| Mortgage Rates broke news of the hike |
[06 Jul 2009|01:34pm] |
Hyundai Offers Buyers $1,000 or Gas at $1.49/Gallon
Hyundai is leading the auto-incentive pack once again. Beginning tomorrow, the South Korean automaker will launch their “Assurance Gas Lock” promotion,
An incentive that will offer new vehicle buyers either a $1,000 cash rebate or the chance to lock in gas prices at $1.49/gallon for one year:
With gas prices at $2.70, someone driving a V6 Hyundai Sonata, one of its most popular models, for 12,000 miles over the course of a year would save about $580 with the gas price promotion,
Given the Sonata’s EPA-estimated 25 miles per gallon fuel economy in combined city and highway driving.
Gas prices would need to average about $3.60 a gallon or more for a typical Sonata buyer to benefit from the gas card instead of the cash.
In the June 12 edition of their weekly newsletter, The Kiplinger Letter, the personal finance and business forecasting organization says that while they do expect oil prices to increase to $85 a barrel in the coming weeks,
“By year-end, oil will be closer to $65 a barrel, with gas near $2.25 a gallon.” That being said, we’re betting most will opt for the cash.
Hyundai’s latest promotion completes a triple threat for the automaker that’s looking to gain an even greater lion’s share of the automotive market.
The “Assurance Gas Lock” promotion, combined with their year-long “Assurance” program, and the newly enacted “Cash for Clunkers” law,
Could serve to push Hyundai even further to the head of the pack:
[From CNN Money, 2/19/09] The auto industry’s U.S. sales in January were at the weakest monthly annualized rate in 27 years,
But Hyundai saw demand rise 14%, a trend [vice president of marketing at Hyundai Motor America Joel] Ewanick,
Ewanick partly credited to the Assurance program, which was launched in early January.
[From CNN Money, 6/30/09] Hyundai will announce its June sales on Wednesday and industry trackers at Edmunds.com expect them to be down 18% from the same month last year,
But that would be much better than the overall industry which is expected to be down 28%.
We wrote this exact conclusion back in February when we first reported on Hyundai’s “Assurance Plus” program,
And we think it still applies: “Automakers take note: if you can prove to consumers that you’re willing to stand behind them, they’ll be more willing to stand behind you.”
Citi Raises Rates Before Rules Take Effect
According to the Financial Times, Citigroup has increased the interest rate on up to 15 million credit card accounts that the bank co-brands with retailers such as Sears.
The increase comes months before the Obama Administration’s credit card reform is scheduled to take hold.
The Credit Cardholders’ Bill of Rights Act, slated to go into effect in early 2010 — pushed up from the originally launch date of July 2010 — is designed to,
Among other things, prevent credit card companies from raising interest rates without the cardholder’s knowledge:
Holders of co-branded cards who failed to pay their balance in full at the end of the month saw their rates rise by an average 24 per cent –
Or nearly 3 percentage points – between January and April, according to a Credit Suisse analysis of data from the consultancy Lightspeed Research.
Citi’s response to the increase was the same as Bank of America’s regarding their recent increases in rates and fees.
Financial institutions have cited that the cost of doing business has increased due to the voluminous defaults and volatility in the current market:
Mortgage Rates broke news of the hike, Citi issued a statement saying: ”We have adjusted pricing and card terms for some customers as part of our regular account reviews.
This is an ongoing process to ensure we offer terms, interest rates, credit lines and products based on individual needs and risk profiles.
These changes also reflect the dramatically higher cost of doing business in our industry as we work to preserve the broad availability of credit.”
Citi’s move came as the economic downturn caused record defaults among US card users and prompted many issuers to raise rates,
Both to cushion their losses and pre-empt the new restrictions set to come into effect in February.
However, Citi’s increases have been larger than those of its main rivals, according to Lightspeed, which tracks about 12,000 US credit card accounts.
We expect many credit card companies to rush in many of the practices that will be banned under the legislation while they still can.
We urge consumers to guard themselves against rate increases by buying only what you know you can afford, paying your bill in full and on time every month,
And read your contract so that you understand the terms and conditions of your account.
|
|
| Modified Loans Continue to Grow Delinquent |
[04 Jul 2009|11:17am] |
The Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) released the Mortgage Metrics Report for the first quarter of 2009 (1Q09) .
Despite some discouraging numbers, the OCC and the OTS say they will “continue to drill deeper into the mechanics of foreclosure prevention actions.”
As the number of foreclosures and delinquencies increased in the first quarter (Jan-March), so did the number of modifications.
Loan mods increased by 55% in the quarter, up 172% from the same time last year.
(Note:The statistics in this report do not include “modifications made under the Administration’s Making Home Affordable program.
which was announced in March and began to be implemented after the reporting period, [or] changes to the Hope for Homeowners program.”)
