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Showing posts with label Mortgage loan. Show all posts
Showing posts with label Mortgage loan. Show all posts

Wednesday, February 16, 2011

Mortgages

home-loanImage by bds4us via FlickrLibrary Subject Index
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Monday, February 14, 2011

What’s Ahead For Mortgage Rates This Week : February 14, 2011

Your Mortgage Planner 2.0 Blog | Your Mortgage Planner 2.0 Blog

What’s Ahead For Mortgage Rates This Week : February 14, 2011

Posted by yourmortgageplanner in Weekly Review on 02 14th, 2011 | no responses
Housing Starts through Nov 2010Mortgage markets worsened terribly last week. Amid more reports of an improving economy and fears of pending inflation, mortgage rates skyrocketed to their highest levels since April 2010.
According to Freddie Mac, mortgage rates made their largest 1-week jump in more than a year last week, tacking on 0.24 percent and bringing the average national 30-year fixed mortgage rate up to 5.05%.
In some markets, rates are even higher.
Since bottoming out in Freddie Mac’s November 11 survey, conforming, 30-year fixed mortgage rates are now higher by close to a full percentage point. Home buyers in Tacoma and across the nation have lost more than 10% of their purchasing power during that time.
Rates have also been on a historic run higher, increasing over 9 consecutive days for the first time in almost a decade. That streak ended Friday with rates dropping slightly, and rate shoppers are hopeful the momentum lower continues into this week.
It’s not likely. The week is loaded of housing data and housing has been trending better. More strong figures will bolster stock markets at the expense of bonds, driving mortgage rates higher for the 4th week in a row.
In addition, inflation-related figures will be released. That, too, can have a negative impact on mortgage rates.
Markets should increase in volatility as the week progresses because of the looming 3-day weekend. Volume will be light Friday in advance of President’s Day.
If you haven’t yet locked your mortgage rate, the time to act is soon — possibly now. Mortgage rates are well off their historical lows, but still relatively inexpensive. Before long, that may no longer be the case.
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  2. What’s Ahead For Mortgage Rates This Week : February 7, 2011 Mortgage rates rose for the 4th time in 5 weeks...
  3. What’s Ahead For Mortgage Rates This Week : November 22, 2010 The 7-month rally in rates may be nearing its end....
  4. What’s Ahead For Mortgage Rates This Week : January 10, 2011 Mortgage markets gained last week. Demand for mortgage-backed bonds outweighed...

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Friday, February 11, 2011

Some banks to set tight standards for FHA loans

fha-mortgage-rates-02-299x300Image by bds4us via FlickrSome banks to set tight standards for FHA loans

Some banks to set tight standards for FHA loans

Shared by Niicss on Tue Nov 23, 2010 3:31 am

The credit standards for FHA insured loans have been tightened by some banks like Wells Fargo and Bank of America. The minimum credit scores required to qualify for FHA loans has been raised to 640 by these banks. It is expected that this rule will have severe effect in the recovery of the housing market. With the coming of this new rule around 6.3 million people won't be able to buy homes as they may be having a lower score than the required one.

Source: http://www.dailyfinance.com/story/credit/banks-tighten-mortgage-standards-for-fha-insured-loans-fico-score/19722792/
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Tuesday, February 1, 2011

How To Pay Off Your Mortgage Faster

Mortgage Guaranty Building, aka City Lofts, 62...Image via WikipediaHow To Pay Off Your Mortgage Faster

Saturday, July 11, 2009


How To Pay Off Your Mortgage Faster

By Graham McKenzie


For most people a mortgage loan of 30 years is the only way for them to affordably own a home. The monthly payments are all they feel they can afford. If they were to be told they could pay their mortgage off faster and not have to come up with more money or make changes to their budgets do you think they would go for it?

The interest rate of the loan should be as low as possible. If you are in better shape credit wise now then when you purchased you might considerrefinancing to get the lower rate. A lower interest rate means a lower monthly payment and this can be very beneficial to be able to pay the mortgage off earlier. You also save thousands of dollars in interest with a lower rate over the life of the loan.

There is one way to pay your mortgage off early and feel none of the affects to your budget. You can pay your mortgage loan bi-weekly instead of monthly and receive the benefits of having two extra payments being made that go directly to the principle of the loan each year. This is the easiest method to reducing the life of your mortgage loan as it requires no changes in your lifestyle or budget.

There are some who pay a large lump sum to the loan at the end of the year. The regular payments are made and then a portion is paid towards the principle. The lender may have limits as to how much can be paid without being penalized so you need to find that out before paying this way. This may be an impossible method for some but for those who do it they pay 15% of the loans balance towards the principle each year and have an extremely early payoff.

If you do not have the ability to come up with a large amount of money each year for a one time large overpayment you can pay over each month. You will still need to find out if you will be given any penalties from your lender before deciding the amount. You pay an over-age amount each month with your payment and it will work the same way as the large onetime payment. Your loan will be greatly reduced and it will be much easier to come up with the extra money each month than the one time large sum.

