Jan
22
average mortgage rates – YouTube – Finance & Investment Tips : What Is an Average Mortgage …
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How does a 2% interest sound? Pretty good, huh? A mortgage rate modification is one of the options offered by the federal loan workout plan now being offered to qualified homeowners. If you can meet the standard guidelines for acceptance, you could receive a lower interest rate, extended loan term and even principal forgiveness or deferment. If you are struggling to keep your home, now is the time to learn more about the options available for you.
Millions of borrowers have been caught in the web of increasing adjustable rate mortgages and declining home values. This lethal combination has spelled disaster for homeowners resulting in record high foreclosure rates. One solution offered by the feds and lenders is a mortgage rate modification-this means that your current home loan is modified to a lower rate-often as low as 2%. It’s true-thousands of homeowners have already been helped with the Treasury Departments HAMP loan workout option. Learn what it takes to apply and qualify so you can get back on track.
A mortgage rate modification under the HAMP guidelines involves preparing and submitting a hardship letter and affidavit, a financial statement and proof of your income. All of this paperwork is then reviewed to determine if you meet the approval guidelines. These are standard for everyone-you can actually learn exactly what these approval conditions are and then fine tune your own application so that it has a good chance of approval.
Lenders who are participating in HAMP have agreed to adhere to the standard methods of mortgage rate modification set forth by the federal government. This has greatly streamlined the approval process and provided qualified homeowners with a very aggressive and affordable loan workout program. The goal is to provide a mortgage payment that equals just 31% of your household gross monthly income. That figure also includes principal, interest, property taxes, homeowners insurance and any homeowner dues.
Who can apply for this mortgage rate modification plan? President Obama has said that every homeowner is encouraged to contact their lender to ask about home retention options. But, before you disclose your financial information to your lender make sure that you have taken the time to work on your budget beforehand. You want to be certain that your application meets the guidelines for approval and you don’t miss your chance for help. Remember, the information you provide your bank will determine whether you qualify for HAMP or not. You can save hours of confusion and frustration by using a software program designed specifically for homeowners that mimics the guidelines. Simply input your own specific information and then it calculates it all for you.
Why wait to find out if you qualify for a mortgage rate modification? Resolve to get started today-these programs are only available for a limited time and have limited federal funding. Hundreds of thousands of homeowners have already been given a loan workout-you can too!
Get the help you need to prepare your own accurate and acceptable loan modification application. The Complete Loan Modification Guide kit is the best selling do-it-yourself system that takes the guess work out of preparing your financial statement, hardship letter and all of the required forms your lender needs. You get an easy to use software program-Loan Mod Quick App-as well as an easy to understand handbook with step by step directions. Why take chances with your application? Simply input your unique financial information into the Loan Mod Quick App and it calculates it all for you! It couldn’t be easier! Visit loan modification to order today.
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Jan
21
best mortgage rate – Latest best mortgage rate news – Best Mortgage Rate – How And When To Obtain One | Mortgage-Blog
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How about these right… I think you’ll find the following nuggets of wisdom particularly insightful. Leave your comments below. Check out the second one in particular…
Best Mortgage Rate – How And When To Obtain One | Mortgage-Blog
Reaching the best mortgage rate is the topmost factor on everyone's mind.
Best mortgage rates | Loan Tags
www.lendinguniverse.com Read more
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Jan
20
current mortgage rate – YouTube – Saturday 3PM 12/19/09 Today’s Current Mortgage Rates Update
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30 Year Mortgage Rates Continue To Fall
Mortgage Rates Fell yet again this week. The 30 year fell from 5.04 to 4.94. This marks the 5th week in a row where mortgage rates have either fallen or held steady. For the most part rates have been slowly falling. In fact this week accounts for half of the total fall in the last five weeks. So how does 4.94 look in a historical context. It is the lowest rate we have seen since May 28th. More importantly though it is lower than any rate we have seen prior to March 26, 2009 in the 40 years we have been compiling reliable data on average mortgage rates.
In addition to the 30 year rate the other major mortgage products fell as well. The 15 year fixed fell from 4.46 to 4.36. The 5 and 1 year arm fell from 4.51 to 4.42 and 4.52 to 4.49 respectively. Below are rates from the last few weeks.
Oct 01, 2009
30-yr 4.94 15-yr 4.36 5-yr ARM 4.42 1-yr ARM 4.49
Sep 24, 2009
30-yr 5.04 15-yr 4.46 5-yr ARM 4.51 1-yr ARM 4.52
Sep 17, 2009
30-yr 5.04 15-yr 4.47 5-yr ARM 4.51 1-yr ARM 4.58
Sep 10, 2009
30-yr 5.07 15-yr 4.50 5-yr ARM 4.51 1-yr ARM 4.64
Sep 03, 2009
30-yr 5.08 15-yr 4.54 5-yr ARM 4.59 1-yr ARM 4.62
Mar 05, 2009
30-yr 5.15 15-yr 4.72 5-yr ARM 5.08 1-yr ARM 4.86
So why are rates falling. The fed has been buying mortgage backed securities to keep rates low. But the expectation is that interest rates cannot stay this low forever. Historically rates are abnormally low and at some point they are going to start moving back up. One thing to watch is the government’s buying of mortgage backed securities. To stop inflation from getting out of control the fed needs to stop buying securities once the economy starts improving and recently the fed has started to pull back on the volume of mortgage securities they are purchasing.
