What is APR? How does APR differ from standard interest rates? #pre #approval #mortgage

#apr formula


What is APR? How does APR differ from standard interest rates?

Article Category: Finance |

In an ideal world, taking a loan would be simple. Apart from filling out the paperwork and receiving approval all you’d need to know is the amount of interest you have to pay. Take out $1,000 at 5% and your total repayment sum comes to $1,050. But, depending on the terms of your finance, on top of this you’ll need to consider any additional costs such as processing fees, etc.

Simple, right? In theory, yes. The confusion starts to set in once you factor in APR (Annual Percentage Rate).

Before we move on to look at the specifics of APR, let’s start with some very basic explanations.

What exactly is an interest rate?

An interest rate is a fee, calculated as a percentage of the total loan amount, that you are charged for borrowing money. Most lenders refer to this as a base rate.

What is APR?

We’ve already delved into the question, what is compound interest and how can it help you?. But to save you having to jump back and forth between pages, here’s a quick explanation:

When you take out a loan the lender calculates interest on a sliding scale. This figure is then used to work out what your monthly repayments will be.

Here’s a quick example:

You borrow $1,000 with an APR of 3% over 3 years (assuming an annual APR calculation).

Year 1 interest. 1,000 x 0.03 = 30 and 30 + 1,000 = 1,030
Year 2 interest. 1,030 x 0.03 = 30.9 and 30.9 + 1,030 = 1061
Year 3 interest. 1,061 x 0.03 = 31.83 and 31.83 + 1,061 = 1,092.83

In total, you’ll pay back $1,092.83 at the end of the finance period.

Note: advertised APR figures are normally higher than the advertised interest rate because lenders bundle additional costs and fees into the rate shown. For peace of mind, and to ensure you know what you’re going to pay, ask your lender exactly what fees are included in the APR figure they offer you.

So, what is the difference between interest rate and APR?

We’ve touched on it very briefly already, but let’s go a little deeper. When you accept any kind of loan offer you should be shown two interest rates: the APR and the flat rate of interest.

The yearly interest rate you see is exactly what it says: it’s only the charge (in the form on interest) that you pay for borrowing money. There are no grey areas here – if the figure is 10% then that’s the base rate you’ll be charged. So, if you’re lucky enough to find a lender who charges you only $45 for borrowing $1,000 then the rate you pay is 4.5% (45/1000).

Annual Percentage Rate (APR)

As we noted earlier, the way APR is calculated is a little more complex as it combines a number of additional fees charged by your lender. Included in the cost are prepaid interest, insurance, closing fees and any other costs that may be associated with the transaction. Combined, these factors mean the APR you’re shown is higher than the base rate that lenders use to advertise their loan plans.

Another factor to consider is the cost of moving loans from one supplier to another. APR is worked out on a sliding scale and your lender shows you figures based on the assumption that your debt will be held by them until it’s finally paid off. If at some point you decide to shift your debt to another company then we strongly advise you check the sums. Although those lower interest rates look very appealing, if you keep jumping from one supplier to another, you might end up paying far more over the term.

As with any form of lending, it’s important to understand the terminology that money lenders wrap around their offers. But, even more important, having a reliable tool you can use to work out the financial impact of borrowing money will stand you in excellent stead before you even start the application process that’s why we’ve created an interest rate calculator to give you an accurate view of both the interest and APR payments you’ll be required to meet. If you would like to learn more about the different types of interest rate, read our article, what is the difference between nominal, effective and APR interest rates?

Written by James Redden

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  • Mortgage Life Insurance Info from MoneySuperMarket #mortgage #rate #calculators

    #mortgage life insurance



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    Mortgage Life Insurance

    What is mortgage life insurance?

    Mortgage life insurance is a type of life insurance that pays out to cover the cost of your mortgage if you die within the term of the policy – it means your spouse or partner and any dependants won’t need to fund monthly mortgage repayments after your death.

    Your mortgage is almost certainly the single largest financial commitment you have every month. And if you were to die unexpectedly, the family and dependants you leave behind would still be responsible for continuing to make these payments.

    Having such cover in place provides peace of mind, knowing that your family and dependants won’t be forced into an unwanted change of lifestyle.

    If you own a house and have dependants who rely on you to pay the mortgage, it’s therefore a good idea to consider this type of life insurance .

