Mortgage Down Payment Options – RBC Royal Bank #mortgage #affordability #calculator


#0 down mortgage

#

Mortgage Down Payment Options

From a low down payment mortgage to using your Registered Retirement Savings Plan (RRSP) as a source of funds, buying a home has never been easier.

The down payment is that portion of the purchase price you furnish yourself. The balance is obtained from a financial institution in the form of a mortgage. The amount of the down payment (which represents your financial stake, or the equity in your new home) should be determined well before you start house hunting.

Conventional Mortgage

A conventional mortgage requires a down payment of at least 20% and is offered on either a fixed or variable interest rate basis. Conventional mortgages have the lowest carrying costs because they do not have to be insured against default.

Low Down Payment Insured Mortgage

Most lenders now offer insured mortgages for both new and resale homes with lower down payment requirements than conventional mortgages-as low as 5%. Low down payment mortgages must be insured to cover potential default of payment; as a result, their carrying costs are higher than a conventional mortgage because they include the insurance premium.

Mortgage default insurance is a one time premium paid when your purchase closes. You can pay the premium or add it to the principal amount of your mortgage. Talk to your mortgage specialist to find out which option is best for you;

Using Your RRSP as a Down Payment

Under the federal government’s Home Buyer’s Plan, first-time home buyers are eligible to use up to $25,000 in RRSP savings per person ($50,000 for couples) for a down payment on a home. The withdrawal is not taxable as long as you repay it within a 15-year period. To qualify, the RRSP funds you plan to use must have been in your RRSP for at least 90 days.

Even if you already have enough money for your down payment, it may make sense to access your RRSP savings through the Home Buyers’ Plan.

For example, if you have already saved $25,000 for a down payment-and assuming you still had enough “contribution room” in your RRSP for a contribution of that amount, you could move your savings into an RRSP at least 90 days before your closing date. Then, simply withdraw the money through the Home Buyers’ Plan.

The advantage? Your $25,000 RRSP contribution will count as a tax deduction this year. Use any tax refund you receive to repay the RRSP or other expenses related to buying your home.

However, the money you borrow from your RRSP won’t earn the tax-sheltered returns it would if left in your account. Ask your financial planner if this strategy makes sense for you.

Saving Money with a Larger Down Payment

It’s to your advantage to put down as much money as you can because interest costs for a smaller mortgage are lower-adding up to significant savings over the long run.

The table below shows how an average homeowner can save more than $25,000 in interest costs on a $100,000 home by making a down payment of 25% versus the minimum down payment of 5%.

Down Payment Amount


Mortgages For Home Purchases #mortgage #rate #tracker


#ing mortgage

#

Tangerine Mortgage

We want you to own your home sooner by paying as little interest as possible over the life of your mortgage. That’s why we created the Tangerine Mortgage, a mortgage for Savers.

How? For starters, you’ll always get a great rate. Plus, you can be mortgage free sooner with the most flexible prepayment options around. For instance, every year you can make lump sum payments up to 25% of your original mortgage amount, at any time. No more waiting for annoying mortgage anniversary dates.

Features at a glance:

  • Our 25/25 mortgage prepayment options – Each year, you can increase your regular mortgage payments by up to 25% of your original payment amount, and make lump sum payments of up to 25% of your original mortgage amount on any regular payment date.
  • Use our mortgage payment calculator to see how these options could help you save thousands of dollars in interest and own your home sooner. Learn more about our mortgage prepayment options .
  • No anniversary dates: Make lump sum payments totaling up to 25% of your original mortgage amount on any payment date.
  • Portable If you move, you can take your mortgage with you penalty free, at your current rate, term and loan amount.

When a house is mortgaged, it is used as security against the loan. This security is registered with a land registry office and is commonly known as a charge . This charge gives the lender the legal right to claim the registered house if the mortgage defaults. There are 2 types of charges that can be registered by a lender; Conventional (or Standard) and Collateral. At Tangerine Bank, our mortgages are registered as a Collateral Charge.

How is a Collateral Charge at Tangerine different from Conventional Charge?