The most effective way to pay your mortgage off faster is to combine methods. The most common way to do this is by paying an additional amount on your bi-weekly payments. The bi-weekly payments you will not feel at all in your budget and will only notice the overage each 2 weeks. You can pay whatever amount you feel comfortable with and make sure it is affordable. If some weeks you are able to pay more than you can certainly do that. The overages as well as the two extra payments per year can reduce your loan life up to 15 years depending on the amount of overage you choose. You may be lucky enough to have a lender who does not penalize for early payoff, in this case you can pay as much as you wish and never see a penalty..

About the Author:
Graham McKenzie is the content coordinator for a leading South African leading Homeloans and Bond Origination portal which provides access toFNB Homeloans.
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DoorFly.com: 10 Facts to Know About FHA Loans

Logo of the Federal Housing Administration.Image via WikipediaDoorFly.com: 10 Facts to Know About FHA Loans

10 Facts to Know About FHA Loans

POSTED ON JANUARY 30, 2011 BY ADMIN
The Federal Housing Administration provides mortgage insurance on loans made by FHA-approved lenders to single and multi-family homes in the United States. In other words, an FHA loan is a loan insured against default by the FHA. The FHA is the largest insurer of residential mortgages in he world. This insurance protects lenders against losses that result from defaults on home mortgages. Here are just a few facts about the FHA loans:
  1. To be eligible on the FHA loan you must have at least two years of steady employment with the same or increasing income, minimum credit score of 620 in the past two years, at least a two year old bankruptcy and three year old foreclosure with perfect credit since and your new mortgage payment should be approximately 30 percent on of your gross income.
  2. Through this loan, the FHA promises to pay lenders if the borrower defaults on their loan. The home buyers who use the FHA loan pay an upfront mortgage insurance premium of 1 percent and a modest ongoing fee with each monthly payment. If the borrower defaults, then the FHA uses the collected insurance premiums to pay off the mortgage.
  3. There is a price limit to these loans. As of Jan. 1, 2009, the maximum mortgage limit in high-cost areas is 115 percent of local median prices, not to exceed $625,500. The maximum conforming loan limit is $417,000 for a single-family residences nationwide. These rates do depend on the area you’re looking in.
  4. As of August 2010, the U.S. Department of Housing and Urban Development has the authority to increase Annual Mortgage Insurance Premiums. This means that the HUD can increase the amount of Annual Mortgage Insurance Premiums depending on how much your down payment will be.
  5. If you’re buying your first home, the down payment with the FHA loan can be as low as 3.5 percent of the purchase price, and other fees that can be included in the loan.
  6. You must be able to pay the closing costs, usually 2-3 percent of the price of the home. The costs can included homeowner’s insurance, attorney’s fees, title search fees and title insurance, Private Mortgage Insurance, the loan origination fee ad a fee that goes into the FHA insurance fund.
  7. If you’re interested in a fixer upper, there is an FHA loan that allows your to buy and fix the place up, all in one loan. There is also a loan available if you want to remodel or repair your own home that will refinance what you owe and add the cost of repairs.
  8. If you’re over the age of 62 and own your own home with a low loan balance, the FHA Reverse Mortgage would be able to convert a portion of your equity into cash.
  9. The FHA Energy Efficient Mortgage allows you to include the costs for energy improvement of your home. Make sure to double check on your state’s requirements and regulations.
  10. There is financing available for mobile homes and factory built housing. There is a loan product for those who own the land that the home is on and another for mobile homes that are, or will be, located in mobile home parks.
FHA loans are a great way to use the Federal Housing Administration to guarantee that your housing loans will be payed back.
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Sunday, January 30, 2011

Welcome to Mortgage2USA - The Largest Non-Profit Mortgage Portal on the Internet

Welcome to Mortgage2USA - The Largest Non-Profit Mortgage Portal on the Internet

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We have searched the internet for the best sites with the best information concerning the following Mortgage categories. We have listed them below with a brief description along with our "Rating" for each site. Simply click on the Link to go to the site..but don't forget to return to us.

Click on Mortgage Category below for links to mortgage sites:
Bad Credit Mortgages Mortgage Brokers Mortgage Lenders
Closing CostsMortgage CalculatorsMortgage Programs
ForeclosuresMortgage GuidesMortgage Quotes
Home Equity LoansMortgage InsuranceMortgage Refinancing
Mortgage AdviceMortgage Interest RatesMortgage Sites
Mortgage ApplicationsMortgage LawSecond Mortgages

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Friday, January 14, 2011

Refinance Breakeven - Financial Calculators from Dinkytown.net

Refinance Breakeven - Financial Calculators from Dinkytown.net
How long will it take to breakeven on a mortgage refinance? That depends on a multitude of factors including your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. Use this calculator to sort through the confusion and determine if refinancing your mortgage is a sound financial decision. Click the "View Report" button for a detailed look at your records.