    Different types of policy

    There are three different kinds of mortgage life insurance to consider. The right policy for you will depend on your individual circumstances and the level of payout your family and dependants will require in the event of your death.

    Decreasing term insurance

    Decreasing term life insurance for mortgage cover is a type of policy where the payout sum reduces in line with your total mortgage debt. The term of your policy will match that of your mortgage so if your mortgage term is 25 years, your policy term will also be 25 years.

    Most policies come with a Mortgage Interest Rate Guarantee (remember to check this on the policy you choose), and so long as your mortgage interest rate is below this guarantee, your policy should pay off any outstanding balance.

    For example, if you took out a 150,000 mortgage and died in year one, the amount the insurer would pay out would be 150,000 – therefore clearing the rest of the debt.

    If, however, you died 20 years into a 25-year term, the amount you still owed on your mortgage would have reduced. So if you still had 15,000 remaining at this point, the policy would pay out 15,000 in the event of your death.

    This kind of policy is suitable for people with repayment mortgages, who repay their mortgage debt off over the term of their deal – not for those who have interest-only mortgages. This is because, with this type of mortgage, you pay only the interest on the capital borrowed and not the capital itself.

    A decreasing term mortgage life insurance policy tends to have lower monthly premiums.

    Level term insurance

    Level term mortgage life insurance is easier to understand. The sum assured stays fixed throughout the duration of your mortgage – so if you take out a policy for 150,000, that’s the amount the provider will pay out regardless of when you die; one year or 20 years in, the amount is the same.

    The obvious benefit with level term insurance is that your dependants will usually receive more funds than are needed simply to pay the remainder of the mortgage off, depending on when death occurs.

    For example, it may be that they receive the 150,000 when the mortgage debt stands at just 15,000. This means they have a tidy sum and additional funds for other commitments, such as living costs and bills. It can also be used to offset the loss of income through your salary.

    Because the sum doesn’t decrease over time, monthly premiums are higher than for decreasing mortgage life insurance.

    Whole of life insurance

    A third option is something known as a whole of life insurance policy. This pays out whenever you die, so instead of a fixed term policy – which typically lasts for 25 or 30 years – cover is continually provided.

    Because there is no set term and the cover could potentially span several decades, monthly premiums tend to be higher than with fixed term policies.

    Premiums are also linked to investments, so if investment growth is lower than expected, your premiums can increase substantially over time.

    Critical illness cover

    Critical illness cover is offered as an extra to mortgage life insurance and level term life insurance policies – you may already have cover in place but this can be added as an additional policy.

    Critical illness is designed to pay out if you are suffering with a serious condition – such as cancer, a stroke or heart attack – which affects your ability to work. Coverage varies depending on the insurer, so check the terms and conditions carefully.

    If you take out a combined critical illness critical illness and life insurance policy, that policy will only pay out once – you wouldn’t receive a sum upon diagnosis of serious illness and then again should you die during the term of the policy’s coverage.

    Getting a quote

    Ultimately, the amount you pay for your mortgage life insurance every month will be defined by a number of factors, including the size of the cover you need, the length of time you want the policy to run for and any additional extras – such as critical illness.

    Your age and health will also be taken into consideration. If you are a heavy smoker or have suffered with a serious health condition in the past, your premium is likely to be higher than a non-smoker or an individual with better health.

    Try to compare a wide range of life insurance policies to get the best possible deal for you and your lifestyle. Remember that cheapest isn’t always best – check exactly what your policy covers before buying it.

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    Today – s Massachusetts Mortgage Rates: Home Loans from Patriot MortgagePatriot Mortgage #mortgage #rates #forecast

    #mass mortgage rates


    Great Rates, Great People, Great Service

    Is refinancing right for you? Do you need some cash? Experience the Patriot Mortgage Difference.


    How is your money helping you? Are you getting the most out of one of your BIGGEST INVESTMENTS?

    You work hard every day and deserve to keep what you earn. Let us work together to keep that money working for you. How about some cash out for those home improvement projects or for college education? With today’s current home values returning and low interest rates, we are glad to explore your options for you.

