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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 Begin October With Strong Move to 1-Month Lows
by Matthew Graham
1 Oct 2014 at 1:39pm

Posted To: Mortgage Rate Watch

Mortgage rates moved definitively lower today , restoring almost all of the ground lost during September's weakness. This has been a gradual process of improvement that began roughly 2 weeks ago, but today was the biggest victory by far. The most prevalently-quoted conforming 30yr fixed rate is now safely 4.125% again for top tier borrowers. It spent most of the last 2 weeks at 4.25%. Whereas big market movements can often result from surprising news headlines or exceptionally strong/weak economic data, today's gains come courtesy of investors shifting their trading preferences from the 3rd to 4th quarter. Some market participants are forced to hold on to certain trading positions through the end of a quarter/month. We often see the release of a bit of pent-up demand (or lack thereof) at the...(read more)

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Little Change in Construction Spending as Summer Ends
by Jann Swanson
1 Oct 2014 at 10:04am

Posted To: MND NewsWire

Total construction spending in the U.S. in August was estimated by the Census Bureau today to be at the seasonally adjusted annual rate of $961.0 billion, down 0.8 percent from spending in July and 5.0 percent higher than the $915.3 in construction outlays in August 2013. Total spending in June was revised up from the original estimate of $963.7 billion to $968.8 billion. Construction spending in August was estimated at $89.3 billion on a non-annualized basis compared to $87.6 billion in July. Year-to-date spending this year is estimated at $623.1 billion compared to $583.2 billion at the same point in 2013. Spending on private construction was at a seasonally adjusted annual rate of $685.0 billion, also 0.8 percent below the revised July figure (from $701.7 billion) of $690.3 billion and a...(read more)

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MBS MID-DAY: Strong Bond Market Rally Has Nothing to do with Data
by Matthew Graham
1 Oct 2014 at 9:35am

Posted To: MBS Commentary

It's asking quite a lot to believe that the single most consistent source of guidance and inspiration for trading levels--economic data--is pretty much irrelevant at the moment, but it's true. ADP Employment came out this morning at 8:15am. In the past, any big reaction to ADP data begins PROMPTLY at 8:15:001. We got nothing today. 8:20am, however, was a different story. This told us oh so much about the nature of the rally right out of the gate this morning. 8:20 is the time of day where bond markets officially "switch on" for the day due to the participation of certain classes of traders that begin their day with the opening bell of the bond pit at the CME. This doesn't mean that floor traders waving their arms behind Rick Santelli are making a huge difference for Treasuries...(read more)

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Judge Cites Unequivocal Language in Dismissing Fannie/Freddie Lawsuit
by Jann Swanson
1 Oct 2014 at 7:58am

Posted To: MND NewsWire

A lawsuit challenging the manner in which profits from Fannie Mae and Freddie Mac (the GSEs) have been allocated to the U.S. Treasury was dismissed on Tuesday by a U.S. District Court judge. The suit, brought by institutional investors Perry Capital, LLC, Fairholme Funds, Inc. and Arrowood Indemnity Company, contested a change in the Senior Preferred Stock Agreement negotiated between the GSEs and the Treasury Department in August 2008 when the GSEs were placed in government conservatorship. The three companies originally filed separate lawsuits in July 2013 but it appears that they may have been combined by the courts into a single action. The investors maintained that the 2012 changes violated the original terms of the government's 2008 bailout agreement and that they unlawfully impair shareholder...(read more)

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Stonegate's New Channel; CFPB's Consent Order Against a Title Insurer
by Rob Chrisman
1 Oct 2014 at 7:50am

Posted To: Pipeline Press

When I was young, my parents taught me that my income was my own business, and talking about wages and bonuses with others never did anyone any good. But per the Small Business Administration, that has all changed, at least for anyone dealing with the Federal Government. "On September 17, the Office of Federal Contract Compliance Programs (OFCCP) of the Department of Labor released a proposed rule that would prohibit federal contractors from maintainin g pay secrecy policies . The rule, which implements Executive Order 13655, would require most contractors and subcontractors to change the nondiscrimination provisions in their contracts to state that they will not discharge or discriminate against their employees and job applicants for disclosing or inquiring about their pay. Contractors would...(read more)