Collateral Charge Mortgage

Conventional Charge Mortgage

Registered for 100% of the property value

Registered for the loan amount

Interest and payments are based only on the balance outstanding

Interest and payments are based only on the balance outstanding

Creates room for future borrowing up to the charge amount without incurring legal costs *

Future borrowing would involve refinancing through a lawyer with legal costs

Option to add a Home Equity Line Of Credit under current charge without incurring legal costs *

Adding a Home Equity Line Of Credit would involve refinancing through a lawyer with legal costs

Transferring to another lender would involve refinancing through a lawyer with legal costs

Can be transferred as is to another lender without incurring legal costs

To learn more about mortgage security, visit this link provided through the Canadian Bankers Association.

We re here for you


Compare 30 Year Mortgage Rates and Home Loan Programs – American Financial Resources #home #mortgage


#30 year mortgage

#

Compare 30 Year Mortgage Rates

30 year home loans are easily the most popular home financing solutions for our clients. 30 year mortgages enable a borrower to spread their payments out over a 360 month period while offering the security of a fixed rate loan. And with most 30 year mortgages, you can make additional payments every month without incurring a penalty thus paying off your loan well in advance of the 30 year term (confirm this with your loan officer). We offer a wide range of 30 year home loans including FHA loans, jumbo loans, VA loans, USDA loans, mobile home loans, and traditional fixed rate programs. Whether you are looking to purchase a condominium in Hawaii, a rental property in New York, or a vacation home along the Atlantic Coast in North Carolina, we are here to deliver low 30 year interest rates and some of the best programs on the market.

Request 30 year interest rates (3 Choices):

  • Dial 800-316-9508 to request current 30 year mortgage rates .
  • Request 30 year home loan pricing using the Mortgage Rate Quote Form
  • Get started on your mortgage online .

Benefits of a 30 year home loan:

  • Predictability of fixed rate mortgage with payments spread out over a 30 year period.
  • Offers some flexibility in that borrowers can typically pay down their mortgages faster by electing to make additional principle payments (verify with your loan professional).
  • 30 year interest rates have been near historic lows for the past few years making them more attractive to borrowers.

Contact us today to compare our current 30 year mortgage rates with the other companies that you are researching. We think you will be glad you did.

Please provide the following information to get started on your quote.

Popular Quick Searches:

Copyright 2009 – 2015 American Financial Resources, Inc.
Trade/service marks are the property of American Financial Resources, Inc. Some products may not be available in all states.
This is not a commitment to lend. All loans subject to credit approval. All rights reserved.

Call 800-634-8616 for quotes and consultations. For all other inquiries, please call our corporate office at 800-316-9508.


Closing a Mortgage Loan #mortgage #clculator


#mortgage closing costs

#

The Mortgage Closing Process Explained

Closing on your mortgage is the last step in buying your home. Once you ve completed the closing process. you become the legal owner of your home. Obviously, this is one of the most important and critical steps, because without closing, you don t actually own your home. We re going to take you through all the details of the mortgage closing process, so you know what to expect.

What to Expect

If you re purchasing property . your closing is likely to be a little more involved. You ll:

  • Complete a final walk-through
  • Pay your closing costs and down payment
  • Clear any funding conditions
  • Get your keys!

If you re refinancing . you might have to:

  • Bring in cash for closing costs (follow your lender s instructions, because a personal check won t cut it)
  • Receive cash, if you re getting a home equity loan or cash-out refinance
  • Take care of funding conditions (for example, clear a collection or tax lien)

Of course, you ll be signing a lot of paperwork. Before doing so, however, you must absolutely understand what you re committing to when you sign those final documents. Read more to achieve that understanding.

Prepare Before Closing

1-3 days prior to closing, you ll want to prepare. Gather all the paperwork you ve acquired since you submitted your first offer on the house through your real estate agent. This may include:

  • Signed contract from your real estate agent
  • Good-faith estimate (GFE) from your lender
  • Home appraisal and inspection reports – these may be provided by your lender, or the individual you contracted with to provide the appraisal and home inspection
  • Proof of title and title insurance from your title agent
  • Homeowner s insurance and mortgage insurance from your insurance company

Some of these documents may not be needed, as your real estate agent and lender have copies of all of them. However, you should familiarize yourself with the details of the deal so far, so you re ready when you sit down to sign papers at the closing

Closing Costs

It s important that you understand closing costs before you close on your mortgage. Closing costs are divided into three categories: some can t vary from disclosures at all, some can vary within predetermined ranges and others can change without limit.