    Depending on the rate you currently pay on your mortgage, we may be able to save you money at the same time. In some cases we are able to reduce your monthly budget and get you the money needed. With careful explanation and breakdown of how your money works for you. Patriot Mortgage will make sure that you have complete understanding of why it pays to refinance and what money can be saved. Extending a loan back out to 30 years can usually save monthly costs, BUT HOW IS YOUR MONEY WORKING FOR YOU? Will it wind up costing you more money in the end or are you truly in a better position? Don’t figure it out on your own. For example, I have taken many clients out of their higher rate programs and put them into shorter terms, with lower rates and giving clients the added bonus of cash out. We can do this, not with Adjustable Rates, but fixed for life programs.

    What if you had 25 years left and were able to jump down to a 20 year program for the same or less money, all while taking some cash for that new kitchen, home project or whatever need you have for it?

    Don’t get sold on bad programs and high cost loans when we can show you how a little understanding can give you piece of mind and greater financial stability.

    DO NOT DO IT ON YOUR OWN. HOW CAN YOU KNOW ALL THE PROGRAMS AVAILABLE TO YOU? Call us today so we can explain all the options.

    Let our skills and expertise in mortgages help you. Why get shocked to find out you missed an opportunity to better your financial position? With all the changes in the mortgage market today and how much you spend for your home, can you afford to miss out on saving money?

    Your money is just a phone call away.

    Today s Mortgage Rates:

    Our Staff will make sure you understand what program is best for you.

    Are you better off paying closing costs OR let the lender pay for them?

    30 year fixed 3.500% / 3.51% APR, 0 Points
    20 year fixed 3.125% / 3.15% APR, 0 Points
    15 year fixed 2.750% / 2.77% APR, 0 Points
    7/1 ARM 3.250% / 3.81% APR, 0 Points
    5/1 ARM 2.990% / 3.81% APR, 0 Points
    Rates as of 09/16/2016

    Great FHA rates Today.
    30 year fixed 3.125% / 4.505% APR, 0 Points

    VA loans are very popular with little to no equity and no Monthly PMI.
    30 year fixed 3.250% / 3.396% APR, 0 points

    Check out how we can get the lenders to pay your closing costs.

    Rates based on a loan amount of 275,000, 740 Fico Score, 75% loan to value and 30 day lock period.
    Rates are subject to change without notice.

    Owe more than your house is worth?

    Mortgage Tables – Calculating Payments or the Interest Rate from a Mortgage Table #mortgage #interest

    #mortgage payment table


    Mortgage Tables

    Copyright 2009 by Morris Rosenthal

    All Rights Reserved

    Calculating Payments or the Interest Rate from a Mortgage Table

    We mentioned earlier that before computers, bankers used to use mortgage tables to calculate monthly payments. I’ve included a complete set of tables (interest rate 0% to 20% in 0.05% increments) for determining the payment per $1,000 of principal in Appendix B of version 1.2 of my mortgage math ebook. You sometimes see abbreviated versions of these mortgage tables with values per $1000 of principal in real estate magazines, to help you determine how much house you can afford. What makes it possible to reduce a fairly complex calculation to a simple table is that the complex part remains constant for a given interest rate and number of months. In other words, you only have to compute the big mess once to figure out the relationship between the amount of the mortgage principal and the monthly payment for a particular interest rate on a fixed rate mortgage. So referring back to our mortgage formula again, imagine that the messy part of the equation was replaced with a value from a table, so the equation now reads:

    M = P [value from table] / 1,000

    Where the value from the table is our familiar mess:

    Value from table = [ i(1 + i)n ] / [ (1 + i)n – 1]

    So how many interest rates should be calculated for a useful table? Since the calculation of a monthly payment based on the principal you do yourself doesn’t include the various fees and charges that show up at closing, there’s no point in trying to be super accurate when estimating your expenses. We carried the calculation out to enough significant digits that it should be within a penny on mortgages up to one million dollars, but that doesn’t mean you have to keep all the digits yourself when trying to get a ballpark figure for affordability.

    The table on the following page can be used to estimate your monthly payment, per thousand dollars of loan mortgage principal, for interest rates between 4.00% and 5.95%. We put fifteen year and thirty year mortgages in the same table for in case you want to print and keep a copy in your wallet or on the fridge while you’re house shopping.