Over 50% of the loans modified succeeded in reducing borrowers’ monthly payments as well as their interest payments.
Modifications that resulted in monthly payment reductions of 20% or more increased 19% from the fourth quarter of 2008 (4Q08).
Furthermore, loan mods that increased monthly payments were down 25% from 4Q08, yet still represent 19% of all loans modified in 1Q09.
Here’s where the numbers begin to get troubling. It appears that modified loans only tend to help homeowners stay current for a short time.
According to the report, the number of delinquencies increases with each month following the modification.
After six months, nearly a quarter of all the loans in which monthly payments were reduced were 60 days delinquent.
The loans in which payments weren’t reduced, 54% were at least 60 days delinquent.
Here’s a stat that at its face seems disingenuous: Six months after modification, half of the loans where payments actually increased were delinquent.
That means half of the people whose monthly payments increased have been able to make their payments on time.
While it sounds like a statistic that should be celebrated, it’s confusing, at least to us.
If the description of a struggling homeowner is one whose payments are too expensive,
How could half of those homeowners have their payments increased and still continue to make those payments on time?
We’re not sure if there is even an answer to this question, but it surely needs to be asked.
The overall upbeat nature of the tone in the report reflects Washington’s dedication to their modification programs which will be documented in next quarter’s report.
We expect the numbers of loan mods and foreclosures will continue to increase.
Home Equity Loans
A home equity loan, also known as a second mortgage, allow homeowners to borrow money from their home's available equity.
Home equity loans are commonly used for debt consolidation, home improvements, educational expenses, unplanned emergencies.
Vehicle purchases, and other gifts and purchases.
Home Equity Benefits
Home equity loans are a popular financing option for homeowners who need additional cash.
These loans usually offer a lower interest rate than credit cards. In addition, the interest you pay may be tax deductible (consult a tax advisor).
Fixed Loan vs. Line of Credit
The two most popular types of home equity loans are a home equity line of credit (HELOC) and a home equity fixed loan.
A HELOC offers you a revolving credit line with a variable rate, much like a credit card. You draw only what you need, when you need it.
They normally have a lower monthly payment because your payments are interest-only.
With a home equity fixed loan you receive the entire loan amount at once.
A home equity loan offers the stability of a fixed rate and fixed payments over the life of the loan.
Compare and Save
If you do decide that a home equity loan is right for you, remember to do your homework.
There are a variety of loan options available so it's important that you compare lenders and rates in order to find the best deal.
We make it easy to compare home equity rates and save.
Complete a simple online form and be matched with competing lenders.
Compare offers and choose the loan that is right for you!
|
|
| Mortgage Lenders to help people get lower housing costs |
[03 Jul 2009|11:35am] |
Freddie Mac works with mortgage lenders to help people get lower housing costs and better access to home financing. Site contains news, products,
Mortgage-Calc.com provides a mortgage calculator, various financial calculators and amortization schedule tables for consumers.
Mortgages at Quicken Loans. We offer great mortgage rates on refinance loans, home loans, and
interest-only mortgages for your home.
Start here to bank and pay bills online. Wells Fargo provides personal banking, investing services, small business, and commercial banking.
Best Money market rates, cd rates, checking rates and online bank deals listed daily by Money-Rates
Compare interest rates, Jumbo-Conforming Mortgage Spread, bank rates, money market and CD rates, mortgage rates, by BanxQuote.com.
Get today's best mortgage rate quote. Read daily rate updates and follow current news as it happens.
Learn more about mortgage interest rates through our ...
Jul 2009 ... CNN, FORTUNE, MONEY, BUSINESS 2.0 and Fortune Small Business magazines offer business news and financial market coverage updated throughout the day, ...
View current interest rates for a variety of mortgage products, and learn how we can help you reach your home financing goals
Visit our home loan center for current mortgage rates, mortgage quotes from multiple lenders, local mortgage rates, and expert opinions ...
An FDIC insured national bank offering one of the highest savings rates with no fees and no minimums. ING Direct also provides highly competitive ...
Compare Credit Cards & Credit Card Offers at CreditCards.com. Search credit cards and reviews about the best low interest, 0% balance transfer, reward, ...
Find the best interest rates and lowest fees for all types of mortgages, fixed-rate and adjustable-rate loans.
Check your free consumer credit report online as well as business credit reports and marketing solutions.
Discover real estate listings and homes for sale on the world's largest real estate database – REALTOR.com? The Official site of the National Association of ...
The most common type of mortgage program where your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.
Fixed rate mortgages are available for 30 years, 20 years, 15 years and even 10 years. There are also biweekly mortgages which shorten the loan by calling for half the monthly payment every two weeks. (Since there are 52 weeks in a year you make 26 payments or 13 "months" worth every year.)
