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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: FOMC Announcement Wholly Overshadowed by GDP
by Matthew Graham
30 Jul 2014 at 3:18pm

Posted To: MBS Commentary

Tonight's theme: "not many." It's not many times that GDP will crack 4% after being down more than 2% in the previous quarter, but it did today. But that's because it's not many times that the US economy will grow at 3.5% in one quarter and then drop to -2.9% in the following quarter, all the while with job creation averaging over 200k, but it did that from Q4 2013 to Q1 2014 (i.e. something was wrong with that picture, and as we've discussed, it set today's result up to be much bigger). Finally, it's not many times that an FOMC Announcement will be second fiddle as a market mover, but it was today, because of all of the above. Less cryptically now... Bond markets tanked right after GDP and never looked back. The damage was fairly severe in the context...(read more)

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Mortgage Rates Highest in More Than a Month After GDP
by Matthew Graham
30 Jul 2014 at 2:02pm

Posted To: Mortgage Rate Watch

For weeks, we've discussed the prospects for increased volatility centered on today's economic calendar. The chances of a bigger move were much higher going into today's GDP data, and a bigger move is exactly what we got. Unfortunately, it was in an unfriendly direction. GDP was significantly stronger than expected, which caused an equally significant amount of weakness in the secondary mortgage market. With the data released at 8:30am and most lenders not putting out their first rate sheets until after 9am, mortgage rates shot rapidly higher right out of the gate. Bond markets (which include the mortgage-backed-securities or "MBS" that most directly affect mortgage rates) continued to weaken throughout the day, and never really leveled-off until 1-2pm. When MBS fall enough during the day,...(read more)

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California Realtors get Heads-Up on Short Sale Complications
by Jann Swanson
30 Jul 2014 at 12:41pm

Posted To: MND NewsWire

A short sale program for properties serviced by Nationstar, which bills itself as one of the nation's largest independent loan servicers, is the subject of a new member advisory from the California Association of Realtors (C.A.R.). C.A.R. is acquiescing to the program about which it has been in talks with the servicer for the last year but which it has been told by the California Bureau of Real Estate (BRE) does not violate any laws. Nationstar requires most of its mortgaged properties to be listed on before a short sale is finalized. The company says it utilizes this business model as a verification system to insure owners receive the best possible price. As a practical matter all potential short-sale properties are put through the appropriate MLS by their listing agents just as...(read more)

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Homeownership at 19 Year Low
by Jann Swanson
30 Jul 2014 at 12:37pm

Posted To: MND NewsWire

The rate of homeownership in the U.S. continued to slide in the second quarter of 2014, reaching a 19 year low . The Commerce Department said that the seasonally adjusted homeownership rate fell to 64.8 percent during the quarter, down 0.1 percentage point from the first quarter and 0.3 points compared to the second quarter of 2013. The recent rate was the lowest for the statistic since the second quarter of 1995. Homeownership peaked at 69.4 percent in the second quarter of 2004 and stayed within a range of 68.0 and 69.0 over the next 13 quarters before falling below 68.0 in the fourth quarter of 2007. While there have been quarterly ups and downs the homeownership rate has eroded at a fairly steady rate since then. Homeownership was highest in the Midwest at 69.6 percent, 0.3 percentage points...(read more)

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Differences Between Past and Current FOMC Statements
by Matthew Graham
30 Jul 2014 at 10:59am

Posted To: MBS Commentary

Release Date: June 18, July 30, 2014 For immediate release Information received since the Federal Open Market Committee met in April June indicates that growth in economic activity has rebounded in recent months. the second quarter. Labor market indicators generally showed further improvement. The conditions improved, with the unemployment rate, though lower, rate declining further. However, a range of labor market indicators suggests that there remains elevated. significant underutilization of labor resources. Household spending appears to be rising moderately and business fixed investment resumed its advance, is advancing, while the recovery in the housing sector remained remains slow. Fiscal policy is restraining economic growth, although the extent of restraint is diminishing. Inflation...(read more)

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MBS MID-DAY: Bond Markets Pummeled by GDP; Bracing for Aftershock from FOMC
by Matthew Graham
30 Jul 2014 at 9:46am