    Since the table was prepared filled in hand, let’s check the accuracy against some of the mortgage calculations we’ve made previously. Our first mortgage calculation was for a $100,000 fifteen year mortgage at 5%, and the monthly payment came out to $790.79. Using the formula

    M = P [value from table] / 1,000

    = $100,000 (7.90794) / 1,0000

    Where the 4/100 of a penny is more accuracy than we need.

    For our $187,000 thirty year mortgage at 5.5%, we computed the payment as $1081.77, and the table formula gives:

    = $187,000 (5.67789) / 1,000

    We could have save the “divide by 1,000” step at this stage by filling the mortgage table with number that were already divided by 1,000, but you can do that yourself before calculating by just moving the decimal place three places to the left, since,

    5.67789 / 1,000 = 0.0056789

    and so on. Despite being highly competitive, mortgage are generally quoted in 5/100 increments, as those used in the table. But if you wanted to determine the monthly payment on a $187,000 thirty year mortgage at 5.53%, you can come very close by interpolation. For example, the closest interest rate in the table below 5.53% is 5.50%, for which we’ve already calculated the monthly payment to be $1061.77. The closest interest rate above 5.53% is 5.55%, for which the payment works out to:

    =187,000 (5.70930) / 1,000

    We can use the formula for linear interpolation with a fixed rate mortgage when the bracketing interest rates are so close together, since the error will be small. The formula, which looks worse than it is, gives:

    M = Mlow + (i – ilow) (Mhigh – Mlow) / (ihigh – ilow)

    Where the low refers to the lower interest rate and payment, and high refers to the higher. Sticking our numbers in the formula give

    = $1061.77 + ( 5.53 – 5.50) ($1067.64 – $1061.77) / (5.55 – 5.50)

    = $1061.77 + (0.03) ($5.97) / (0.05)

    Now let’s compute the monthly payment for the same mortgage at 5.5%:

    i = 5.53% / # months per year

    (1 + i)n = (1+ 0.0046083)360

    Replacing the (1 + i)n in our formula with 5.2340 we get:

    M = P [ i (5.2340)] / [5.2340 – 1] or

    = P [0.0046083 x 5.2340] / 4.2340

    = P [0.024120] / 4.2340

    And on our $187,000 loan at 5.53%, the payment would be:

    So our interpolated answer using values from the mortgage table, $1065.35, came out seven cents ($0.07) per month too low, because the compound interest formula isn’t a linear function, but the estimate is more than good enough for determining what you can afford.

    Low Mortgage Refinance Rates from Nationwide #regions #mortgage

    #nationwide advantage mortgage


    Low Mortgage Refinance Rates from Nationwide Bank ®

    Get a lower interest rate when you refinance your mortgage loan with us. That means you can lower your monthly house payment or pay off your mortgage sooner, helping your credit. A mortgage refinance from Nationwide Bank means you’ll pay less on what you borrow.

    Mortgage refinance conforming loan rates

    Mortgage refinance nonconforming (jumbo) loan rates

    Jumbo mortgage rates are for mortgages greater than $417,000. Learn more about jumbo loans and if it’s the right option for you.

    Get regular updates about our mortgage rates, or be notified when our interest rates reach the number you want.


    Lower your mortgage loan interest rate with Nationwide Bank. We refinance regular and jumbo mortgage loans. A jumbo loan is for mortgages greater than $417,000. We offer lower interest rates and flexible terms.

    Plus, we’ll match other lenders’ fixed mortgage rates, or we’ll pay you $500. Learn more about our Best Price Guarantee .

    You must be 18 years or older to apply for mortgage refinancing with Nationwide Bank.

    Nationwide Bank has a secure application that makes mortgage refinance safe and simple.

    • One form of government issued photo identification, such as a driver’s license or state ID
    • Previous residence information if you’ve been in your current home less than two years
    • Previous employer information if you’ve been with your current employer less than two years
    • The amount you would like to refinance
    • Your annual income (salary, bonuses, retirement income, etc.)
    • Other income information (alimony, child support, separate maintenance) if you wish to have it considered as a basis for repaying your loan
    • Property information (or area if you are being pre-qualified)
    • Amount of down payment

    If you are refinancing your mortgage with another person, you will need to have that person’s ID and residence information, too.

    Why should I consider mortgage refinancing?