Fixed rate fully amortizing loans have two distinct features. First Low Rate Mortgage Today remains fixed for the life of the loan. Secondly the payments remain level for the life of the loan and are structured to repay the loan at the end of the loan term. The most common fixed rate loans are 15 year and 30 year mortgages.
During the early amortization period a large percentage of the monthly payment is used for paying the interest. As the loan is paid down more of the monthly payment is applied to principal. A typical 30 year fixed rate mortgage takes 22.5 years of level payments to pay half of the original loan amount.
We know mortgage rates aren't as cheap as they were this spring.
But we're a little baffled as to why the number of new applications plunged to a seven-month low last week.
The average cost of a 30-year, fixed-rate loan -- the most popular way to finance a home -- was 5.70% in our most recent weekly survey of major lenders taken July 1. That's about a half-point higher than they were April,
when the average fell to 5.13% -- the lowest it's been since Interest.com and its print predecessor began the survey in 1985.
But by any historical standard, mortgage rates are still very affordable.
|
|
| Mortgage Market May be Regional \ Historical |
[24 Jun 2009|11:29am] |
Borrower: the person borrowing who either has or is creating an ownership interest in the property.
Lender: any lender, but usually a bank or other financial institution.
Principal: the original size of the loan, which may or may not include certain other costs;
as any principal is repaid, the principal will go down in size.
Interest: a financial charge for use of the lender's money.
Foreclosure or repossession: the possibility that the lender has to foreclose,
repossess or seize the property under certain circumstances is essential to a mortgage loan; without this aspect,
the loan is arguably no different from any other type of loan.
Many other specific characteristics are common to many markets, but the above are the essential features.
Governments usually regulate many aspects of mortgage lending, either directly (through legal requirements, for example)
or indirectly (through regulation of the participants or the financial markets, such as the banking industry),
and often through state intervention (direct lending by the government, by state-owned banks, or sponsorship of various entities).
Other aspects that define a specific mortgage market may be regional, historical, or driven by specific characteristics of the legal or financial system.
Debt Consolidation are generally structured as long-term loans, the periodic payments for which are similar to an annuity
and calculated according to the time value of money formulae. The most basic arrangement would require a fixed monthly payment over a period of ten to thirty years,depending on local conditions. Over this period the principal component of the loan (the original loan) would be slowly paid down through amortization.
In practice, many variants are possible and common worldwide and within each country.
Lenders provide funds against property to earn interest income, and generally borrow these funds themselves (for example, by taking deposits or issuing bonds).
The price at which the lenders borrow money therefore affects the cost of borrowing.
Lenders may also, in many countries, sell the mortgage loan to other parties who are interested in receiving the stream of cash payments from the borrower,often in the form of a security (by means of a securitization). In the United States, the largest firms securitizing loans are Fannie Mae and
Freddie Mac,which are government sponsored enterprises.
Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan, that is,the likelihood that the funds will be repaid (usually considered a function of the creditworthiness of the borrower);
That if they are not repaid, the lender will be able to foreclose and recoup some or all of its original capital;
and the financial, interest rate risk and time delays that may be involved in certain circumstances.
|
|
| Lower Your Mortgage Payment |
[23 Jun 2009|11:32am] |
Vacation Homes Same low rates as primary residence .. Refinance Home Mortgage . Loans: Mortgage Loans - Purchase Mortgage Refinance ARM Mortgages Home Equity ... Refinance your mortgage.
Quicken Loans' refinance loans can help lower your mortgage payment, consolidate debt, or refinance to get cash.
Home loans, mortgage refinance to home equity loans - Lending home loan ... Mobile home refinancing for homes without land financed in the loan. ...
Home Improvement. Refinancing. Reverse Mortgages for Seniors. Mortgage Solutions ... So, you ask, is now the best time to refinance my mortgage? ..
Refinance to lower your mortgage payment. Move can help you find the lenders and home refinance experts to ...
A Home|New Homes|Manufactured Homes|Apartments ... Comprehensive resource for current mortgage rates and real estate information -
Compare interest rates online; take advantage of our calculators and rate alert for... The Best Way to Refinance, Consolidate Debt,
Get a First Mortgage, or take advantage of your Home's Equity. ... your mortgage today: Home Refinance Home Equity ...
Refinancing your existing home loan takes time and can be a challenge. Mortgage Lenders Plus can help with your Refinance.
Whether your credit is stellar or less than...
Info About Home Equity. Search ... savings should counterbalance any costs connected to refinance home mortgage. ...
Mortgage calculator - Get useful information on how mortgage refinancing can benefit you.
Also, fill out our simple form to get an instant quote. First mortgage balance.
First mortgage interest rate ... Second mortgage balance. Second mortgage interest rate. How much additional cash would you like ...
