reflection of the Fed announcement. The bigger question is what markets will do from here. Today's weakness brings rates to 1.5 month highs officially, but they might as well be in line with Monday or Tuesday's levels. Many lenders are right there today, and a few are even in slightly better shape. 4.25% remains the most prevalently-quoted conforming 30yr fixed rate for top...(read more)

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MBS RECAP: Stronger Start Followed by FOMC Sell-Off Leaves MBS Only Slightly ...
by Matthew Graham
17 Sep 2014 at 2:19pm

Posted To: MBS Commentary

As far as Fed days go, this one was pretty tame. That's especially true if we consider the amount of hype and anxiety associated with this particular Fed day. The total gap between highs and lows in Fannie 3.5 MBS was just over a quarter of a point. That's the kind of intraday movement that occasionally happens for no good reason at all. Taking the perspective a step further, the highs of the day were 6/32nds higher than yesterday's close. That means that MBS lost less than an eighth of a point today! Even so, losing ground may seem like somewhat of an insult considering the market hype would lead us to believe that everything would be just fine if the Fed maintained their "considerable time" verbiage. Reality shows us just how much of an oversimplification that was. This...(read more)

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Differences Between Past and Current FOMC Statements
by Matthew Graham
17 Sep 2014 at 11:03am

Posted To: MBS Commentary

Underline indicates additional text that is new, strikethru indicates deleted text that was no longer present. Release Date: July 30, September 17, 2014 For immediate release Information received since the Federal Open Market Committee met in June indicates July suggests that growth in economic activity rebounded in the second quarter. Labor is expanding at a moderate pace. On balance, labor market conditions improved, with improved somewhat further; however, the unemployment rate declining further. However, is little changed and a range of labor market indicators suggests that there remains significant underutilization of labor resources. Household spending appears to be rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow. Fiscal...(read more)

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MBS MID-DAY: Bond Markets Play it Safe Ahead of FOMC Events
by Matthew Graham
17 Sep 2014 at 9:35am

Posted To: MBS Commentary

Bond markets were slightly stronger again overnight but in the context of the past few weeks, we're essentially flat for the past 3 days. This consolidative 'leveling-off' was reinforced mid-morning as bond markets shied away from making any sudden movements ahead of this afternoon's big-ticket events. Long story short, bond markets are playing it safe . The 'coarse adjustments' to trading positions were already made by the end of last week and everything since then has amounted to rather inconsequential 'fine-tuning.' Today, "playing it safe" means the morning strength was greeted with weakness that brought trading levels right to the center of yesterday's trading range. Trading levels are still in slightly positive territory day-over-day, but...(read more)

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Builder Confidence at near Nine Year High
by Jann Swanson
17 Sep 2014 at 8:33am

Posted To: MND NewsWire

A four point jump in September has taken the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) to its highest reading since November of 2005. The increase, the fourth in as many months, elevated the composite measure of builder confidence in the market for new homes to 59. The HMI is derived from responses new home builders give to a monthly survey which NAHB has conducted for 30 years. Builders are asked for their perceptions of current single-family home sales and their expectations for those sales over the next six months ranked as "good," "fair" or "poor." The survey also asks them to gauge current buyer traffic as "high to very high," "average" or "low to very low." Scores from each component are then used to calculate a seasonally adjusted composite index...(read more)

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Eminent Domain Update; GMFS/ZAIS/HF2 Combination; Virginia Lawsuit; New Penn'...
by Rob Chrisman
17 Sep 2014 at 8:00am

Posted To: Pipeline Press

Want some numbers that none of us will remember, but that are indicative of demographic trends that won't help lending? In 2010, households headed by those under age 35, the Millennials, had median income of $37,600, now it's just $35,300. Worse, 41% of them have student loans, up from 34% in 2007 and 23% in 1998, and the balances are up from $10,000 in 1988 to $17,300 in 2013. The IRS tells us that 47% of tax returns filed in 2012 reported adjusted gross income (AGI) of less than $30,000 but that 3.6% of tax returns reported AGI of at least $200,000. There are about 300 million of us, but in 2012 only 145 million tax returns were filed: 64% of the returns paid federal income tax while 36% of the returns did not pay any federal income tax. But hey, it all depends on the state in which you live...(read more)

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Mortgage Applications Rebound, Offsets Labor Day Losses
by Jann Swanson
17 Sep 2014 at 6:17am

Posted To: MND NewsWire

The week ended September 12 saw the losses in application volume which occurred during the previous week which was shortened by the Labor Day holiday mostly reversed. Mortgage application volume increased in most categories by nearly the same percentages as they had fallen during the week ended September 5. The Mortgage Bankers Association said that its Market Composite Index, a measure of mortgage application volume increased 7.9 percent from the previous week's seasonally adjusted index which had included an adjustment for the holiday. On an unadjusted basis the Index increased by 19 percent, offsetting the 17 percent decline the previous week. The Refinance Index increased 10 percent from its level the previous week following an 11 percent decline. Applications for refinancing as a percentage...(read more)

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MBS Day Ahead: Good Chance That Today is Crazy no Matter What the Fed Does
by Matthew Graham
17 Sep 2014 at 4:24am

Posted To: MBS Commentary

Today brings the biggest set of events in weeks, perhaps months. Starting at 2pm, the FOMC (aka "the Fed") releases it's official policy statement and economic projections. Then at 2:30pm, Fed Chair Yellen conducts one of the periodic post-announcement press conferences. Let's take a quick inventory of what we know and where we are heading into today. 2014 has been something of a surprise so far in that bond markets have been refreshingly resilient. There are several fairly solid explanations for this, but one of the best is that the economic recovery isn't really as solid as some of the numbers suggest. The Fed has increasingly expressed awareness of the unsatisfying recovery in 2014 and market participants went from fearing a more hawkish Fed to believing in a Fed that...(read more)

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MBS RECAP: Strong Start, Weaker Finish, Still Waiting for FOMC
by Matthew Graham
16 Sep 2014 at 1:30pm

Posted To: MBS Commentary

Bond markets had their ups and downs today, but ultimately, none of it really matters in the bigger picture. Whether we look at where trading levels have been over the past two weeks or where they could go after tomorrow's FOMC events, the movement of the past two days is exceptionally small; an afterthought really. There were no significant sources of inspiration for Treasuries or MBS today. The latter began the overnight session in good shape and fairly solid gains were in place by the start of the domestic session. After some morning weakness backed rates up toward unchanged levels, there was another solid bounce back into positive territory. Ever since 12:30pm, bonds have been leaking into weaker territory. It hasn't been severe, but just enough to bring us into the red on the day...(read more)

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Housing Market Implications of Millennials Moving Out
by CNBC News
16 Sep 2014 at 1:08pm

Posted To: MND NewsWire

As the U.S. economy improves and adds jobs, younger Americans-millennials-are slowly starting to move out from their parents' basements , where a record number of them have been living for the past few years. They're not buying homes as much as they are renting them, but how much and where is crucial to know in order to understand where the housing recovery is headed. Over the past year, all the growth in net household formations has been among renters, according to the U.S. Census. For those 35 years old and younger, their home ownership rate has fallen from 44 percent to 36 percent over the past decade, which is why construction of multi-family apartments is at the highest level in a quarter-century this year. But back to that migration from the basement. How big is it? Millennials will spend...(read more)

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