Charges that cannot increase at settlement:

  • Origination fees
  • Discount points. or premium points, for the chosen interest rate
  • Adjusted origination charges (once the mortgage rate has been locked)
  • Transfer taxes

Charges that cannot increase in the aggregate by more than ten percent at settlement:

This means the total of all these charges can t increase by more than ten percent over the total disclosed in the GFE.

  • Required settlement costs for services that the lender chooses, such as the property appraisal
  • Title and escrow services and the lender s title insurance (if chosen by lender or if the borrower uses a company identified on the Settlement Services Provider List)
  • Required settlement services (such as pest inspections) that the borrower selects from the Settlement Services Provider List
  • Government recording charges

Charges that can increase at settlement without limit:

  • Required settlement costs for services that the borrower chooses, if the borrower selects a service provider not included on the Settlement Services Provider list
  • Title services and lender s title insurance, if the borrower selects a service provider not listed on the Settlement Services Provider List
  • Owner s title insurance, if the borrower selects a service provider not listed on the Settlement Services Provider List
  • Initial deposit for escrow account
  • Daily interest charges
  • Homeowner s insurance

One reason that the Good Faith Estimate (GFE) is so powerful is that a lender must disclose its charges accurately. Fees are not subject to the tolerances listed above should a material change occur that directly impacts the fee, and a revised GFE is provided within three business days after the change occurs.

Who should be there?

The closing process will be different depending on where you live. You may expect your real estate agent and lender representative to be present when you sign. If you have an attorney, he or she should be present too. In some cases, you may sign at the same time, or separately, from the seller. Either way, expect the sellers real estate agent and attorney to be present, along with a title company representative, who will provide evidence that the seller owns the property.

Here s a list of the various agents who could be present at your closing

  • Buyer s real estate agent
  • Seller s real estate agent
  • Lender or lender s representative
  • Title agent
  • Attorney
  • You (the buyer)
  • The seller

Paperwork

There will be many closing documents to review and sign. These may include:

  • HUD-1 Settlement Statement
  • Truth in Lending Statement TILA Statement
  • Mortgage note
  • Mortgage or Deed of Trust
  • Certificate of Occupancy

Sample Documents

These sample closing documents are on external sites, and will open in another tab or browser for you.

Tips for a Smooth Closing

Your mortgage closing should be a mere formality with no surprises or eleventh-hour monkey wrenches, and you should have provided everything your lender needs to fund your home loan. Hopefully, this is the case, but not all closings go as anticipated. You can increase your chances of an uneventful conclusion by following these tips:

  1. Read the final documents a few days before closing – Ask your mortgage lender to deliver copies of your final documents to you a few days before your closing date. It s much easier to review them without time pressures and real estate agents and sellers breathing down your neck. And yes, you do need to read them all.
  2. Understand and agree to everything you sign – If you don t understand something you re signing in your closing documents, don t sign it! Ask you lender and your real estate agent for clarification. You re responsible for everything you sign, so don t obligate yourself to anything you don t understand or agree with. With most refinances, you do get a three day right of rescission, but with a home purchase there are no do-overs.
  3. Review the settlement statement – The most important document you ll sign is the HUD-1 settlement statement. It lists all charges and indicates who pays what to whom. There s a section that compares the closing costs from the last Good Faith Estimate (GFE) from your lender to the actual costs. This is important — by law, some of the charges can t vary from the GFE at all, while others can vary within certain tolerances. If a lender makes a mistake and there are overcharges, it has to eat the difference not you.
  4. Meet any closing conditions when you come in these could include bringing a cashier s check for your down payment and / or closing costs, and satisfying underwriting conditions like paying off collections. You ll need proper identification and perhaps other paperwork like a power of attorney.

In addition to the Settlement Statement, you ll also sign a final mortgage application. Look it over and make sure it s accurate — that your income, debts, employment and assets are accurately represented. Even though your lender will have filled it out, you are responsible for its content. You ll also get your final Truth-in-Lending (TIL) disclosure. It discloses the financing costs: the loan s APR, how much you ll pay over the life of the loan and what your mortgage payment will be. If you re refinancing your primary residence, you ll also get a notice of your right to rescind or cancel the transaction within three business days.