Licensed mortgage broker in New York and Connecticut specializing in residential and commercial mortgage, home equity, new construction, and refinancing loans.
|
|
| Low Rate Mortgage Today |
[22 Jun 2009|09:38am] |
Ed Hardy clothing is an indispensable testing in the Ed Hardy Shop.
We also provide our student with latest and a well accomplished where students can polish their skills with our tools to master Ed Hardy clothing
Ed Hardy clothing is built up by a team consisted of professional IT experts. It covers all points of the latest exam and the examination points in recent years.
So we are sure that it covers all the knowledge points and at least 95% of the Ed Hardy clothing product exam questions.
We have a professional pre-sale & post-sale team to provide our customers with Ed Hardy clothing
No matter when, your needs and questions about the Ed Hardy clothing will be answered instantly and with high quality to get your satisfaction as possible as we can.
Ed Hardy clothing offers free demo trial. You can check out its interface, question quality and usability before you decide to buy it.
In this way, you are never worried about buying it with regret.
After certification you can solve high level software as well as hardware problems very easily and efficiently with in the few minutes.
Moreover after becoming the certified professional, you can show your expertise in the IT field and you can improve your chances of getting better job, as well as strong trust in your capabilities so use our Ed Hardy caps.
|
|
| The Mortgage Industry Touches |
[20 Jun 2009|11:11am] |
class="MsoNormal">Leaving countless casualties in its wake, Mortgage rates has left many in the industry wondering, "Is anyone out there?" Looking to provide a voice to both consumers and industry professionals, </p>
With the recent media scrutiny on the mortgage industry and the reforms that are shaping the industry''s future, Zitting anticipates the blog will help galvanize mortgage professionals and be a source for penetrating analysis and insight on pressing topics.
Readers can subscribe to the blog through a variety of feeds and weigh in on postings with comments of their own.
"I see this as an outlet for everyone that the mortgage industry touches -- from investors to individual professionals to borrowers," says Zitting.
"I feel like I''m in a unique position to share insight on the mortgage industry, from Wall Street down to the borrower level.
One of PRMI''s founding partners in 1998, Zitting has used his expert mortgage knowledge to guide the company from a four-person business to a nationwide multi-billion dollar operation. PRMI now has over 800 employees working in over 150 branches.
The Real Estate Market: Where''s the Bottom? "I can share one prediction that will continue to ring true in America''s free market and that is the fact that in mortgage calculator there will always be a new low that is far above our latest and current high.
The bubble will not burst -- it will only retract then grow as demand continues due to a factor of supply and demand from an ever growing population."
|
|
| Refinancing a Mortgage from an ARM to a Fixed Rate Mortgage |
[19 Jun 2009|08:47am] |
Mortgage rates on 5-year adjustable rate mortgages (ARMs) reached another low this week. Mortgage rates on five-year ARMs were 4.80 percent with an average 0.6 point, down from last week when rates were 4.85 percent.
One-year ARMs averaged 4.77 percent with an average 0.7 point, down from last week when the average rates 4.85 percent.
30-year fixed mortgage rates tied a record low of 4.78 percent with an average 0.7 point, down from 4.80 percent. 15-year fixed mortgage rates remained under 4.50 percent for the third straight week at 4.48 percent with an average 0.7 point.
Record mortgage calculator are helping to put a bottom in the housing recession. Housing prices have increased 0.7 percent in February 2009 compared to prices in January 2009. Year over year prices have still declined 6.5 percent. Read more: home sales
Frank Nothaft, Freddie Mac vice president and chief economist said “The housing market may be edging towards a bottom. Existing home sales stayed near its four-month average in March while new home sales were stronger than the market consensus. More importantly, the inventory of unsold new homes fell to the lowest number since January 2002. And, the S&P/Case-Shiller® 20-city composite index did not show a record year-over-year decline in February for the first time since December 2006. Finally, housing affordability hit record highs in the first quarter of this year, according to figures from the National Association of Realtors, which date back to January 1971.”
Do you have an adjustable rate mortgage (ARM) coming up? Now would be a good time to lock in a 30 year mortgage or 15 year mortgage at these historic low mortgage rates. Adjustable rate mortgages are also low these days but you run the risk of having to refinance again at a later date when rates might not be as low anymore.
30 year fixed conforming mortgage rates are around 5 percent. You can also find Debt Consolidation under 5 percent at certain banks and lending institutions. 15 year mortgage rates can be had for under 4.5 percent, an even better lock if you can afford the extra mortgage principal payments each month.
If you are a homeowner who has good credit, payed your mortgage on time but are not able to refinance to take advantage of today’s lower mortgage rates because the value of your home has decreased? Well you can still refinance into a fixed rate mortgage. The Making Home Affordable Refinance website (government site) will help borrowers whose loans are held by Fannie Mae for Freddie Mac to refinance into a more affordable mortgage.
You can Refinance up to 105% of the value of your home. You mortgage payments must be current on your existing mortgage.
|
|