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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: Super Flat Day Signals an End to Week-Long Consolidation
by Matthew Graham
22 Oct 2014 at 1:47pm

Posted To: MBS Commentary

When you see the word " consolidation " in market analysis--especially with respect to movement in securities prices/yields--it might as well read "correction." Simply put, a consolidation is the diffusion of the volatility. Rates spike higher or lower. Market participation picks up significantly. Then the crowd disperses. That almost always involves an initial, instinctive move back in the direction from whence the original move came, and as we discussed this morning , past examples show the process can last 5 days before markets are free to go about their business. Bottom line, today was flat and tomorrow shouldn't be. 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...(read more)

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Mortgage Rates at a Standstill, but not for Long
by Matthew Graham
22 Oct 2014 at 1:15pm

Posted To: Mortgage Rate Watch

Mortgage rates had their single flattest day since October 2nd today. This is the polar opposite of last week's exceptional volatility. The most interesting thing about it is that this is the way rates typically respond to that kind of rapid movement. It goes something like this: one day, in particular, sticks out as utterly insane and the ensuing days get less and less insane until the insanity completely dries up. Last Wednesday was ground zero for insanity , and today there's none to be found. The second most interesting thing about that is that it usually results in the resumption of movement after days like today. History suggests that movement can be in either direction. That's good news for risk-takers inclined to float as it would minimize the losses incurred if markets move against...(read more)

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Freddie Mac Economists Prescribe L.I.F.T. for Economy
by Jann Swanson
22 Oct 2014 at 12:26pm

Posted To: MND NewsWire

Frank E. Nothaft and Leonard Kiefer, Freddie Mac's chief and deputy chief economists have come up with a formula for lifting the economy from its continuing low-growth status to a trajectory of robust sustainable growth. And that's what they are calling it, L.I.F.T. The acronym stands for Labor, Income, Fixed Investment, and Trust and in the current edition of the company's U.S. Economic and Housing Market Outlook they lay out the parameters for each. Labor The labor market must fully recover, providing solid employment gains, less long term unemployment, and broad-based income growth. Unless the labor market recovery accelerates, any improvement in the housing market will also lag. Last month the unemployment rate finally fell below 6 percent for the first time since the recovery began but...(read more)

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MBS MID-DAY: Back Near Unchanged Levels After Morning Volatility
by Matthew Graham
22 Oct 2014 at 10:32am

Posted To: MBS Commentary

Here's a two-part chart that does a nice job of framing today's activity in both a longer and shorter term perspective. As you can see, we definitely had some bond-market-specific weakness this morning. Unfortunately for the sake of accurate analysis, the weakness occurred in close proximity to the Consumer Price Index (CPI) data. This logically resulted in media outlets pinning the weakness on CPI, but the two were completely unrelated . The factual culprit for this morning's weakness was a big corporate bond offering from Verizon. They did the same thing last fall and bond markets took a big, mysterious hit then too (though the past example was a much bigger deal than today's). Here's the coverage from last year's . The nice thing about weakness induced by corporate...(read more)

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Elizabeth Warren Goes After Lenders; Ocwen vs NY Continues
by Rob Chrisman
22 Oct 2014 at 7:49am

Posted To: Pipeline Press

If I was going to build a house, I'd want to make sure it was on the right lot. For some folks that doesn't work out so well - thanks to Ali F. for sending this in. As the MBA's conference wraps up today in Las Vegas without me finding the Segway rental desk, I am reminded that indeed the vast majority of people in the mortgage industry are truly interested in helping borrowers, or helping companies help borrowers, regardless of the city in which the convention is held. Speaking of cities, if you're in Fort Worth Friday, come say hello! I will be in Fort Worth Texas at Cendera Center (3600 Benbrook Hwy.) to talk about the conference and current trends with lenders out there - there are definitely some common themes. Join us for commentary at 1PM followed by a networking reception. Generally...(read more)

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Best Week of Year for Refis; MBA sees Purchase Loan gains Next Year
by Jann Swanson
22 Oct 2014 at 5:52am