Posted To: MBS Commentary

Bond markets began the day on relatively level ground vs yesterday. It was, and has been up to GDP to cast the first major vote on whether or not bond markets move on to new highs for 2014 (or lows in terms of yield), or if they would be turned back toward the center of the range. Long story short, GDP came in every bit as hot as it was likely to, and bond markets have been selling-off ever since. Both the data result and the market reaction are no surprise if you read the first post of the week. If you didn't, here it is . MBS Pricing Snapshot Pricing shown below is delayed, please note the timestamp at the bottom. Real time pricing is available via MBS Live. MBS FNMA 3.0 98-04 : -0-19 FNMA 3.5 101-31 : -0-18 FNMA 4.0 105-06 : -0-13 Treasuries 2 YR 0.5747 : +0.0277 10 YR 2.5396 : +0.0776...(read more)

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The Importance of FinCEN & SARS; Fannie/Freddie Updates; Upcoming Events
by Rob Chrisman
30 Jul 2014 at 7:18am

Posted To: Pipeline Press

There are plenty of ways to divvy up people (those who like soggy cereal, those that don't, those that can form their tongue into an "o", and those that can't, for example.) Another way is your net worth & attitude toward work. A Merrill Lynch report finds millionaires are twice as likely to keep working in retirement than the rest of the population and 33% of those with $1mm to $5mm in investible assets are currently working in retirement (vs. 15% of retirees with less than $250k). The top reason reportedly was a desire to stay mentally active, which came in much, much higher than working for the money. (What's wrong with doing Sudoku puzzles instead?) On the other side of the spectrum, according to CNN/Money 1 in 3 adults are now in collections . Few can argue that the gap between the...(read more)

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Slow, Mixed Week for Mortgage Applications
by Jann Swanson
30 Jul 2014 at 6:16am

Posted To: MND NewsWire

It was a mixed and largely directionless week for mortgage applications as the volume of applications for home purchases inched up fractionally while applications for refinancing fell . The Mortgage Bankers Association said its Market Composite Index, a measure of loan application volume was down slightly during the week ended July 25 on both a seasonally adjusted and a non-adjusted basis with the former decreasing 2.2 percent and the latter 2.0 percent compared to the previous week. The Refinance Index fell 4 percent, wiping out an identical gain during the week ended July 18. The share of applications that were for refinancing declined from 54.4 percent to 53 percent. Refinance Index vs 30 Yr Fixed The seasonally adjusted Purchase Index increased 0.2 percent and the unadjusted index was up...(read more)

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MBS Day Ahead: Big Potential for Bond Markets, for Better or Worse
by Matthew Graham
30 Jul 2014 at 4:33am

Posted To: MBS Commentary

On the afternoon of the Thursday before last, bond markets had just gone on their run to the best levels in over a month on the geopolitical flare-up (that was the day that begin with the Malaysian Airliner and ended with Israel announcing a ground assault in Gaza). As we discussed at the time, the geopolitical risk situation would have to continue to be as surprisingly negative as it had been on Thursday in order for bond markets to continue past the year's best levels. While overseas events remained troubling--continuing to offer large-scale tragedy--they didn't offer the same sort of large-scale surprises. With that being the case, each passing moment since then has been building to today. That sounds pretty dramatic, but here's why it's true . Shocking as it may seem, there...(read more)

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MBS RECAP: Bonds Bounce Back From Mid-Day Swoon
by Matthew Graham
29 Jul 2014 at 2:00pm

Posted To: MBS Commentary

Markets were more active today, offering a nice little warm up for what promises to be an even more active day tomorrow. The movement came in waves, beginning with a strong bond market rally at the start of the European trading session. US Treasuries came along for the ride, resulting in slightly stronger morning levels for Treasuries and MBS. With German Bund yields pushed up against all-time lows, Treasuries took over the duty of providing cues for the rest of the bond market. There was big buying right after the 'pit' open, very likely linked to portfolio managers adjusting holdings for month-end. That buying brought yields low enough to trigger a bit of a snowball rally to start the day "Snowball rally" generally refers to short positions getting forced to become buyers...(read more)