No Surprises

Closing a mortgage should come with no surprises, but be prepared to put the brakes on if there are. Your loan officer should either be at the signing with you or available by telephone during your appointment to answer any questions or take care of issues that arise. Don t sign anything you don t 100 percent understand or agree with, and you ll be fine.


LOAN OFFICER LIST -LOAN OFFICER LIST #amortization #tables


#mortgage loan officer

#

High Quality Loan Officer and Mortgage Broker Lists, Best Prices.

Loan Officer List: Offering Direct Mail and Email Marketing Lists for Loan Officers since 2003. Our Loan Officer Database contains over 55,000 Loan Officer Contacts plus Email Addresses – updated quarterly. Our List is perfect for Direct Mail, Email and Telemarketing campaigns. If you are Marketing to Loan Officers and Mortgage Brokers, we can provide you with High Quality, Cost Effective Marketing tools to meet your objectives. Thank you for visiting our site ..

  • Loan Officers/Real Estate Agents
  • Over 900,000 Records
  • Includes E-mail Addresses
  • Best Values Available
  • 55,242 Loan Officers
  • State Lists from $10
  • E-Mail Included
  • Instant Download
  • 55,242 Emails
  • includes Contact Names
  • Instant Download
  • Updated Quarterly

Targeted Marketing to Loan Officers and Brokers is now Easy and Affordable.

National Loan Officer List with Email

8 Reasons To Buy Loan Officer List

Instant Download – After your order is processed you will receive an email with your Loan Officer List Download link. most downloads are Instant!

Disk Delivery – In addition to an email download, we also provide an option for you to receive a disk copy of your Loan Officer Database sent priority mail, so you’ll always have a backup copy.

Quality Guarantee – Our data is updated weekly against the National Change of Address Directory (NCOA), allowing us to guarantee that a minimum of 95% of your direct mail pieces will be delivered as addressed. (Due to various factors such as Spam Filters, IP Blocks, Server Time-outs, etc. Email deliverability rates will typically average 85% or higher.)

Discounted File Updates – When we have an update available, we notify you via email and you will only pay a small update fee, typically only 1/3rd of the initial list cost. instead of having to buy the entire database all over again! Complete updates are released quarterly and are 100% optional. There are no subscriptions required.

You Own the List – Once you purchase a Loan Officer Database from us, you OWN the list an may use the data as often as you like. You are not renting the list on a per-use basis, as you do with our competitors. Please refer to our TOS for full details and limitations.

Formatted In Excel – Every list is already formatted in Excel and is capable of import/export into just about any application or CRM.

Customer Support – We answer our phones 12/7 (7am – 7pm), PST, 7-days a week. We are also available by Live-Chat and e-mail for additional support options. We are here to help.

Just got the instant download. Everything is exactly as described. Thank you. – Gail

Of all the list companies you are the only one who actually answered the phone. Thanks for the great customer service. – Thomas

I have to say that was just about the easiest purchase I have ever made on the internet. Once I placed my order I had my list within a matter of minutes and also got a few follow up emails just to make sure everything was ok. What other lists do you have? – Karin

We have had great success with our list. I would refer you guys to anyone. – Jim


FRB: Release-Selected Interest Rates- September 12, 2016 #worthington #mortgage


#prime interest rate today

#

Selected Interest Rates (Weekly) – H.15

Footnotes

1. As of March 1, 2016, the daily effective federal funds rate (EFFR) is a volume-weighted median of transaction-level data collected from depository institutions in the Report of Selected Money Market Rates (FR 2420). Prior to March 1, 2016, the EFFR was a volume-weighted mean of rates on brokered trades.

2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar day in the month.

3. Annualized using a 360-day year or bank interest.

4. On a discount basis.

5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and 90-day dates reported on the Board’s Commercial Paper Web page (www.federalreserve.gov/releases/cp/ ).

6. Financial paper that is insured by the FDIC’s Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is any financial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve’s liquidity facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary programs and, accordingly, likely are not comparable for some purposes to rates published prior to that period.

7. Source: Bloomberg and CTRB ICAP Fixed Income Money Market Products.

8. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several base rates used by banks to price short-term business loans.

