Tuesday, December 28, 2010

Islamic Mortgage

Under the Sharia law of Islam, the payment or receipt of riba (interest) is prohibited, and thus a conventional mortgage cannot be utilized by a practicing Muslim. Obviously this poses a problem, as home prices are far too expensive to buy outright for the typical consumer.

However, this can be solved by...
Islamic Mortgage

National Mortgage News - Ally and Fannie Reach Settlement on Covering PLS Losses

Ally Financial Inc. has agreed to pay Fannie Mae $462 million to settle repurchase demands for breaches of representations and warranties related to whole loans and private-label securities the lender sold the GSE. ...read more

Laid off and can't pay mortgage - what's the outcome?

So here is the problem - We live in CA, and have a home that we bought 7 years ago. Originally, we had it financed with 2 loans -- a first and second both 5 year fixed/then variable - no home equity line of credit. Two years ago, we refinanced for one consolidated loan through Countrywide (the loan was then sold to Bank of America) for a 30 year fixed at 6.25%. The market rate on our home is approx. $350,000 and we owe $399,000.

We were a two income family until I was just laid off this week (after 10 years on the job...). My wife's salary alone would not cover the payment.

Is it possible BOA would lower the rate/princial enough so we could continue living in the home?

Laid off and can't pay mortgage - what's the outcome?

Friday, August 20, 2010

Home Refinance Wave In The Making?

An investment expert said the US government should offer to refinance mortgages for homeowners as a way to stimulate the struggling economy. Could this be the economic stimulus plan we've all been hoping for?
It's said the U.S. could easily refinance every current mortgage borrower, who is paying a rate above 5%, with a loan backed by Fannie Mae, Freddie Mac, and the Federal Housing Administration, returning tens of billions in savings.

One thing is certain, massive refinancing of the nearly 60% of mortgages backed by the government that are one full percentage point above today’s 4.5% mortgage rates could provide quick stimulus as well as a potential lift in housing prices. Could this be the solution to current economic ills? Mark Askew, web resource editor at Refinance Home Loan Rates says, "Time will tell. For now let's keep talking about it."

Friday, December 04, 2009

Free Legal Advice

This is to introduce a new free legal advice blog. If you are looking for legal representation for the follow: Car accident, Lemon law, Medical Malpractice, Foreclosure, Fraud, Product Defect Endangerment, Class Action Lawsuits, Celebrex and Vioxx related illness lawsuits consider the helpful checklists at http://freelegaladvice-now.blogspot.com/

Saturday, November 15, 2008

Frequently Asked Questions and Answers Q&A's

Have questions about financial transactions? Who doesn't? But really, are there any sites out there that's actual going to give it to you straight and tell you what you really need to hear according to your personal financial profile? There just aren't many out there. And those that were have been bought out or put out commission.

Don't fret. The fact is if you have the time to look long and hard enough you'll get the answers your looking for. But who has the time or patience to spend two or three hours on search engines to find it? Not to woory...that's where I come in. I do the searching and deliver it to you. So here we go...

One information portal that has survived the commercial inundation provides answers to the following guestions.

When should I refinance my home?
How to protect your money in a recession?
How do I stop foreclosure on my home?
How does a fed rate cut impacts your money?
How do I prepare to apply for a small business loan?
How do I consolidate my student loans?
How do I go about lowering my current mortgage rate?
How do I refinance my home loan?
How Do I go about buying real estate?
How much loan can I afford?
Should I Refinance My Home Now?
Are home equity loans tax deductible?
Can I refinance a home equity loan?

Get your questions answered at http://lowhomemortgageloans.fimark.net


Tuesday, January 29, 2008

Feds To Cut Rates Today - Home Refinance Wave Surges

The Fed is expected to cut rates 50 bps today following a historic rate cut just last week. The Fed's key rate is the federal fund rate, which is the interest that banks pay each other on overnight loans. It now is at 3.5 percent, but is expected to drop to 3 percent at the Fed meeting Jan, 30th 2008.

