| New Free Online Tools Make Accurate Mortgage Calculations a Few Clicks ...
New free on-line mortgage calculators give homebuyers detailed calculations at their finger tips. Calculations include taxes, insurance, PMI, closing cost and pre-paids for all 50 states. The perfect tool for homebuyers that are not financially savy, or lack mortgage knowledge. (PRWEB) August 8, 2006 --Most new homebuyers have no finance background and little experience with mortgage loans, yet bank and mortgage brokers treat their online customers as expert Loan Officers. Today's online mortgage tools are completely inadequate and assume the user knows the intricacies of the mortgage business. New tools developed by The Mortgage Toolbox eliminates the 'guessing game' that occurs with those other so-called 'free sites', and allows consumers to find real answers about their home financing options.
Homeowners scurrying to refinance
O'Mahoney is among a growing number of consumers who are taking advantage of fixed-rate loan offers that have sunk to their lowest levels since 2004. The average rate on a 30-year fixed-rate mortgage fell to 5.48 percent yesterday, down from 5.69 percent the week before, according to Freddie Mac's weekly survey. Declining rates are further evidence of weakness in the housing market and follow this week's emergency rate cut by the Federal Reserve, said Frank Nothaft, Freddie Mac's chief economist, in a statement yesterday. The 30-year fixed-rate loan averaged 6.25 percent a year ago, while current levels haven't been this low since late March 2004, when 30-year mortgages averaged 5.40 percent. Lower rates are quickly leading to new business.
It takes more green to fill grocery bags
They'll get some tax breaks, too. Businesses will be able to immediately write off 50 percent of purchases of plants and other capital equipment. Small businesses currently are able to take tax deductions on the first $125,000 they spend on new equipment, Marita said. That will be raised to $250,000. In both cases, the deduction eligibility likely will apply to this calendar year and not be retroactive, Marita said, because the government wants to encourage spending. Q: Since mortgages and foreclosures are a big part of the problem with the economy, how will homeowners be helped? A: The stimulus package includes changes in mortgage lending, including a one-year increase in Freddie Mac's and Fannie Mae's conforming loan limits (from $417,000 to a maximum of $729,750), and a permanent increase in the FHA loan limit from $367,000 now up to a maximum of $729,750.
Montana escapes subprime meltdown
Thousands of people at risk of losing their homes. Mortgage lenders going out of business. Home sales slumping. Such is the nationwide fallout from the subprime mortgage market meltdown. But here in Montana, and particularly Gallatin County and the surrounding area, the good news might be that there is no news.The financial crisis that hit states such as California hasn't had much of a visible impact on the local housing market. The number of local foreclosures is low and consistent with what the area has seen in recent years, and local lenders say many people can still qualify for home loans at reasonable interest rates.“The fallout of the subprime market has not truly had much of an affect on my clientele or my community," said Cyndy Rigler of the Livingston-based Western Home Mortgage.Subprime mortgages have never been a big part of what Western Home Mortgage does.
SWBC Mortgage buys new branches, hires over 100 employees
Southwest Business Corp.'s mortgage division has purchased the assets of 15 branches of lender Home Loan Corp. As a result, SWBC Mortgage Corp. has picked up 114 new employees and new locations nationwide. Company officials would not reveal the purchase price of the branches. Houston-based Home Loan Corp. is a mortgage lender that's licensed in nine states. The company continues to operate branches not included in the purchase agreement with SWBC. SWBC Mortgage now has additional offices in Arlington, Austin, Clear Lake and Spring, Texas; Baton Rouge and Shreveport, La.; Olympia, Wash.; and Bountiful, Utah. "The new group both supports and strengthens our existing talent pool which complements our future growth strategy nicely," says Susan Stewart, president and CEO of SWBC Mortgage.
Creditor wants Turtle Bay under court control
As the governor has proposed buying the Turtle Bay resort, the property owner is fighting legal efforts to place the sprawling North Shore resort under control of a court-appointed receiver. Mortgage holder Credit Suisse has asked the courts to take control of the facility from owner Kuilima Resort Co. and place it in the hands of a California businessman while a $283 million foreclosure case is pending. Kuilima Resort opposes that. Credit Suisse asked the court to appoint California businessman Douglas Wilson as receiver. Since August 2007, Kuilima Resort "has not provided a scintilla of evidence that (it) has any ability to repay" an outstanding loan of $270,875,000 or accrued interest and late payment fees of $12,824,818, Credit Suisse lawyers argued.
A new leniency in mortgage rescues
The mortgage industry gladly helps people buy homes when the market is up. How much will it help borrowers keep their homes in down times? Last week, the Bush administration got an answer: When all parties win in loan readjustments. Since August, the Treasury Department has corralled top players in the business to set a new industry standard for rescuing homeowners who will face higher interest rates in the next couple years under what are called subprime loans, or 6.5 percent of all mortgages. A collective response by lenders will be one small step for easing a housing depression and a giant leap for many borrowers. By winning such a pact to aid troubled homeowners who meet certain credit thresholds, the government must now watch closely to see how this finely threaded deal plays out – and how fast.
Fannie and Freddie to the Rescue?
Hoping to speed delivery of its $150 billion pick-me-up for the U.S. economy, the Bush Administration reluctantly agreed to temporarily increase the size of the mortgages Fannie Mae (FNM) and Freddie Mac (FRE) can purchase, from $417,000 to nearly double that. Proponents of the shift hope that Fannie and Freddie—which together own or guarantee about half of the $10 trillion in total home loans in the U.S.—can unfreeze the market for those "jumbo" loans and kick-start the housing market. But for a variety of reasons, Fannie and Freddie may not be in position to cure the subprime mortgage mess. Economists and analysts agree that boosting the mortgage limit will help inject the jumbo loan market, which is under significant strain, with much-needed financing. The additional business Fannie and Freddie will generate with that financing should eventually help bring down prices and increase the availability of such loans.
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