9. The rate charged for discounts made and advances extended under the Federal Reserve’s primary credit discount window program, which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate reported is that for the Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as well as the rate on primary credit are available at www.federalreserve.gov/releases/h15/data.htm.

10. Yields on actively traded non-inflation-indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity series was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006, the U.S. Treasury published a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal rate. The historical adjustment factor can be found at www.treasury.gov/resource-center/data-chart-center/interest-rates/. Source: U.S. Treasury.

11. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional information on both nominal and inflation-indexed yields may be found at www.treasury.gov/resource-center/data-chart-center/interest-rates/.

12. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years.

13. ICE Swap Rate mid-market par swap rates (previously known as ISDAFIX). Rates are for a Fixed Rate Payer in return for receiving three month LIBOR, and are based on tradable quotes sourced at 11:00 a.m. from regulated electronic trading venues. Source: ICE Benchmark Administration.

14. As of December 7, 2001, Moody’s Aaa rates are averages of Aaa industrial bond rates. Prior to December 7, 2001, these rates are averages of Aaa utility and Aaa industrial bonds. Data obtained from Bloomberg Finance L.P.

15. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations. Data obtained from Bloomberg Finance L.P.

16. Contract interest rates on commitments for 30-year fixed-rate first mortgages. Source: Primary Mortgage Market Survey data provided by Freddie Mac.

Note: Weekly and monthly figures on this release, as well as annual figures available on the Board’s historical H.15 web site (see below), are averages of business days unless otherwise noted.

Current and historical H.15 data are available on the Federal Reserve Board’s web site (www.federalreserve.gov/ ). For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3244, fax 202-728-5886).

Description of the Treasury Nominal and Inflation-Indexed Constant Maturity Series

Yields on Treasury nominal securities at constant maturity are interpolated by the U.S. Treasury from the daily yield curve for non-inflation-indexed Treasury securities. This curve, which relates the yield on a security to its time to maturity, is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve at fixed maturities, currently 1, 3, and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity. Similarly, yields on inflation-indexed securities at constant maturity are interpolated from the daily yield curve for Treasury inflation protected securities in the over-the-counter market. The inflation-indexed constant maturity yields are read from this yield curve at fixed maturities, currently 5, 7, 10, 20, and 30 years.

Last update: September 12, 2016


AG Coakley Settles with H – R Block for $125 Million #canadian #mortgage #calculator


#option one mortgage

#

Media Inquiries:
Amie Breton
617-727-2543

For Immediate Release – August 09, 2011

H R BLOCK Mortgage Company Will Provide $125 Million in Loan Modifications and Restitution

Settlement With AG Coakley s Office Resolves Allegations of Unfair Lending and Discriminatory Practices Against Thousands of Latino and African-American Borrowers by Major Subprime Lender

BOSTON – Resolving claims of unfair and discriminatory lending practices, Sand Canyon (formerly known as Option One) will modify thousands of Massachusetts homeowners loans and make a significant payment to the Commonwealth as part of a settlement valued at $125 million, Attorney General Martha Coakley announced today.

View and Listen to Press Conference Media:

The settlement with AG Coakley s Office was filed late yesterday in Suffolk Superior Court. It requires the mortgage originator, a subsidiary of H R Block, Inc. to pay $9.8 million to the Commonwealth and to direct American Home Mortgage Servicing, Inc. ( AHMSI ), the current servicer of approximately 5,500 Option One loans in Massachusetts, to institute an aggressive loan modification program that will provide an estimated $115 million in additional relief.

Option One made loans that it knew were likely to fail and it discriminated against African-American and Latino borrowers, Attorney General Coakley said. Its blatant disregard for prudent underwriting standards contributed to the economic downturn we still find ourselves in today. Like our other cases against mortgage lenders and their Wall Street facilitators, this case holds this corporation accountable and provides much needed relief to homeowners.

Option One originated approximately 32,400 loans in Massachusetts between 2004 and 2007, at which point the subprime market collapsed and it ceased its lending operations nationwide. Many of Option One s loans featured multiple risk features such as:

  • excessive debt-to-income ratios;
  • high loan-to-value ratios;
  • stated income or similar features that did not require borrowers to document their income or assets; and
  • underwriting that qualified borrowers based on their ability to make payments at an introductory, or teaser, interest rate instead of their ability to pay beyond the two- or three-year introductory period.