Banks would be expected to lower their prime lending rate by a corresponding amount — from 6.5 percent to 6 percent. The cut is slated to impact loan products connected to the prime rate. This applies to certain credit cards, home equity lines of credit and other loans. One the cut takes place the prime rate would be at nearly three-year lows.

Home equity loans and lines of credit are already reaching attractively low levels as consumers shop low mortgage rates. Home refinance applications are on the increase as consumers take advantage of a borrowers market. If you wait to refinance you may run into slow loan processing as many did during the refinance wave in the early part of the millennium.

Is now a good time for you to refinance? Mortgage Loan Search at www.bcpl.net/~ibcnet/ says "Much depends on how low your rate offers are in comparison to your current mortgage rate. If the rates are just .25% lower you could save hundreds even thousands of dollars when refinancing your home."

Should You Refinance My Home Equity Loan?

Home equity loan product rates are expected to drop to levels lower than they have been for years. Compare home equity loan rates offered by lenders to those you currently have. You may be able to save hundreds if not thousands over the life of the loan refinancing at today's lower rates.

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Thursday, January 24, 2008

Loan Applications Rise 32% As Refinance Wave Rush Sweeps Nation

Mortgage application volume rose 32% during the week ending Jan. Quicken.com saw Refinance applications swell by 43.4 percent while the number of people applying for a mortgage to purchase a home grew 11.4 percent. Mortgage loan Search at http://www.bcpl.net/~ibcnet Refinance volume accounted for 66% of all applications.
Refinance applications were up 92% since the beginning of November.

Mortgage application volume surges were spurred by refinance volume growth and declining interest rates due to several fed rate cuts over the past four months.

Mortgage rates dropped for the third week straight, with 30- and 15-year fixed-rate mortgages retreating to their lowest levels since July 2005, Freddie Mac reported on Thursday.

The 30-year fixed-rate mortgage averaged 5.48% for the week ending Jan. 24, down from 5.69% last week, according to Freddie Mac's weekly survey. The mortgage averaged 6.25% a year ago; the 30-year hasn't been lower since the week ending March 25, 2004, when it averaged 5.40%.

Mortgage rates have indeed hit historic lows. Consumers with fairly good credit can expect big savings over the life of the loan when opting for a lesser rate. With rates falling well below the 6.0% threshold homeowners may realize a savings of tens of thousands of dollars says Refinance Loan Rates, at http://www.refinanceloanrates.fimark.net. "We simply cannot predict that there will be a better time to refinance in the near future."

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Wednesday, January 23, 2008

Fed Cuts Rates A Fourth TIme - Refinance Wave Inevitable?

Due to a global plunge in stock markets heightened concerns about a recession caused the Fed to cut a key interest rates yet a fourth time consecutively from 4.25 percent down to 3.5. The historic rate cut marked the biggest reduction in this target rate for overnight loans on records
going back to 1990.

Experts predict the Fed would lower the funds rate to 3 percent by the end of March 2008. Commercial banks responded to the Fed's action on the funds rate by announcing similar cuts of three-quarter of a percent on its prime lending rate, the benchmark for millions of business and consumer loans. The action will mean the prime lending rate will drop from 7.25
percent down to 6.50 percent.

Is this a good time to realize mortgage savings via home loan refinancing? Experts predict a new refinance wave may be looming on the horizon.

Those with an adjustable rate loan (ARM) or credit card can anticipate a drop in rates in the weeks following a rate cut. Fixed rates are not immediatly affected. Still 15 or 30 year fixed rate loan programs will benefit from improved mortgage lending market and consumers can expect
more attractive loan packages.

Those opting for a 15 or 30 year fixed rate loan program may see a savings of up to tens of thousands of dollars with a rate that's just .25% higher.

Considering that today's rates are at historic lows, Refinance Loan Rates, a low rate mortgage loan refinancing resource at www.refinanceloanrates.fimark.net suggests a less risky approach to getting a good deal on a rate. How? "Apply for rate quotes at lending marketplaces now. Have lenders compete for your business and negotiate your best rate with such programs as adjustable rates mortgage to take advantage of future rate cuts. Protect your loans
interest rate deal with rate re-lock-ins or long term rate locks that
allow for rate locks of 30-60 days or more."

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