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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: Sideways Day for MBS Despite Weakening Treasuries
by Matthew Graham
2 Sep 2014 at 1:35pm

Posted To: MBS Commentary

Fannie 3.5s stayed inside a 4 tick (.125) range today despite a round of upbeat economic data at 10am and a clear trend toward higher yields in Treasuries. This isn't an uncommon divergence when Treasury yields have bounced at recent lows, as they did on Thursday and Friday. Part of the reason is the general phenomenon of MBS simply moving less in either direction. That's compounded in this case by Treasuries' role as a hedging vehicle for corporate bond issuance (large companies who plan to issue bonds frequently sell and buy Treasuries to protect against market movements while their deals are being finalized). Whatever the combination of factors, the result is a 10yr yield that moved more than 3bps higher over the course of the day vs Fannie 3.5 prices that held relatively steady...(read more)

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Mortgage Rates Bounce Higher Before Challenging 2014 Lows
by Matthew Graham
2 Sep 2014 at 12:42pm

Posted To: Mortgage Rate Watch

Mortgage rates were higher today, ending nearly a week and a half of modest improvements. While no individual day stood out during that time, the combined effect took rates extremely close to their lowest levels of the year. Had today moved in a more friendly direction, some lenders would be at 2014 lows. Instead, we remain in the same narrow range that's characterized the past 4 months. The most prevalent conforming 30yr fixed rate quote is unchanged at 4.125%, but the closing costs would be higher than they were on Friday. Whereas last week's day to day changes were exceptionally small, things could be getting more volatile this week . That said, volatility would be relative to that calm baseline. So we're not talking about the risk of 4.125 quickly becoming 4.375% or 3.875--simply that closing...(read more)

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HELOC Resets Still a Concern
by Jann Swanson
2 Sep 2014 at 11:00am

Posted To: MND NewsWire

Home Equity Lines of Credit or HELOCs are one area of focus of the July Mortgage Monitor issued by Black Knight Financial Services on Tuesday. The company said there is still concern about possible payment shock for homeowners with HELOCS as the millions put in place during the housing boom reset and begin to amortize. Black Knight estimates that at least 2.5 million borrowers face these resets over the next three years. At that point the period during which borrowers can draw down on their home equity through these loans will end and the loans will convert from an interest only payment schedule to a fully amortizing one. The average increase in payments is estimated at $250 per month. According to Kostya Gradushy, Black Knight's manager of Research and Analytics, this average could increase...(read more)

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Eleven States Set New Home Price Peaks
by Jann Swanson
2 Sep 2014 at 10:38am

Posted To: MND NewsWire

Home prices increased continued in July and those increases continue to be broad-based CoreLogic said on Tuesday. The company's Home Price Index (HPI) report says that prices nationwide including distressed sales (short sales and sales of bank-owned real estate) were up 1.2 percent from June to July and increased 7.4 percent compared to July 2013. July thus becomes the 29 th month in which prices increased on an annual basis. CoreLogic points out however that these are no longer double-digit increases . The HPI which excludes distressed sales gained 6.8 percent on a year-over-year basis and was up 1.1 percent from June. The HPI which excludes distressed sales increased in every state and the District of Columbia. Arkansas was the only state to post a decline - 0.9 percent - when distressed...(read more)

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Construction Spending Highest Since December 2008
by Jann Swanson
2 Sep 2014 at 10:31am

Posted To: MND NewsWire

Construction spending in July was at a seasonally adjusted annual rate of $981.3 billion the Census Bureau said today--the highest since December 2008. That was an increase of 1.8 percent from June's revised estimate of $963.7 billion (up from the original estimate of $950.2 billion) and was 8.7 percent higher than the estimate of $906.6 billion in July 2013. Total residential spending was at an annual rate of $363.5 billion compared to $360.8 billion in June and $337.9 billion a year earlier, increases of 0.7 and 7.6 percent respectively. On a non-seasonally adjusted basis total construction spending in July was $88.6 billion compared to $86.70 billion in June and $83.3 billion a year earlier. Non-seasonally adjusted residential spending was $33.3 billion. Through the end of July the 2014...(read more)

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MBS MID-DAY: Bond Markets Weaker to Start September; MBS Outperforming
by Matthew Graham
2 Sep 2014 at 9:54am

Posted To: MBS Commentary

Bond markets had been setting up for the extended weekend by being cautious about getting caught on the wrong side of this week's trade. Consider the following factors : A perpetual trend toward lower yields in 2014 Another more clearly-delineated trend lower in July/Aug Geopolitical flare-ups in full force An ECB meeting that might produce new news on QE With these in mind, the bigger risk for bond market participants was that they wouldn't be set up for rates to go as low as they might keep going this week. Long story short, there may well have been some excess positivity in bond markets heading into the weekend. It's not an oversimplification to think of this like a fighting force raising defenses for an attack that never comes and then lowering those defenses. This theme was...(read more)

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FHFA Sets Affordable Housing Goals, Requesting Public Comment
by Jann Swanson
2 Sep 2014 at 7:34am

Posted To: MND NewsWire

The Federal Housing Finance Agency (FHFA) is seeking public comment on a set of preliminary affordable housing goals for the two government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac for the next three years. There is a single set of single family financing goals for both GSEs and separate goals for each covering multifamily units. FHFA is required by the Housing and Economic Recovery Act of 2008 to establish these annual housing goals for the GSEs. The agency is also proposing three alternative approaches for establishing single family housing goals. Alternative 1, would use the current two-step process which involves setting both a prospective benchmark level and a retrospective market level measure based on Home Mortgage Disclosure Act data. Alternative 2 would set only prospective...(read more)

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Angelo Mozilo Interview; NMLS & UST News; Lots of Agency News Including 203(k...
by Rob Chrisman
2 Sep 2014 at 7:30am

Posted To: Pipeline Press

If you don't open up one other link in this e-mail, at least open this link to a photo of a sign that surely has applications to residential lending. (Although this is pretty cool too. Somehow, somewhere, in this short video there is an analogy to lenders dealing with the current, and expected, compliance environment). What is Angelo Mozilo up to? Well, aside from living his life, he is granting interviews to Bloomberg . The industry, and especially CEOs, is watching any civil lawsuits that may arise as a bellwether for future litigation at a personal level. Private mortgage insurance probably wasn't a BBQ discussion topic over the weekend, but plenty of high IQ folks are thinking about it. The latest piece is written by one of the directors of MGIC (Mark Zandi), and Jim Parrott (with the Urban...(read more)

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MBS Week Ahead: Short and Busy With at Least One Major Market Mover on Tap
by Matthew Graham
2 Sep 2014 at 4:25am

Posted To: MBS Commentary

While the week ahead is shorter than normal thanks to Labor day, it's no less relevant. In fact, it's probably quite a bit more relevant than anything we had in August for several very good reasons. None of those reasons have anything to do with the important domestic economic data on tap. After all, that'd be silly given just how well markets have been able to ignore it in favor of European markets and geopolitical risk. That said, several of this week's reports can't be ruled out as market movers. That's especially true--as always--of Friday's Nonfarm Payrolls, but we also get ISM Manufacturing data on Tuesday, and Non-Manufacturing on Thursday and again on Thursday, along ADP Employment (later than normal due to short week). All of these reports can move markets...(read more)

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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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