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Mortgage Application Volume Continues to Slide
by Jann Swanson
1 Oct 2014 at 7:19am

Posted To: MND NewsWire

Last week was another down week for mortgage applications according to the Mortgage Bankers Association (MBA). Its Weekly Mortgage Applications Survey data for the week ended September 26 showed a 0.2 percent decrease in applications as reflected in its seasonally adjusted Market Composite Index. Compared with the previous week the decline in the unadjusted index was twice as large. MBA's Refinance Index was down 0.3 percent from the week ended September 19 and applications for refinancing comprised 56 percent of total loan applications. That share was unchanged from the previous week. Refinance Index vs 30 Yr Fixed Applications for home purchases were unchanged from the previous week on a seasonally adjusted basis but were down 1 percent on an unadjusted basis. The unadjusted Purchase Index...(read more)

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MBS Day Ahead: Rates Head For Conflict Resolution As Data Heats Up
by Matthew Graham
1 Oct 2014 at 4:39am

Posted To: MBS Commentary

Today is the first day of a new month and new quarter, and Octobers have historically been active for bond markets. That leaves us to wonder whether the activity will push back against the mostly negative September. There are excellent cases to be made for avoiding any major push higher in rates until the struggling masses below the line of accelerating net worth can afford to buy anything or borrow any money. Heck, it'd go a long way if we could even have something other than lower real wages for 80% of Americans from 2007 to present ( seriously... ). While such thoughts are probably good enough to prevent any abrupt runs over 3% in 10yr yields or 5% in 30yr fixed rates, there can still be plenty of volatility down in these historically low rates. Most of the trading we've seen since...(read more)

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MBS RECAP: Bond Markets Weather Month-End Storm With Minimal Losses
by Matthew Graham
30 Sep 2014 at 1:30pm

Posted To: MBS Commentary

Month/Quarter-end trading dynamics made for a volatile day in the context of the recent range. It wasn't so much that the moves were big, just that they seemingly came out of left field and ran their course quite quickly. There were two distinct examples of such movement. The first came at the 9:30am stock market open with yields and stock prices dropping aggressively until 10am. From there, as if to emphasize the point that economic data just couldn't matter any less , an exceptionally weak Consumer Confidence report marked the end of the rally for bond markets and the end of the sell-off for stocks. The mid-morning to early afternoon hours were completely uneventful with both MBS and treasuries trading narrow ranges. 2:45pm brought the next bout of volatility as a last-minute quarter...(read more)

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CFPB Targets Title Company Over MSAs
by Jann Swanson
30 Sep 2014 at 1:10pm

Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) filed a Consent Order on Tuesday against Lighthouse Title, a title insurer based in Holland, Michigan. The order was, the Bureau said, sending "a clear and simple message" that it intends to pursue legal action against financial institutions that pay in any manner for referrals. The administrative proceeding carried a civil money penalty of $200,000. The Bureau said that Lighthouse Title had violated the Section 8(a) of the Real Estate Settlement Procedures Act, (RESPA) and its implementing regulation, Regulation X. The relevant section of RESPA states, "No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real...(read more)

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Mortgage Rates Higher to End September
by Matthew Graham
30 Sep 2014 at 12:54pm

Posted To: Mortgage Rate Watch

Mortgage rates were slightly higher today leaving September as one of only 3 months this year with noticeable upward movement. Things could have been worse had it not been for the steady improvements seen during the second half of the month. Today was an exception to that recent trend, but it's tempered by the fact that yesterday's gains were the best of the month. The only downside is that the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers remains 4.25% whereas it would have likely moved to 4.125% if rate went the other direction today. These movement considerations may be small scale compared to what lies ahead. Several big-ticket events are coming up in the second half of this week and they stand a good chance to increase the level of volatility . That's neither...(read more)

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CFPB Hits Flagstar Bank with First Servicer Rule Enforcement
by Jann Swanson
30 Sep 2014 at 10:32am

Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) came down hard on Michigan-based Flagstar Bank both legally and verbally as it issued the first enforcement action under its new mortgage servicing rules which went into effect in January 2014. The action claims that Flagstar had "failed borrowers" at every step in the foreclosure process by illegally blocking those borrowers' attempts to save their homes. "Because of Flagstar's illegal actions and unacceptable delays, struggling homeowners lost the opportunity to save their homes," said CFPB Director Richard Cordray. "The Bureau has been clear that mortgage servicers must follow our new servicing rules and treat homeowners fairly. Today's action signals a new era of enforcement to protect consumers against the cost of servicer runarounds." Flagstar...(read more)

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MBS MID-DAY: Bond Markets Rebound With Help From Europe, Stocks, and Month-End
by Matthew Graham
30 Sep 2014 at 9:38am

Posted To: MBS Commentary

The relevance of month/quarter-end trading considerations isn't limited to the US Treasury market. Month-end for German bond markets (the largest in Europe, and the Eurozone benchmark) saw a strong rally beginning at 6:15am Eastern time. Treasuries gleaned some benefit, but not enough to get them back into positive territory by the open. This resulted in markedly weaker levels for 10yr yields at 8am and a 6/32nds weaker open for Fannie 3.5 MBS. Both held almost perfectly sideways from there with the first relief coming at the 9:30am stock open. This is a major liquidity event for markets (in that more participants come online and more money is able to be traded). Right out of the gate, stocks were in liquidation mode with a quick 10 point sell-off in S&Ps. Bond markets benefited immediately...(read more)

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Buybacks, Disparate Lending, Indemnifications; Flagstar's CFPB Fine
by Rob Chrisman
30 Sep 2014 at 8:00am

Posted To: Pipeline Press

How did we arrive at the end of the 3 rd quarter so quickly? It has been filled with legal news about the financial services sector right up to the very end. Former Federal Reserve Chairman Ben Bernanke and ex-Treasury secretaries Henry Paulson and Timothy Geithner have been called to testify at the U.S. Federal Court of Claims in a lawsuit brought by Maurice "Hank" Greenberg's Starr International, the largest shareholder of American International Group. The suit claims an unconstitutional "taking" of property when the government assumed 80% of the insurer's stock. The fun never ends. Philip R. Stein (Bilzin Sumberg Baena Price & Axelrod LLP) wrote a piece for American Banker on fighting buybacks . Mr. Stein will be presenting a free webinar on October 9 (available for re-broadcast thereafter...(read more)

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Case Shiller notes "Significant Slowdown" in Home Price Gains
by Jann Swanson
30 Sep 2014 at 7:48am

Posted To: MND NewsWire

There was what the S&P/Case-Shiller Home Price Indices called "a significant slowdown in price increases in July S&P Dow Jones Indices said today. Nineteen of the 20 cities in the survey saw a lower year-over-year gain in July than they had registered in the previous month and only three cities still showed increases in the double digits. The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.6 percent annual gain in July 2014 compared to a 6.2 percent annual increase in June. The 10- and 20-City Composites showed year-over-year increases of 6.7 percent, a substantial decline from the 8.1 percent gain for each during the 12 months ended in June. Las Vegas, Miami and San Francisco were the only cities to report double-digit...(read more)

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MBS Day Ahead: Month/Quarter-End Considerations; Not Expecting Much From Data
by Matthew Graham
30 Sep 2014 at 4:32am

Posted To: MBS Commentary

It continues to be the case that economic data is guilty until proven innocent. The crime? Not being very relevant in terms of market movement compared to past precedent. This is no victimless crime either! Those of us who watch the market are frustratingly deprived of the most logical of considerations . Simply put, "stronger economy = higher rates" is super easy to understand. While that may still be true in some abstract sense, it certainly hasn't been true if we use economic data as our benchmark of economic strength. All that to say (yet again), that until something changes, data doesn't matter. Perhaps it would be more accurate to say "other stuff" is having so much more of an impact than data that the latter has been rather inconsequential. If that changes...(read more)

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