The Attorney General s lawsuit alleged that the risk-layered loans were unfair because they posed an excessive risk of default and foreclosure, as evidenced by their very high loan default rate. The lawsuit also asserted that Option One knew that loans with such risk characteristics were doomed to fail but that it originated them nonetheless in order to sell them to the secondary market and realize a profit.

The Attorney General also alleged that Option One s discretionary pricing policies gave mortgage brokers free reign to charge excessive and unjustified fees, causing Black and Latino borrowers to pay more money, on average, for their loans. In 2008, when the lawsuit was filed, it was the first by a state s Attorney General s Office alleging civil rights claims against a subprime lender. Option One originated loans to approximately 4,400 Black and Latino borrowers between 2004 and 2007.

Distressed borrowers, who still have an Option One loan, are eligible for loan modifications that include significant write-downs of principal balances and reduction of interest rates, depending on the prevalence of certain risk features in the loan.

Many Massachusetts borrowers will receive loan modification relief that includes significant principal forgiveness. For borrowers struggling to make mortgage payments, who are 45 or more days delinquent on their loan, Option One will direct AHMSI, which services loans originated by Option One, to modify loans to achieve affordable monthly payments for borrowers. Generally, borrowers monthly payments will be reduced to between 31% and 36% of their monthly income.

Borrowers who received the riskiest loans, burdened with a high debt-to-income ratio and a high loan-to-value ratio, will be eligible for an even greater monthly payment reduction. The specifics of how much principal will be forgiven through each loan modification will depend on the characteristics of each loan at the time of origination. Borrowers who received the riskiest loans will be eligible to have the outstanding principal balance on their loan reduced to 100% of the current value of their home, which in many instances has experienced significant depreciation since the loan was made.

The modification program will make it easier for homeowners to keep their homes and even begin to acquire some equity, Attorney General Coakley said. For several years now, many homeowners have been living underwater – owing more than their homes are worth. This modification program will change that situation for many Option One borrowers, and corrects the unreasonable risks they were exposed to when the loan was made.

In addition to agreeing to implement the loan modification program, Option One will pay $9.8 million to the Commonwealth. The settlement includes $8 million in consumer relief, $1 million for fees and costs, and $800,000 in exchange for a release of civil penalties. The consumer relief will be used to rectify the negative impact of mortgage foreclosures and predatory and discriminatory lending practices, including providing direct restitution to Option One borrowers and implementing programs to mitigate the impact of the foreclosure crisis in Massachusetts.

AG Coakley s Leadership During Lending Crisis

Attorney General Coakley is a national leader in bringing actions on behalf of homeowners against companies relating to their role in the subprime market place. Over the past three years, AG Coakley has obtained recoveries from Morgan Stanley, Goldman Sachs. and Fremont Investment and Loan. for their roles in the subprime lending crisis. As a result of these actions, her office has recovered more than$563 millionin relief for investors and borrowers, helped keep more than24,700 homeownersin their homes, and returned nearly$52 millionin taxpayer funds back to the Commonwealth.

The case was handled by Assistant Attorney General Gabriel O Malley of Attorney General Coakley s Consumer Protection Division and Jonathan Miller of Attorney General Coakley s Civil Rights Division, with assistance from Chris Barry-Smith, Chief of the Public Protection and Advocacy Bureau, and Assistant Attorneys General Shannon Choy-Seymour, Patricio Rossi, Gabrielle Viator, David Monahan, John Stephan, and Gillian Feiner.


Obama announces home refinance plan – The Washington Post #calculate #home #mortgage


#obama mortgage relief

#

Obama announces home refinance plan

President Obama on Wednesday made his latest pitch to lift the nation’s beleaguered housing market, unveiling a series of proposals to help struggling borrowers reduce their monthly payments and to stem the continuing slide in real estate prices.

The centerpiece of the effort is legislation that would make it easier for homeowners who have been paying their mortgages on time to take advantage of today’s ultra-low interest rates, perhaps saving thousands of dollars a year. Millions of homeowners, including many who owe more than their properties are worth, have been unable to refinance.