Posted To: MND NewsWire

Falling interest rate precipitated a major refinancing rally during the week ended October 17 even though Columbus Day shortened the business weeks in some locations. The Mortgage Bankers Association's (MBA's) Refinance Index jumped 23 percent compared to the previous week, the largest increase for the index this year, far surpassing an 11 percent gain in January and taking the index to its highest level since November 2013 . Applications for refinancing made up a 65 percent share of all applications compared to 59 percent the previous week and the average size of a loan for refinancing rose to $306,000 the highest level since MBA started its survey in 1990. Refinance Index vs 30 Yr Fixed The surge in refinancing drove the MBA's Market Composite Index up 11.6 percent on a seasonally adjusted...(read more)

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MBS Day Ahead: One Reason Bonds Might be Close to Rallying Again
by Matthew Graham
22 Oct 2014 at 4:36am

Posted To: MBS Commentary

It's been a pretty boring and consolidative week for bond markets so far, so let's have some fun. What follows is essentially a bullish case for bond markets, and you should be aware of some caveats before we begin. 1. The conclusion is based on past precedent, which isn't always a guarantee for the future 2. The past has been generally bullish for bonds for 30 years, give or take, and much of the current bearish case is based on the notion that 2012's low yields were generational In other words, the past has indeed been a good indicator for the future of bond markets as long as we've been in this 30yr bull trend and today's bullish conclusion draws on past precedent. If it's true that we put in long term yield bottoms in 2012, then we'd logically start seeing...(read more)

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MBS RECAP: Bond Markets Holding up Well Against Stock Market Strength; MBS Be...
by Matthew Graham
21 Oct 2014 at 2:14pm

Posted To: MBS Commentary

It turned out to be an exceedingly uncomplicated day for Treasuries by the time US trading hours rolled around. Before that, yields moved sharply higher in the overnight session after news of potential ECB corporate bond buying . This isn't something that's currently on the table for discussion in the upcoming meeting, but multiple sources say it's something the ECB has worked on. Given Germany's opposition to sovereign debt buying combined with the need for the central bank to "do as much as possible," it definitely makes sense to many market participants as a legitimate possibility. Most of the damage was done by 8am and all of it was done by 9am. From there, 10yr yields went no higher for the rest of the day. Incidentally, this resulted in the highest marks of the...(read more)

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Mortgage Rates Sideways to Slightly Higher
by Matthew Graham
21 Oct 2014 at 1:18pm

Posted To: Mortgage Rate Watch

Mortgage rates continue to bide their time , holding just under 4 percent on average. Some borrowers might see their quote move up .125% from yesterday, but others will be quoted the same rate with slightly higher closing costs. A few lenders didn't move at all, but they're the exception. Overall, rates were slightly weaker, resulting in a better balance between 3.875% and 4.0% as the two most prevalently quoted conforming 30yr fixed rates for top tier borrowers. Given the strong move higher in the stock market combined with the fact that rates have been taking a lot of guidance from stocks, today's marginal increase in rates is actually a strong showing. The bond markets that underlie mortgage rate movement have done more to march to their own beat while broader markets make bigger moves....(read more)

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No Surprise: Final QRM Rule Closely Follows QM
by Jann Swanson
21 Oct 2014 at 12:03pm

Posted To: MND NewsWire

Financial regulators on Tuesday finally released the final rule defining Qualified Residential Mortgages (QRM). The definition is intended to determine which loans are exempt from the risk retention requirements of the Dodd Frank Wall Street Reform and Consumer Protection Act. As expected, the final QRM is aligned with the definition of Qualified Mortgages (QM) which defines how lenders determine if a borrower has the ability to repay the loan and sets out a safe harbor for lenders as they make that determination and underwrite the loan. The regulatory agencies issuing the regulation (Treasury, Housing and Urban Development, the FDIC, Securities and Exchange Commission, Federal Housing Finance Agency, and the Federal Reserve) observed in the preamble to the proposals presenting the rule the...(read more)

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MBS MID-DAY: Bond Markets Improving Despite Stronger Data and Stocks
by Matthew Graham
21 Oct 2014 at 9:10am