    There are two advantages to refinancing your mortgage loan:

    • Lower monthly payments – Mortgage refinancing with a lower rate can help lower monthly payments. This may mean refinancing your mortgage using the loan term currently remaining, or extending your loan term.
    • Shorter term – A shorter term means you will pay off your mortgage in fewer years, and pay less interest over the life of the loan.

    A lower mortgage refinance rate can make your monthly mortgage payments lower; however, if you also shorten the term, your payments may remain the same or increase. For example, if you had 20 years left to pay on your mortgage and you refinance at a lower rate with a 15-year mortgage, you may not notice a decrease in your monthly payment. Because the length of your loan is shorter, you will pay less interest over the life of your loan.

    Can I roll the closing costs into the refinance balance?

    Yes, many people choose to roll the closing costs into their mortgage loan amount.

    What is included in closing costs?

    Closing costs may include the following:

    • Prepaid interest
    • Points
    • Appraisal and title services
    • Miscellaneous costs, such as an underwriting fee or tax service fee

    Most of the fees described above are finance charges that affect your APR which, in addition to interest, represents the cost of credit to you.

    Points are prepaid fees, often (but not always) used to gain a lower interest rate on your mortgage. One point is 1% of your mortgage loan amount. For a $200,000 home, one point would be $2,000. Some points may be tax deductible; consult your tax advisor.

    How much does it cost to lock in my refinance rate?

    Nationwide Bank charges a $450 commitment fee for you to lock in your mortgage rate.

    How do I apply for mortgage refinancing online?

    Fill out our online application. Then once your application is submitted, a Nationwide Bank Mortgage Specialist will call you to discuss the rest of the refinance process. You can also apply by phone by calling 1-877-636-0598, 8 a.m. to 8 p.m. ET, Monday – Friday.

    Do I have to pay for an appraisal for mortgage refinancing?

    Yes. It is included in your closing costs.

    Don’t forget that Nationwide can provide you with the insurance you need to protect your property. Request a homeowners insurance quote from Nationwide Insurance today.

    Nationwide Bank NMLS #769318. To verify that a mortgage company or individual is authorized to conduct business in your state, visit the NMLS Consumer Access website.

    *Annual Percentage Rate (APR). Interest rates and the APR are subject to change at any time and without notice due to changes in the mortgage market. These rates may also adjust according to credit and property approval based on secondary market guidelines. The rates shown are based on interest rates for customers with a good credit history. Your individual rate may vary. Our loans do not have prepayment penalties, and we normally require the escrow of taxes and insurance, which will be in addition to the principal and interest payments shown above. Be sure you understand the terms of the loan you are applying for.

    Mortgage Refinance Rates with loan amounts =$417,000
    The APR calculation and the principal and interest (P I) amounts are both based on a loan amount of $150,000 for the purchase of a primary residence, with 80% loan-to-value (LTV), approximately 15 days prepaid interest, origination charges of $795, an additional $422 in prepaid finance charges, plus discount points shown for a 60-day lock.

    Jumbo Mortgage Refinance Rates with loan amounts $417,000
    The APR calculation and the principal and interest (P I) amount are both based on a loan amount of $600,000 for the purchase of a primary residence, with 80% loan-to-value (LTV), approximately 15 days prepaid interest, origination charges of $795, an additional $422 in prepaid finance charges, plus discount points shown for a 60-day lock.

    Insurance products offered through Nationwide Insurance are NOT insured by the FDIC or any federal government agency, nor are they guaranteed by, deposits of or obligations of Nationwide Bank.

    Mortgage Trends – Where Will Rates Go From Here #rate #mortgage

    #mortgage trends


    Mortgage Trends

    Anyone who is considering the idea of purchasing a home these days will naturally try to fathom whatever direction the trends in mortgages may try and take. Tracking any sort of pattern in these tough economic times is difficult if not impossible. Along with the after-effects of a dismal housing market climate in general, potential home-buyers might just as well resort to a crystal ball or the roll of a dice to zero in on any accurate forecast. It is widely felt that mortgage rates should continue at or below 5% for a greater part of 2012, and perhaps for the whole year, which is simply an ongoing scenario seen in much of 2011 as well. The across-the-board interest rates for 30 year fixed mortgage rates hovered on the underside of 5% for the preceding year, though the 4% range became a reality for a while in the last quarter. Economists at organizations such as the Mortgage Bankers Association predict that these same mortgage rates will hold at the same level for 2012. In other words, unchanged.

