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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: Calm, Resilient Day Maintains Calm, Resilient Week (and month)
by Matthew Graham
21 Nov 2014 at 2:52pm

Posted To: MBS Commentary

In the shadow of October 15th--by some measures, the most volatile day in the history of Treasury trading--everything that's followed has been exceedingly tame by comparison. The correction leading back toward slightly higher rates was mechanical and non-threatening . And now November is slipping away with mortgage rates having held 4.0% the entire time and 10yr yields staying in the 2.3's. Today's session never had much of a chance to break the bigger-picture mold. To end the week on anything other than a sideways note, we would have needed to see such a big rally or sell-off that it wouldn't have made any sense in the current context. Overnight headlines from Draghi helped a bit and China's rate cut hurt a bit, but bonds ground to stronger levels very slowly. It's...(read more)

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Technically at November Lows, but That Doesn't Mean Much These Days
by Matthew Graham
21 Nov 2014 at 2:12pm

Posted To: Mortgage Rate Watch

Mortgage rates improved again today , carving out another November low, albeit by only a small margin. For some lenders, rates are officially at "one month lows" with October 21st being the last day that similar rates were available. Actually, the rate has been available, but it's the COST required to obtain that rate that's fallen back to 10/21 levels. 4% remains the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers. It's far less prevalent, but 3.875% is being quoted in some cases. History doesn't offer many examples of the phrase "lowest rates in a month" meaning much less than it does today. The entirety of the past 30 days saw no change in the most common rate quote of 4% and only very little change in the associated closing costs. In fact, "lowest in a month" is...(read more)

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Natural Disasters are now Measurable Default Risks
by Jann Swanson
21 Nov 2014 at 11:38am

Posted To: MND NewsWire

Growing numbers of severe weather events throughout the U.S. may be giving new meaning to "location, location, location" in the housing world. CoreLogic senior economist Kathryn Dobbyn writes in the company's blog "housing Pulse" that the $8 billion in property damage caused by severe weather in the U.S. in 2013 is causing the housing industry to think about the risk of any given location's exposure to natural disasters which are only expected to continue to increase in both frequency and intensity. In some parts of the country, such as Florida's hurricane prone Atlantic coast or the Mid-West's "Tornado Alley" the risk of unexpected property damage is always there and the mortgage industry has relied on required insurance to mitigate its risks. But for a variety of reasons, costs, a lack of...(read more)

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GSEs Cut Lenders a Big, Retroactive Break on Reps and Warrants
by Jann Swanson
21 Nov 2014 at 11:22am

Posted To: MND NewsWire

Fannie Mae and Freddie Mac have nailed down the promised details the life-of-loan exclusions related to their representation and warranty framework. Under the direction of the Federal Housing Finance Agency (FHFA) the two government sponsored enterprises (GSEs) announced the changes on Thursday afternoon. Press releases from the two mortgage companies said the enhancements to the framework are expected to help reduce lender concerns about when a GSE may demand a loan be repurchased. While the framework provided relief as explained below there remained so-called "life of loan" exclusions which permitted the GSEs to involve repurchase requests as long as there was an unpaid balance on the loan. Freddie Mac said that concerns over these exclusions have caused some lenders to impose credit overlays...(read more)

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FHFA Tracks G-fee Evolution; Hopes You Won't Read Fine Print
by Jann Swanson
21 Nov 2014 at 11:20am

Posted To: MND NewsWire

A report from the Federal Housing Finance Agency (FHFA) says that while the average fee charged by the government sponsored enterprises (GSEs) for providing a loan guarantee (g-fee) has more than doubled since 2009, both pricing differences and fee equity have increased. The FHFA report is required for annual presentation to Congress. Fannie Mae and Freddie Mac, the GSEs, acquire single-family loans from lenders, some of which they hold in their own portfolios but most of which are securitized in the form of mortgage-backed securities (MBS) and sold to investors. The GSEs guarantee timely payment of interest and principal from borrowers to investors in these securities and in return charge the lender (seller) a g-fee to cover three types of costs they expect to incur. Costs include what they...(read more)