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Mortgage Rates Slightly Lower; Volatility Ahead
by Matthew Graham
29 Jul 2014 at 1:05pm

Posted To: Mortgage Rate Watch

Mortgage rates were slightly lower today, holding inside a low and narrow range that's been intact for nearly 2 weeks. The movement was small enough that some lenders are unchanged compared to yesterday, but they're the exception. The most prevalently-quoted conforming 30yr fixed rate for flawless scenarios is still a bit of a toss-up between 4.25% and 4.125%. Today's improvement tips the scales toward 50/50 whereas 4.125% was less prevalent yesterday. For about the same amount of time that rates have been low and stable, we've been anticipating the next 3 days in financial markets. In short, there is an impressive confluence of data and events that stands as good of a chance to break the monotony as anything. Rates could either bounce back up toward the previous 2014 range, or they could improve...(read more)

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MBS MID-DAY: Bond Markets Back Near Unchanged Levels after Stronger Start
by Matthew Graham
29 Jul 2014 at 9:39am

Posted To: MBS Commentary

The day started out well for Treasuries and MBS for a variety of reasons. European bond markets have been the most reliable motivation for overnight movement in Treasuries and last night was no exception. This time around German Bund yields (a good benchmark for overall "EU bond markets") pushed into new all-time lows. The correlation with Treasuries was stark . 10yr yields saw their highest levels of the night just seconds before EU bond markets opened. Yields began moving lower right at the open and Treasuries followed immediately. Both EU and US trading leveled off by 5am, and then it was Treasuries' turn to lead. A glut of month-end buying came in just after 8:30am, and this in turn started a snowball of bond buying that further extended the gains. The early morning positivity...(read more)

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Seasonally-Adjusted Home Prices Declined in May
by Jann Swanson
29 Jul 2014 at 8:47am

Posted To: MND NewsWire

Home price gains continued to slow in May, posting smaller annual increases than In April the S&P Dow Jones Indices said today. The Indices' Case-Shiller 10-City Composite Index was up 9.4 percent compared to May 2013 and the 20-City was 9.3 percent higher. In April the two composites posted annual increases of 10.9 and 10.8 percent respectively. Both Composites increased by 1.1 percent from April to May and for the second straight month all 20 cities had positive returns. But that's only true on an unadjusted basis. When it comes to to home price data, seasonal buying/selling trends tend to be kind to prices in the Spring and Summer months. Adjusting for those affects, prices were down 0.3 percent in May--the first seasonally-adjusted decline in more than 2 years. Regionally, Charlotte...(read more)

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New Products; Regions Bank's Cuts; PHH, NationStar in the News; Radian/NAREB ...
by Rob Chrisman
29 Jul 2014 at 8:19am

Posted To: Pipeline Press

My plan has always been pretty simple with my children: feed and clothe them in a loving home, make sure they get a college education followed by a good job, then at some point, send them an invoice. But I've been told by the San Francisco Fed that I should ask my accounts receivable gal to stop calling my oldest. In, Wage Growth Gap for Recent College Grads , Bart Hobijn and Leila Bengali writes, "Median starting wages of recent college graduates have not kept pace with median earnings for all workers over the past six years. This type of gap in wage growth also appeared after the 2001 recession and closed only late in the subsequent labor market recovery. The wage gap in the current recovery, however, is substantially larger and has lasted longer than in the past. The larger gap represents...(read more)

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MBS Day Ahead: Last Day of Tame Data Before Things Get Serious
by Matthew Graham
29 Jul 2014 at 4:42am

Posted To: MBS Commentary

Yesterday proved to be anything but serious based on the narrow trading range. 10yr yields only used up half of the range they'd carved out on Friday and MBS, even less than that. With none of the week's big-ticket market movers hitting until tomorrow, it feels like bond markets are biding their time until then. At times like this, it's not uncommon for both stocks and bonds to travel together , generally hitting intraday highs and lows together. This was the case yesterday. It doesn't necessarily mean anything interesting about the future, but it builds a case for that "biding time" concept. It can also be more prevalent around the end of the month as some investors begin adjusting portfolio balances based on updated indexes. If calendar events stand a chance to cause...(read more)

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