    Today s Mortgage Rates

    When compared to rates over a longer historical period, there is no doubt that today’s mortgage interest rates are indeed at a notably low level. This is certainly a boon to any prospective homeowner planning to acquire a mortgage anytime in the upcoming year. The down-side of this is quite a few potential borrowers may have trouble qualifying for these low rates. This is simply because it is much more difficult to meet the newer and more rigorous credit standards as a result of the housing crisis in general. This factor is also expected to be a major characteristic of the ‘trend’ in mortgage rates for the coming year as well. Based on this outlook, prospective home-buyers with less-than-optimum credit standings. extreme levels of debt obligations, or even unpredictable employment security should undoubtedly have difficulty acquiring a housing loan during 2012 due to much more meticulous lending constraints and oversight.

    Current Mortgage Requirements

    The requirements a potential borrower will need to be eligible for a mortgage in 2012 will be quite detailed. They will need to be very thorough in providing sufficient background material. They should also be prepared to meet the more rigorous requirements of having credit ratings at a minimum of 600 or higher, depending on the lending institution. In addition, there will be greater scrutiny with regard to documented proof of employment steadiness and security as well as verifiable income levels. Debt obligation levels are required to fall within certain percentages in relation to a home-buyer total income.

    The Reality of the Current Mortgage Environment

    As an ongoing after-effect of the housing crisis of 2008, there will be fewer mortgaging options for home-buyers in the coming year, leaving the more ‘exotic’ type of lending methods a thing of the past. One form of collateral damage caused by the crisis has been the ‘stated income’ loans, which permitted potential buyers to rely on undocumented income statements to acquire loan approval. Likewise, the identical treatment will be extended toward ‘no-doc’ mortgages, where the lender will request far more detailed information regarding employment, income, assets, and debt standings than was required in the recent past. Piggy-back mortgages have also gone the way of the chopping block in many states, which were utilized when a borrower combined two mortgage loans to avoid paying the private mortgage insurance (PMI) requirements on the loan.

    The potential home buyer looking to secure a mortgage loan needs to possess a good bit of insight and instinct to understand not only the trends in the local mortgage market, but those that affect the national mortgage market as well. Each of these have a direct impact on the prevailing interest rates. Careful and diligent research via numerous online sites should provide adequate information regarding the current mortgage trends and lending practices in a borrower’s desired market. No amount of investigation or thoughtful planning is wasted in this all-important milestone for acquiring the best possible mortgage at the most favorable rates.

    Ocwen Announces Acquisition of Homeward Residential From WL Ross & Co #cornerstone #mortgage

    #option one mortgage


    Ocwen Announces Acquisition of Homeward Residential From WL Ross & Co.

    ATLANTA, Oct. 3, 2012 (GLOBE NEWSWIRE) — Ocwen Financial Corporation (NYSE:OCN) and private equity firm WL Ross & Co. LLC entered into an agreement today whereby Ocwen will acquire Homeward Residential Holdings, Inc. including its various residential mortgage loan servicing and origination operating subsidiaries, for approximately $588 million in cash and $162 million in Ocwen convertible preferred stock. Homeward services about 422,000 mortgage loans with an aggregate unpaid principal balance of over $77 billion. Its loan origination business includes correspondent and retail lending and is focused solely on high quality Agency-conforming mortgages.

    “The acquisition of Homeward significantly advances Ocwen’s twin strategic growth initiatives to add high return servicing assets to its portfolio and expand origination capacity to provide for a sustainable source of future growth,” said Ocwen’s Executive Chairman William Erbey. “Homeward brings with it a global servicing platform as well as a growing origination business that is already operating at a $10 billion annual run-rate after launching in late 2011.”

    Homeward was organized by WL Ross & Co. in 2007 and is the result of several major platform combinations: American Home Mortgage Servicing, Option One Mortgage Company and a large servicing portfolio from Citi Residential Lending. After normalizing for certain transition related expenses, the acquisition of Homeward by Ocwen is expected to be immediately accretive to earnings per share.