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Thursday, January 6, 2011

Daily Rate Update: 1/5/2011

Daily Rate Update: 1/5/2011: "


Average Mortgage Rates
TODAYYESTERDAYCHANGE

30 Yr FRM
4.86
4.83
0.03%

15 Yr FRM
4.21
4.19
0.02%

FHA 30 Year
4.75
4.71
0.04%

Jumbo 30 Year
5.78
5.76
0.02%

5/1 Yr ARM
3.95
3.94
0.01%
» View Current Mortgage Rates
» Compare Mortgage Rates
Updated: 1/5/11 6:17 PM

Jan 5, 2011 6:16PM

Mortgage Rates: ADPJobs Preview Pushes Closing Costs Higher


Yesterday, we wrote 'the release of the ADP Employment Report in the morning could provide some directional guidance because that data tends to be a preview of things to come in the Employment Situation Report (to be released Friday morning at 8:30am).' Today, we've seen what borders on a worst-case-scenario transpire with respect to that data.

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This information is not an advertisement to extend consumer credit
as defined by Section 226.2 of Regulation Z. This is not an offer to
enter into an agreement regarding interest rates. The rates quoted do
not include discount points, origination points, or loan level risk
based price adjustments. Rates and terms are subject to change without
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Forward this article via email: Send a copy of this story to someone you know that may want to read it.
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Monday, January 3, 2011

Freddie and Fannie shares drop on possibility of bailout - The New York Times

Freddie MacImage via WikipediaFreddie and Fannie shares drop on possibility of bailout - The New York Times

Fannie Mae and Freddie Mac shares fell again on Friday — and the broader stock market followed suit — as concern mounted that the government will be forced to take over the beleaguered mortgage finance companies, which some investors fear are at risk of default.
Even after a week of unprecedented losses, the companies' declines on Friday were the sharpest yet: Freddie Mac shares were down 24 percent from Thursday's closing price, to $6.08 a share, and Fannie Mae stock fell 28 percent to $9.51 a share, in midday trading after opening sharply lower. Freddie Mac shares were last down 9.4 percent. Fannie Mae was down 24.8 percent at $9.97. Earlier, the stocks had fallen as $6.87.
Less than an hour after the markets opened, Henry Paulson, the Treasury secretary, said a government bailout was not an immediate possibility.
"Our primary focus is supporting Fannie Mae and Freddie Mac in their current form," Paulson said in a statement. "We are maintaining a dialogue with regulators and with the companies."
The companies currently operate with an implicit, but not assured, government guarantee.
The remarks did not appear to placate investors, who accelerated the sell-off that began at the market's open. Investors were running scared across the board, sending the Dow Jones industrial average down 244 points and the Standard & Poor's 500-stock index down 2.2 percent in midday trading.
Adding to the pain was a $5 surge in the price of oil, which reached another record in overnight trading, touching $147 a barrel, on concern over recent tensions in the Middle East.
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Sunday, January 2, 2011

Debt forgiveness for homeowners?

Mortgage Guaranty Building, aka City Lofts, 62...Image via WikipediaDebt forgiveness for homeowners?

Less than one in 50 mortgage modifications includes debt forgiveness, which is considered the surest way to prevent foreclosure.
For every troubled homeowner whose mortgage principal is reduced in a modification, 39 others end up with more housing debt as lenders tack on missed payments, late charges and even attorney fees to the loan balance.
Lenders are reluctant to reduce principal on delinquent mortgages, and the Obama administration's Home Affordable Modification plan, or HAMP, doesn't force them to. That needs to change, consumer advocates say.
"Ultimately, we believe in order to be effective, HAMP may need to mandate principal reductions," Diane Thompson, counsel for the National Consumer Law Center, told the Senate Banking Committee July 16. "With one out of five homeowners underwater, significant readjustments in principal balances are necessary for the economic stability of the country."


Read more: Debt forgiveness for homeowners? http://www.bankrate.com/finance/mortgages/debt-forgiveness-for-homeowners-1.aspx#ixzz19tLjPF9f
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Friday, December 31, 2010

The Mortgage Lender Implode-O-Meter News Pick-ups: FTC Blocks Loan Mod Consultants from Collecting Upfront Fees; 3Q Loan Production Stats; Florida Extends L.O Licensing Deadline; Unrealized Losses

fha-mortgage-rates-02-299x300Image by bds4us via FlickrThe Mortgage Lender Implode-O-Meter News Pick-ups: FTC Blocks Loan Mod Consultants from Collecting Upfront Fees; 3Q Loan Production Stats; Florida Extends L.O Licensing Deadline; Unrealized Losses
"Starting January 31, the Federal Trade Commission has banned consulting firms from charging up-front fees for negotiating modifications of residential mortgage loans. In Nevada, the Mortgage Lending Commissioner said the constraints of the federal rule "will have substantial impact" on the number of licensed consultants for mortgage loan modifications. His office counts 39 licensed loan modification firms with 185 licensed associates in Nevada. Critics say that the ruling favors large banks, which don't want advocates representing homeowners. As one would suspect, unethical mortgage modification firms often fail to do any work after collecting fees, and the FTC rule will prohibit mortgage modification firms from being paid in advance"
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