Posted To: MBS Commentary

This morning's day ahead commentary asked "will bonds continue to defy stocks?" The answer appears to be an emphatic " yes !" The S&P is up well over 20 points from opening levels and right around 30 points from yesterday's close, yet Treasuries are very nearly unchanged . Not only that, but they've been improving over the past 2 hours while stocks have seen some of their best gains. The news is even better for MBS , which just now turned positive on the day (Fannie 3.5s) after being down nearly a quarter of a point earlier. Economic data was inconsequential as far as bond markets were concerned. In fact, the time leading up to and away from the 10am Existing Home Sales data was the least volatile of the day with 10yr yields essentially flatlining at 2.22...(read more)

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Existing Homes Selling at Year's Fastest Pace
by Jann Swanson
21 Oct 2014 at 8:44am

Posted To: MND NewsWire

Existing home sales, which ended four straight months of gains with a 1.8 percent decline in August, bounced back in September the National Association of Realtors® (NAR) said today. Sales increased 2.4 percent to a seasonally adjusted annual rate of 5.17 million homes, the highest pace of the year , from the August rate of 5.05 million. Despite the recovery, sales in September are still 1.7 percent lower than in September 2013. Existing homes were selling then at a rate of 5.26 million. Sales of single family homes rose 2.0 percent to an annual rate of 4.56 million from 4.47 million in August but were 1.9 percent below the annual rate of 4.65 million units a year earlier. Existing condo and cooperative units sold at a 5.2 percent higher rate than in August, 610,000 units compared to 580...(read more)

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NY Finally has its own MBA; Accronym Update: QRM, NMLS, CFPB, FHFA, & HUD
by Rob Chrisman
21 Oct 2014 at 7:57am

Posted To: Pipeline Press

I was dealt a serious setback yesterday here at the MBA conference, being held in the immense Four Seasons, Mandalay, Delano, conference center complex. While among the slot machines (the two that stand out are "Pirate's Booty" and "Gorilla's Mist") I ran out of breadcrumbs that I was using to sprinkle along my path so that I could find my way back to my room. I did, however, see Pete Rose signing autographs in a book store at the Mandalay - apparently his popularity comes and goes in sync with the popularity of non-prime/sub-prime lending. Who said there's nothing new under the sun? New York finally has a statewide mortgage bankers association. "The association is there for you! The full time staff, with both extension mortgage banking and association management experience, will provide members...(read more)

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MBS Day Ahead: Will Bonds Continue to Defy Stocks?
by Matthew Graham
21 Oct 2014 at 4:34am

Posted To: MBS Commentary

Will bond markets be able to hold their ground if equities make more meaningful gains today? I don't know but they did yesterday, and it was the best such performance since mid September. In fact S&P futures were up over 20 points by 5pm Treasuries had managed to make meager gains over the same time frame. This is a promising divergence because it suggests we might not be wholly dependent on stock markets in order to see low rates hang around a bit longer. Far more tenuous in terms of bond market inspiration is economic data. Today's only potentially relevant economic report is the Existing Home Sales report at 10am. It's expected to improve to a 5.10 million unit annual pace from last month's 5.05 mln annual pace. MBS Pricing Snapshot Pricing shown below is delayed, please...(read more)

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MBA's Stevens: No Sense Pining for the way it used to be
by Jann Swanson
20 Oct 2014 at 2:02pm

Posted To: MND NewsWire

David Stevens, President of the Mortgage Bankers Association (MBA), told an audience attending the association's s annual convention in Las Vegas that the rules for Qualified Residential Mortgages will be, as rumored, released on Wednesday. This rule, which was sent back to the drawing board two years ago after housing stakeholders complained it would shut down mortgage lending will, in this iteration, he said be aligned with the Qualified Mortgage Rule and will not have steep downpayment or strict debt-to-income requirements. He credited the industry and consumer groups for advocating on the issue. Stevens pointed to other accomplishments MBA and other industry groups have made over the past year but said there is still a lot wrong with housing . Many people seem to have forgotten that housing...(read more)

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