White House officials estimated that the proposal, which requires congressional approval, would cost taxpayers between $5 billion and $10 billion. To offset that cost, Obama reprised his previous idea of imposing a new tax on the profits of financial firms. Republicans pledged to oppose the proposal.

To help the economy get more of a boost from low interest rates, Obama proposed that almost anyone who has a credit score above 580 and has been paying his or her monthly mortgage bill on time for the past six months be able to refinance. It wouldn’t matter under Obama’s proposal whether borrowers had government-backed mortgages or loans owned by banks and other private investors.

The only major limitation to the program would be on borrowers who own very expensive properties, relative to where they live. The maximums range from $271,050 to $729,750. A new program run by the Federal Housing Administration would be set up to refinance mortgages that are not backed by federal mortgage giants Fannie Mae or Freddie Mac.

The proposals are the latest in a long list of programs Obama has unveiled to address the problems facing homeowners. Almost all of the programs have fallen far short of their goals. Obama has acknowledged that his response to the housing crisis has not worked as well as he had hoped it would, and most economists say that the depressed housing market is one of the biggest drags on the economic recovery.

Still, Obama’s continuing push to provide aid to homeowners and boost housing prices draws a stark contrast with Republican presidential front-runner Mitt Romney, who has advocated a hands-off approach to the nation’s foreclosure epidemic. Obama, in his remarks, pointed to areas hit hard by the foreclosure crisis, including Las Vegas in the political battleground state of Nevada, where the next Republican presidential caucuses will take place.

“It will take more time than any of us would like for the housing market to recover from this crisis,” Obama said Wednesday at the James Lee Community Center in Falls Church. “But it is wrong for anybody to suggest that the only option for struggling, responsible homeowners is to sit and wait for the housing market to hit bottom.”

On Tuesday, new data from Standard Poor’s showed that housing prices have fallen to levels not seen since 2003.

Republicans on Capitol Hill gave the president’s proposal a chilly reception.

“We have done this at least four times, where there is some government program to help homeowners who had trouble with their mortgages,” House Speaker John A. Boehner (R-Ohio) said. “None of these programs have worked and I don’t know why anyone would think this next idea would work.”

At the start of his term, Obama promised that up to 9 million homeowners at risk of foreclosure would receive aid through a broad refinance program or a mortgage modification program run through the Treasury Department. In the three years since then, fewer than 2 million have been helped.

“I’ll be honest — it didn’t work at the scale we’d hoped,” Obama said Wednesday. “Mortgage rates are as low as they’ve been in half a century, and when that happens, homeowners usually flock to refinance their mortgages. But this time, too many families haven’t been able to take advantage of the low rates.”

As part of his new plan, Obama also proposed encouraging borrowers who refinance their mortgages to take on shorter-term loans and direct the savings to rebuilding equity in their homes. As an incentive, the administration is willing to have the government pay the closing costs associated with refinancing — usually about $3,000.

The number of borrowers who might be eligible for the program is large: 3.5 million who do not have federally backed mortgages and 11 million who hold government-backed loans, according to administration officials. But previous estimates suggest that just a fraction of that population would take part in the program.

Christopher Mayer, an economics professor at Columbia who has gained attention for his mortgage proposals, said he’s “a big fan of what the president has proposed for refinancing government-guaranteed mortgages. The program really says for the first time everybody is eligible.”

But he raised concerns about the new FHA program that would refinance mortgages not already owned by the government. “I think it is taking a lot of risk for the government, and I think taxpayers have a legitimate question of whether they have already taken on a lot of risk,” he said.

Other steps announced Wednesday include a decision by the Treasury Department to triple incentives paid to banks in exchange for forgiving part of the debts owed by homeowners, as well as a program run by the Federal Housing Finance Agency to sell batches of foreclosed properties to investors, who would rent them out. That could restart housing activity and put a floor under housing prices in struggling communities.

Staff writer Brady Dennis contributed to this article.


