Posts Tagged ‘Than’

Jamie Said His Bear Stearns Sticky Bombs Are Worse Than Geithner’s

Jamie Said His Bear Stearns Sticky Bombs Are Worse Than Geithner’s
Read Janet Tavakoli’s other articles on HuffingtonPost.com

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Euro Falls to Lowest in More Than Six Months on Greece’s Crisis

Euro Falls to Lowest in More Than Six Months on Greece’s Crisis
The euro dropped to the lowest level against dollar and yen in more than six months as Greece’s and Portugal’s budget crises spurred a retreat from riskier assets.

Read more on BusinessWeek

Mortgages: more than quarter of SVRs are 5pc or higher

Mortgages: more than quarter of SVRs are 5pc or higher
More than a quarter of all mortgage lenders charge at least 5 per cent on their standard variable rates, equating to ten times the official Bank Rate.

Read more on Daily Telegraph

There’s more to British genius than Cadbury

There’s more to British genius than Cadbury
It is, as many in the City have pointed out during the last five months, a curiosity.

Read more on Times Online

When does refinancing make more sense than a loan modification?

When does refinancing make more sense than a loan modification?
Q: Last February, we got a loan modification with our lender, and I am wonder whether it would be a good idea to try to refinance with them. I am considering a refinance because there were about $3,000 in fees that we weren’t able to put into the modification. Could the mortgage company just make the $3,000 come due at any time?

Read more on Washington Post

What happens to your mortgage if you sell your home for less than you owe?

We would like to move into a bigger home. We live in a small condo that we paid a lot for. We will never get as much for it as we owe for our loan, but we have out grown it. We are not in a foreclosure situation because we are making the payments on time without a problem. If we sell our home for less than it is worth, can we add the balance of our mortgage onto the mortgage of a new home, or will we owe the bank the balance right then and there?

Serious About Paying Off Your Mortgage In Less Than 15 Years?

Are you serious about saving thousands of dollars in interest money? Did you get a good deal with your mortgage? Most people choose a mortgage based on one thing: The interest rate. They may take all of 30 minutes deciding on a mortgage and then lock themselves into 360 months of payments. 30 years of hard labor! In the past when I have taken out a loan I always stop to multiply the payments by the term, or the number of months. When I was told I was approved for a 6% loan on $200,000 for my home I stopped to figure out what it really was going to cost. I multiplied my payment of $1199. 10 by 360 months and came up with $431,676! Now, that seemed like a lot more than 6% to me. That was $231,676 in interest alone! I did some investigating and found that most buyers are tricked into thinking that 6% or 6. 25% is a good rate. Well, let’s look at that 6% APR loan. The truth is that loan is front heavy on interest. Check it out for yourself. Call your lender and ask how much of your mortgage payment was applied to the principal and how much was interest. Of my $1199. 10 payment, $1000 went to interest and $199. 10 went to principal. I figured it out. That equates to 502% interest that first month. I could not believe it. I knew it would get better. It had to! I asked my lender to break down the figures for me. By year 15 I was still paying $1199. 10. I was amazed to find out that $713 went to interest and only $486 to principal. I was still paying 146% interest. I found out that 6% meant 6% APR or annual percentage rate. 6% per year over thirty years was actually 180%. Why didn’t my banker tell me this? This, I thought was trouble, because I knew by year seven or eight I would want to move to another home, just as most Americans do. I knew that my equity was built by adding to the principal and not the interest. After one year of paying $1200 each month I would only have $2400 in equity from those payments. That $231,000 in interest actually was 115% interest. Not 6%! Call your banker and get the numbers for your own loan. You will be amazed! Of course this lead me into some checking around for something better. What I found was a system of paying down mortgages in 12 to 14 years. This system has in fact been in use for many years in England and Australia! It is not making two payment each month or even send a few hundred dollars each month. It is the combination of powerful, easy to use software with a simple secondary account. Even though I knew my lender had made thousands of loans and no one was complaining, I was just shocked that my equity was building so slowly. It is like I woke up from a dream! The system in other countries cutting mortgage time in half or in third is tried and true. It is legal and a very simple concept that works with your existing mortgage. There are no risks involved, no roll of the dice and no out of pocket expenses incurred by the home owner! The vehicle is called a Money Merge Account, a powerful financial tool and software to help you fulfill your dream of home ownership and save money for your future. The average Money Merge Account customer will pay their mortgage off 100%, in 1/2 to 1/3 the time, with little to no change to their day-to-day spending habits and without increasing their monthly mortgage payments. It will save the average home owner tens or even hundred of thousands in interest on their home loans. I now spend my days helping average people build equity much faster and pay off their home loans in less than half the time of the traditional 30 year mortgage.

Mortgage-Bond Spreads Narrow to Lowest in More Than 17 Years

Mortgage-Bond Spreads Narrow to Lowest in More Than 17 Years
Jan. 6 (Bloomberg) — Yields on Fannie Mae and Freddie Mac mortgage securities fell to the lowest relative to benchmark rates in more than 17 years, as the Federal Reserve’s program to purchase $1.25 trillion of home-loan bonds bolsters the market.

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Can Borrowers With Less Than Perfect Credit Obtain 100% Financing For A Bad Credit Mortgage?

Unfortunately, in today’s America too many people have found themselves in a position of having less than perfect credit. On the other hand, many lenders are now using more lenient lending guidelines than in the past to approve borrowers with bad credit for a mortgage. As a result, even if you have bad credit, you may still be eligible for a home loan that covers a full 100% of the financing. Below, I’ve listed a few ideas that may help you get approved: Online Mortgage Lenders Remember, the lending industry is very competitive. Lenders are always looking for new customers and virtually all loan officers work on a commission and so if the loan doesn’t go through they don’t get paid. As a result, it’s in their best interest to do whatever it takes to get you a loan – regardless of how bad your credit is. Many online mortgage lenders specialize in bad credit borrowers and by contacting multiple lenders you will clearly increase you odds of not only getting a loan but ensuring that you get the best interest rate and loan terms possible. Tip – Bad credit mortgage lenders have higher interest rates than traditional lenders that only loan to borrowers with good credit. As a result, it is advised that you survey the market well in advance, so that you may look for various bad credit mortgage packages and have the time to compare and choose the one that fits your current situation and budget. Credit Report – Make Sure It’s Correct Your bad credit may not be your fault. Mistakes by the primary credit reporting agencies do happen and so it’s always a good idea to get a copy of your credit. Request a copy of a tri-merged credit report from every lender you apply for a loan from. The reason you want a tri-merged credit report is because all loan decisions are based on the middle credit score and so if you only get a credit report from a single credit reporting agency it won’t accurately reflect you credit score. Plus, any discrepancies may only show up on one or two bureau reports and so you need a full credit report to verify that there are no mistakes. Of course, if you find an error make sure you dispute them immediately. You may also want to check for old negatives. If you dispute these negative items, you may be able to get them removed from your credit report. Sometimes collection agencies have moved your information around so much that the records are a mess. They may not even make an effort to challenge your dispute. Cleaning up your credit report can quickly improve your credit, which will in turn increase your chances of getting a mortgage that has lower rates and better loan terms. Tip – Bad credit mortgages are a kind of secured loan which is usually secured against the house that you buy with the loan amount. Interest Rates Interest rates are constantly changing. Although they don’t bounce around quite as much in the Subprime market as they do in the retail (good credit) market they do and can change quite a bit. Therefore, pay attention to interest rates to determine when the best time is to apply for a loan. Tip – For options in finding the best lender for you, check out the links below.