In addition to rates its also helpful to look at actual mortgage payments to provide perspective. We translated today’s rates into a payment on a 200k mortgage. We also did the same thing with rates from September 17th and February 26th.
Oct 01
30-yr $1066.32
15-yr $1515.71
5-yr ARM $1003.88
1-yr ARM $1012.18
Sep 17
30-yr $1078
1000
.53
15-yr $1526.92
5-yr ARM $1014.55
1-yr ARM $1022.89
Feb 26
30-yr $1082.21
15-yr $1548.44
5-yr ARM $1080.98
1-yr ARM $1050.53
Looking at the 30 year rate a mortgage payment is pretty similar to 2 weeks ago and 6 months ago. A 200k mortgage 6 months ago would have been 1.46 percent less or $15.89 less a month.
So what is going to happen moving forward. I would expect rates to stay around 5 for the time being. As long as the government continues buying mortgage backed securities we should see rates at historically low levels. Once the market starts to improve rates will start to increase. If the government is careful and avoids inflation rates should likely rise to 6-8 percent. If the government loses control of inflation we could see rates move up into the double digits.
By: Dane Smith
Article Directory: http://www.articledashboard.com
Ki studied at UT. He hosts a website with a graphical Austin home search. His site also has a graph showing mortgage rate trends along with several mortgage widgets.
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Jan
19
variable rate mortgage – What is the advantage of a fixed rate mortgage over a variable rate mortgage?
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What is the advantage of a fixed rate mortgage over a variable rate mortgage?
Fixed rate mortgages generally have lower rates than variable rate mortgages
# Fixed rate mortgages require lower down payments than variable rate mortgages
# The interest on a fixed rate mortgages can't fall
# The interest on a fixed rate mortgage can't rise
Ok so you might find the Read more
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Jan
18
Truth About Refinancing
by: Brian ONeal
Let’s face it, not everybody needs to refinance. With all the hoopla about Low Rates and the Refinance Boom, you want to know the facts. You want to know when refinancing is right or wrong and why? Okay, I’ll tell you.
It is actually quite simple. You should refinance when you have credit card debt exceeding $10-15,000, Read more
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Jan
17
banks mortgage rates – Banks trim borrowing from Fed’s emergency program – Yahoo! News
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Banks trim borrowing from Fed’s emergency program – Yahoo! News
WASHINGTON – Banks borrowed slightly less from the Federal Reserve’s emergency lending program over the past week, a sign credit stresses are easing.
The Fed, in a report issued Thursday, said commercial banks averaged $18.74 billion in daily borrowing over the week Read more
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Jan
16
mortgage rates calculators – Banking and Financial Services News, Headlines and Latest Stories on Yahoo! News
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Banking and Financial Services News, Headlines and Latest Stories on Yahoo! News
Zacks Analyst Blog Highlights: Citigroup, Bank of America, Goldman Sachs, Morgan Stanley and JPMorgan Chase
Sort By:MetLife, Hartford May Avoid Worst of Obama Tax, Citigroup Says
Jan. 15 (Bloomberg) — MetLife Inc. and Hartford Financial Services Group Inc. are among the life insurers Read more
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Jan
15
home mortgage rates – Types of Mortgage Loans – The Basics
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Types of Mortgage Loans – The Basics
by: Dan Lewis
In the past, homebuyers more or less had limited mortgage loan options. These days, there are more options than you can shake a stick at, but here’s a primer on the basics.
Mortgage Loans
With the real estate market explosion over the last 10 years, a call has gone out for unique mortgage loan programs. Read more
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Jan
14
30 year mortgage rates – Latest 30 year mortgage rates news – Mortgage Rates Current: 30 Year Mortgage Rates at 5.17% and 15 …
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Ok so 3 more posts today that I’ve dug up – I’m an information JUNKIE on this stuff lately. Give em a browse and let me know what ya reckon. They’re just from a few different sites I’ve been surfing lately that are generally good for information like this…
Mortgage Rates Current: 30 Year Mortgage Rates at 5.17% and 15 …
Current mortgage rates are mixed for the week Read more
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Jan
13
mortgage loan rates – The Easy Mortgage For Bad Credit Solution
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When you need to obtain a mortgage for bad credit, there are a couple options you have to choose from. Before you commit to anything, it is crucial that you know your options and spend some time thinking about this important decision. Whatever you decide is something you may be stuck facing and paying off for the next 30 years, so do not take this decision lightly. Read more
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