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CFPB Proposes New Foreclosure Rules
by Jann Swanson
21 Nov 2014 at 10:45am

Posted To: MND NewsWire

The Consumer Financial Protection Bureau (CFPB) has proposed some new measures affecting the way servicers handle mortgages in various stages of default. The changes will require servicers to: Provide certain borrowers with foreclosure protections more than once over the life of the loan. Currently a borrower is given certain protections such as the right to be evaluated under the CFPB's options to avoid foreclosure, only once during the life of the loan, even if they suffer separate financial hardships years apart. The proposal would require that servicers provide those protections for borrowers who have brought their loans current since the last loss mitigation application. Put in place additional servicing transfer protections. The proposal clarifies that a transferee servicer must generally...(read more)

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MBS MID-DAY: Bond Markets Start Weekend Early, Holding Modest Gains
by Matthew Graham
21 Nov 2014 at 9:50am

Posted To: MBS Commentary

Overnight events amounted to nothing more than noise for US bond markets. Tough talk from European Central Bank President Mario Draghi did more to help European bond markets earlier in the overnight hours, but Treasuries improved somewhat. The bigger disruption came after China's central bank announced a rate cut. Whether or not the disruption was warranted is another matter. Headlines with words like "surprise rate cut" and the like have understandable shock value. It certainly sounded like big news at first and markets responded that way at first. But the announcement was quickly qualified as something less dramatic than the headlines suggested (WSJ summed it up well with the headline: China Rate Cut Surprises, Doesn't Overwhelm ). Treasuries were weaker at first, but never...(read more)

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Fannie & Freddie Changes Will Help Lenders; Possible Changes for NY Lenders;
by Rob Chrisman
21 Nov 2014 at 7:44am

Posted To: Pipeline Press

In New York, the New York Mortgage Bankers Association's website is now live. The group is functioning and has already had meetings with DFS, so lenders looking for things to be done on an "industry vs. company" level should reach out to the NY MBA to make their industry issues known. And by visiting the site one can read comments about Benjamin Lawsky stepping down from the NY Department of Financial Services post he now holds. Speaking of which, the NY MBA spread the word to members that the NYDFS proposed regulation of force-placed insurance. "Under the proposed regulation, insurers and servicers are prohibited from: obtaining insurance in access of borrower's last known amount, unless that amount did not comply with mortgage requirements, issuing force-placed insurance on mortgaged property...(read more)

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MBS Day Ahead: Did Bond Markets Show up Early for December?
by Matthew Graham
21 Nov 2014 at 4:30am

Posted To: MBS Commentary

Have you ever had one of those awkward super early arrivals to an event? Did you wait in the lobby? Was the lobby even open? Did you hide the fact you were early? Did you wait in your car? Did you find something else to do in the area? Or did you ever simply just sit and wait it out? Bond markets might be doing the same thing right now. Here's a chart of 10yr yields with 2 technical overlays and a moving average. The top section with the actual yield candlesticks has Bollinger Bands and a 9-day moving average. The Bollinger Band study uses a 21 day moving average as it's middle line (that's the most common setting, and that's what this one is, but there's no rule that says it has to be). One useful application for moving averages is that when shorter term averages break and hold on one side...(read more)

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MBS RECAP: Volatility After Philly Fed, but Bonds Stay in Positive Territory
by Matthew Graham
20 Nov 2014 at 2:49pm

Posted To: MBS Commentary

There was a metric ton of data on tap today, both at home and abroad. During the European session, most of the data was weaker. Given that Europe still responds logically to their economic data, that made for a strong overnight move in Treasuries (and of course in the European bond markets that were setting the tone for Treasuries). The domestic data at 8:30am was received in the same manner as most domestic data recently: nothing happened. That was more than acceptable considering we were in stronger territory, but the 10am data was too crazy to be ignored. The Philly Fed survey came out at the best level since 1993, beating the forecast by the largest amount ever . MBS and Treasuries lost ground at that point, though it's tough to say if the reversal wasn't already bound to happen...(read more)

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Mortgage Rates Return to November Lows
by Matthew Graham
20 Nov 2014 at 2:00pm