    Wilbur Ross, CEO of WL Ross & Co. said, “Homeward has been profitable in each year of its existence and has also been a wonderful cash flow producer, distributing to us approximately $900 million of cash since the initial investment. Mortgage banking is a business of scope and scale, and we believe that the combined company will fill the void created by the ongoing departures of many banks from the overall industry.”

    Ron Faris, CEO of Ocwen said, “Homeward has a well-deserved reputation for excellence in the mortgage industry. We are excited about the synergistic combination of the attractive servicing portfolio and platform, as well as the origination platform which will provide organic growth and will further Ocwen’s ability to work with existing borrowers on refinancing opportunities.”

    Dave Applegate, CEO of Homeward added, “We share Ocwen’s high standards and believe that our corporate culture and theirs are very compatible. We are excited to join an enterprise with such momentum.”

    The definitive acquisition documents provide representations, warranties and covenants that are customary for a transaction of this nature, as well as loss sharing provisions relating to certain pre-closing liabilities. Subject to regulatory approvals, the transaction is anticipated to close by year end. Ocwen will not need to raise any additional equity capital to close the transaction.

    Joint financial advisors Barclays Capital and Citi Global Markets, Inc. provided Ocwen financial advisory and investment banking services as part of this purchase transaction. Kramer, Levin, Naftalis & Frankel, LLP were Ocwen’s legal advisors; WL Ross was represented by Jones Day.

    About Ocwen Financial Corporation

    Ocwen Financial Corporation is a leading provider of residential and commercial loan servicing, special servicing and asset management services. Ocwen is headquartered in Atlanta, Georgia, with additional offices in West Palm Beach and Orlando, Florida, Houston, Texas, St. Croix, the United States Virgin Islands and Washington, DC, and support operations in India and Uruguay. Utilizing our global infrastructure, proprietary technology, world-class training and processes, we provide solutions that help homeowners and make our clients’ loans worth more. Additional information is available at www.Ocwen.com .

    About WL Ross & Co. LLC

    WL Ross & Co. LLC, founded by Wilbur L. Ross, Jr. in 2000, is a well known private equity firm with $9 billion of funds under management. The firm has been involved with the restructuring of more than $300 billion of troubled assets, ranging from steel companies to coal companies to auto parts to rail car manufacturing and leasing in the US and abroad. Investments in financial services include banks in the US and Europe, single family and multifamily servicers and originators, and a financial guaranty company.

    About Homeward Residential Holdings, Inc.

    Homeward Residential is a nationwide integrated mortgage company with mortgage servicing and prime lending businesses. Homeward has a total servicing portfolio of more than 422,000 loans aggregating approximately $77 billion. As of September 2012, Homeward’s growing lending platform was originating approximately $10 billion of loans on an annual run-rate basis. With headquarters in Dallas, Texas, Homeward has approximately 2,800 associates working each day toward the mission of helping families realize and preserve their dream of homeownership.

    Edinburgh Mortgage Advice from First Mortgage #mortgage #service #center

    #first mortgage


    Free Impartial Advice From Your Local Edinburgh Branches

    Edinburgh Mortgage Advice

    Our award winning Edinburgh mortgage advisors have access to the whole of the UK market. With a huge range of exclusive deals at our fingertips, we are so confident in saving you money, that each mortgage we recommend is backed by our “best in market” promise!

    More importantly, we believe everyone has the right to receive independent advice about mortgage products. That’s why you’ll never pay a penny for our expert advice.

    Our expert mortgage advisors will take time to consider your individual needs, before advising you on the best mortgage product for your circumstances. Whether you are looking to buy for the first time, move up the property ladder, remortgage, or buy to let, you can rest assured knowing you’re in safe hands.

    We can also advise you on the many shared equity and 95% mortgage schemes available, and even discuss your options for saving for a home deposit.

    We do the hard work for you

    Having completed your mortgage recommendation, your dedicated advisor will then submit the mortgage applications on your behalf and then liaise with your solicitor and mortgage lender on your behalf – no hassle, no fuss!

    Our Edinburgh mortgage advisors service all of the Lothians, South Fife and The Borders, providing the face to face impartial mortgage advice that is so important when making such vital financial decisions. To make it easier for you to visit one of our four Edinburgh mortgage advice centres, we’re open Monday through to Friday from 9am 5:30pm, and from 9am 5pm on Saturdays, with evening appointments also available to accommodate your busy schedule.