First Option Mortgage Indiana #a #mortgage #calculator


#option one mortgage

#

First Option Mortgage Indiana

Indianapolis’ Number One Mortgage Lender

First Option Mortgage of Indianapolis provides Indiana mortgage services in many Indiana communities and cities throughout the state. Whether you live in a large metro area like Indianapolis or a subdivision in one of the suburban communities, we have Indiana mortgages that can suit your needs and we can tailor them to the requirements of Indiana law and regulations. Because we have a mortgage office in Indianapolis with lenders that know your unique needs, we can serve you directly with local Indiana mortgage professionals.

The First Option Mortgage Indiana branch office is located in Indianapolis, the 12th largest city in the U.S. and also considered to one of our country’s most livable cities. With people drawn from all over the globe, Indianapolis is a diverse, bustling metropolis.

We can grab a bite to eat at notable restaurants, entertain the kids at The Children’s Museum of Indianapolis or the Indianapolis Zoo, or treat ourselves to some endless indoor shopping at Circle Centre. And we can’t forget about the sports! Indianapolis is home to the Colts, the Indiana Pacers, and the famous Indianapolis Motor Speedway, which hosts the Indianapolis 500. When we want some fresh air, we have more than 200 parks to explore.

First Option is proud to serve Indianapolis, and every city and small town in the Indiana borders, and even across the borders in to other surrounding states.

Our experienced mortgage lenders are well versed in Indiana codes and requirements. They can tailor your mortgage to them so you don’t have to waste time on extensive research. Being native to Indiana allows our team to show you the ins and outs of Indianapolis and make state-specific mortgage recommendations.

Our Indianapolis branch president is Jared Vinup. Jared has been a member of the First Option team for eight years and prides himself on being a strong leader, a loving father, and devoted husband. He works with his team to provide clients with the lowest rates and a streamlined home buying process. Our Indianapolis branch is looking forward to working with you and your family.


How to Get a 40-Year Mortgage #current #home #mortgage #rates


#40 year mortgage

#

How to Get a 40-Year Mortgage

Learn how 40-year mortgages can be your chance of jumping onto the homeownership bandwagon.

Once a niche product few lenders offered, 40-year mortgages have quickly entered the mortgage market as a mainstream option for home buyers. Forty-year mortgages are similar to 30-year mortgages, with the exception of slightly higher interest rates and 10 more years of paying interest. The benefit of choosing a 40-year mortgage is you can buy a more expensive house and your monthly payments will be lower. However, the higher interest and extra decade of interest payments just about cancel any monthly savings. Forty-year mortgages are not for everyone. However, if you are a first-time buyer, need an extra push to afford your dream home and low monthly payments are a must, they are an option worth considering.

1

Contact an approved housing counselor and ask about 40-year mortgages. Whenever planning to buy a mortgage, it is important to talk to a professional and get all the facts before committing yourself. The U.S. Department of Housing and Urban Development provides free access to professional counselors throughout California. HUD can set out your choices and help you find the best mortgage you can afford. Asking for advice is especially important before choosing a long-term and higher- interest option like a 40-year mortgage.

2

Shop around for the best 40-year mortgage terms. You should get at least three quotes from as many lenders (more the better). Keep a record of each mortgage #039;s terms. Include information on the mortgage type (fixed, variable, FHA), interest rate, APR, minimum down payment, insurance, closing fees, prepayment penalties, title search and other costs. The Federal Reserve produces a practical worksheet you can fill in for each mortgage.

3

Apply for a 40-year mortgage with the lender that scores highest on your worksheet. The process is similar to any other mortgage term (10-, 15- or 30-year). The California Housing Finance Agency (CalHFA) is probably your best option. It offers a 40-year fixed mortgage with below-market mortgage interest rates. The nonprofit agency usually offers mortgages 1 point below the average rate on 40-year mortgages. A 40-year, fixed-rate mortgage gives you the peace of mind of knowing what your mortgage payments will be every month for the next four decades.

4

Review the mortgage contract or deed of trust before signing. Think twice before agreeing to a 40-year mortgage. They can be expensive, and monthly payments can be not much lower than those of a 30-year mortgage. Check that there are no prepayment fees. This way you can start paying off the loan principal, and save on interest payments over the long term.

Tip

  • Forty-year mortgages are an alternative to interest-only mortgages. Interest-only mortgages have low monthly payments, but no principal is paid during the first years. Forty-year mortgages have similarly low payments, but some goes to pay down the principal.