Posted To: Mortgage Rate Watch

Mortgage rates improved today following weaker economic data in Europe. That data fueled demand in bond markets overnight, pulling US Treasury yields back to yesterday's lowest levels. The mortgage-backed-securities (MBS) that dictate loan pricing take heavy cues from that movement in broader bond markets. The trick is for the daytime hours to cooperate. In other words, overnight gains in bond markets (meaning "lower rates") will only materialize into lower mortgage rates if those gains hold for a few hours in the morning. That's often up to the economic data calendar, and today was no exception. While the first round of data didn't do much to threaten bond markets, the 10am data caused quite a bit of volatility . While it did end the good times for today, markets held on to enough of the gains...(read more)

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Major Updates on Mortgage Market's Future from FHFA's Watt
by Jann Swanson
20 Nov 2014 at 10:08am

Posted To: MND NewsWire

Melvin L. Watt, Director of the Federal Housing Finance Agency (FHFA) told the Senate Banking Committee today that Freddie Mac and Fannie Mae (the GSEs) will soon announce they will begin purchasing loans with downpayments of 3 or 5 percent , similar to those offered by FHA. Watt made the announcement in remarks prepared to update to the Committee on the GSEs and the Federal Home Loan Banks for which FHFA is regulator. The agency also serves as conservator of the two government sponsored enterprises. Watt summarized the financial performance of the GSEs as significantly improved since the conservatorship began in 2008. While both entities have posted profits every quarter since the beginning of 2012 he said that some of the increased performance relates to one-time or transitory items, such...(read more)

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Big News for Existing Home Sales: 1st Annual Gain of 2014
by Jann Swanson
20 Nov 2014 at 10:02am

Posted To: MND NewsWire

If October sales of existing homes are an indication 2014 may come to a better conclusion than has been expected. The National Association of Realtors® (NAR) said today that sales of single-family homes, townhomes, condominiums, and co-ops in October were at their highest level since September 2013 and, for the first time in a year , exceeded sales a year earlier. Existing home sales rose 1.5 percent in October to a seasonally adjusted annual rate of 5.26 million in October, the highest since the same figure was reached in September 2013, from an upwardly revised rate of 5.18 million in September, the second consecutive month-over-month increase. October's sales were also 2.5 percent higher than in October 2013. Lawrence Yun, NAR chief economist, says the housing market this year has been...(read more)

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MBS MID-DAY: Overnight Strength Meets Insane Philly Fed Numbers; Gains Holding
by Matthew Graham
20 Nov 2014 at 9:20am

Posted To: MBS Commentary

It's been a solid day for bond markets so far, with most of that solidness coming courtesy of a big correction to yesterday's European bond market weakness. Some measure of positive bounce is logical given the boatloads of weaker economic data out overnight in Europe, but the rally was more aggressive than usual. Treasuries took heart and followed German Bunds (the benchmark representative for "European Bond Markets") lower in yield. 10yr yields hit 8am right in line with yesterday's best levels and Fannie 3.5s opened roughly 6/32nds higher. From there, the first round of morning data was largely ignored and gains continued . The big turning point today was at 10am with the release of the Philly Fed survey, which beat its forecast by the largest amount ever, and rose to...(read more)

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News on 3% and G-Fee Changes; FDIC Training Video on ATR and QM
by Rob Chrisman
20 Nov 2014 at 7:54am

Posted To: Pipeline Press

For those of you who'd rather watch a video than read the written word, the Federal Deposit Insurance Corporation (FDIC), which knows a thing or two about banking, announced the release of the first in a series of three new technical assistance videos developed to assist bank employees in meeting regulatory requirements. These new videos will address compliance with certain mortgage rules issued by the CFPB. This first video covers the Ability to Repay and Qualified Mortgage Rule and is intended for compliance officers and staff involved in ensuring the bank's mortgage lending operations comply with CFPB rules. In Fannie & Freddie news, during testimony yesterday at the Senate Banking Committee, FHFA Director Mel Watt opened the door to the possibility of ending the GSE conservatorship...(read more)

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