    We pride ourselves in our national award winning ‘Best In Market’ mortgage broker services, which together with our knowledge of the local Edinburgh mortgage and property markets has made us Scotland’s No.1 resource for successful home purchase and remortgage transactions.

    Contact your local Edinburgh branch today to see just how much our impartial mortgage advice can save you!

    348 Leith Walk,
    (0131) 554 1344

    6 Home Street,
    (0131) 229 8336


    Mortgages from The Mortgage Company #calculate #your #mortgage

    #mortgage company


    • “We regularly recommend Laura and the Mortgage Company to clients and our own team. Laura always tries to find the best deal and provides excellent advice that is in plain english. We are delighted to be associated with you and your team.”
      Peter H. FCA CTA, Director, Petersons.
    • “Neil provided an excellent service. was readily available to meet in person whenever necessary and provided us with useful contacts .”
      John T.
    • Very good service. which I would certainly recommend to friends.”
      Michael D.
    • “Would just like to mention how fantastic Neil has been. So very helpful, he has made what could have been a very stressful time for us so much more relaxing and enjoyable .”
      Laura Andrew L.
    • Excellent service. really helpful, thank you!”
      Claire J.
    • Thorough yet efficient consultations. where other advisors fell short Laura’s determination and expertise provided us with the mortgage we needed.”
      Russ G.
    • “I have found The Mortgage Company to be very efficient, helpful and quick to respond .”
      Beth. C.
    • “Laura listened to my requirements and acted upon them to find a mortgage to suit my needs. At no time did she make me feel rushed and explained options in detail. She really wanted to, and did, help me.”
      Andrew T.
    • “Laura was fantastic. Thank you for all your help .”
      Natasha B. Ben H.
    • “As a first time buyer, I found the service very helpful. No question was left unanswered and I was always fully aware of each step of the process well in advance.”
      Robert K.
    • “I think the service is informative, efficient, personal and supportive. Thank you.”
      Anne P.
    • Brilliant service from Neil Barratt, would recommend him to anyone looking for a mortgage – any age, income or circumstance. Thorough research.”
      Sonia C.
    • “Our advisor Neil Barrett was amazing – always keeping us informed and went above beyond what was expected of him. Would definitely go to Neil for advice again.”
      Carmen W.
    • “I was very impressed by the level of service ; the way that staff kept me updated on developments, and were friendly and helpful .”
      Leisha B.
    • “We have found your service excellent. Quick responses to email enquiries we’ve been kept up to date with everything throughout. Excellent Service!”
      Sally G. W.
    • Excellent service by both Laura and Jane.”
      Nick H.
    • “Excellent service. Many thanks for all the help all your staff provided along the way.”
      Jim J.

    Professional and Independent Advice

    Buying a property is probably the largest financial transaction and commitment you are likely to undertake. Surely then, you should seek independent mortgage advice which is individually tailored to your needs and requirements?

    Based in Witney, The Mortgage Company has been advising and helping clients in Witney and Oxfordshire make the right purchasing decisions for all types of mortgage and insurance products.

    At The Mortgage Company. we are not tied to any lender, which means that we act entirely on your behalf and represent your best interests in order to establish the most appropriate mortgage quotes for you.

    There are so many types of mortgages available that it is easy to become confused, possibly opting for the product offering the lowest headline rate of interest. But when booking fees, arrangement fees, conditional insurances, higher lending charge premiums and early repayment charges are taken into account the products may not be as attractive as they first appear. Our aim is to provide our clients with an excellent service to help guide them through otherwise difficult and confusing decisions, and provide honest tailored advice to suit their needs.

    A mortgage is a loan secured against your property. Your property may be repossessed if you do not keep up repayments on your mortage or any other debt secured on it.

    This email address is being protected from spambots. You need JavaScript enabled to view it.

    For Mortgage Payment Protection Insurance and Buildings and Contents Insurance we usually offer products from a limited panel of providers

    The Mortgage Company is a trading name of The Mortgage Company Oxfordshire Ltd. The Mortgage Company Oxfordshire Ltd is an appointed representative of TenetLime Ltd which is authorised and regulated by the Financial Conduct Authority.

    Commercial Properties – Real Estate For Sale or lease from Coldwell Banker Commercial #mortgage #closing

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