Archive for January, 2008
Unsecured Loans - Incur No Risks While Funding Your Needs
Posted by admin under: Main Jan 31Even if you do not own a valued asset, a loan is still well within your reach. You will come across many unsecured loans offers when you make a search for a suitable deal on internet. Both tenants and homeowners can find these loans for host of purposes including home improvements, debt consolidation, wedding, car purchasing, and holiday tour.
You can borrow smaller amounts ranging up to ?25000 under these loans, without offering any security. The lender’s faith is main basis of the approval. Your documents of income, employment and past bank statements will be first deeply looked at for determining the terms-conditions. Your credit history will play a major role in the loan approval.
These are short term loans. The repayment duration ranges from few months to 15 years as is the loan amount and your repayment capability. One can say that you will come out of the loan burden early, without having to stretch it for many more years.
To cover the risks, the lenders charge interest at higher rate on unsecured loans. These are, thus, little costly borrowings. Still, good credit history people can find these loans at comparatively lower rate.
In case you failed to make timely payments in the past, defaulted on payments, had arrears or CCJs, still the loan is accessible as per your repayment ability. But, you must be prepared for paying interest at further rate. for bad credit history people, these loans also help improve their credit rating in few years if they repay it on time.
For competitive rates on unsecured loans, prefer taking it from online lenders as they tend to cut the rate for the deserving customer to beat the competition. These lenders also are known for charging less extra fee, which makes the loan less burdensome. Make timely repayments towards the loan installments for escaping any debt accumulation.
Mary Jones is an expert financial advisor in Loans For Everyone.She has done Masters in Finance from London Business School. To find Unsecured Loans, bad credit loans, personal loans, secured loans, personal loans for bad credit visit http://www.loansforeveryone.org/
Original here
Source: Unsecured Loans - Incur No Risks While Funding Your Needs
Is Your Mortgage at Risk?
Posted by admin under: Main Jan 31
Recently, the FSA launched a report suggesting upto a million homeowners could be at risk of repossession. They said the mortgages most at risk were mortgages which
- were more than 3.5 times income
- Mortgage over a longer period than 25 years
- Interest only mortgages.
- Mortgages more than 90% of LTV
On these criteria, I should start worrying as the first 3 apply to my own mortgage. My mortgage is currently 6 times income, 47 years and currently interest only. The only good thing is that my mortgages is 70% LTV.
To be honest, I’m not currently worried about my mortgage. The reason is.
I expect base rates to fall by at least 0.75% this year. True, it is possible banks may not pass the whole rate cuts on to consumers (I’m still waiting for the December cut) But, I expect at least part of the base rate cut will be past onto consumers.
Falling House prices isn’t really a problem. If I have to move I will get less for the house, but other houses will be comparatively cheaper to buy.
The FSA, said the real problem was when mortgage debt was combined with other types of debt like credit cards. There has been a trend to consumers taking on more debt and this means that debt repayments are taking a higher % of disposable income. True, interest rates may not rise this year, but who knows what will happen in the longterm.
There are also concerns for those who have to renegotiate a fixed rate mortgage when interest rates were lower 2 years ago. These homeowners will face a big increase in interest payments
The FSA also makes a point that many new homeowners are groups of people are not typical homebuyers, therefore it is hard to predict how they behave. I’m not sure quite what they mean by this. But, in the US, a high % of the missold subprime mortgages were concentrated amongst immigrants who are now struggling to meet mortgage payments.
The Charity Shelter, also say that they have had a record increase in the number of worried homeowners. In 2007, the charity was contacted by 80,000 borrowers about problems with their mortgages, compared with just 10,000 in 2006. Shelter go onto say, there are few mechanisms in place to help out those at risk of repossession.
I would be interested in hearing any experiences of our readers. Do you worry about meeting your mortgage payments? Do you think this year will make it more difficult to meet your mortgage payments?
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Source: Is Your Mortgage at Risk?
The Fed to the rescue again…well, sort of
Posted by admin under: Main Jan 31
The WSJ always does a great job in parsing the Fed’s statement. The move by the Fed wasn’t a surprise and the financial markets probably would have freaked if it was anything less than 50 basis points. While this may provide some short term relief to the mortgage meltdown, it could have a much worse long term affect.
If you stop and think about it, in a span of 10 days, the Fed Fund rate dropped by 1.25%! There are many things to blame for the current poor economic conditions that we’re in. But one of them, and many “experts” feel the same way, is that under our buddy Alan Greenspan, the Fed made rates too low back in the day. It was too easy to get cheap money. Could this happen again? Lets hope not. The dollar is only getting weaker and oil prices continue to climb. And the Fed can’t keep coming to the rescue.
Source: The Fed to the rescue again…well, sort of
Scenic Homes Celebrates Opening of Two Decorated Models
Posted by admin under: Main Jan 31Two of Scenic Homes Gwinnett County new home communities, Hightower Ridge and Rutledge Estates feature popular floorplans with amazing standard features from the $220s and $230s, respectively.
Plans feature at least four bedrooms, and some offer as many as six! These family-friendly homes are being built in serene neighborhoods that offer easy access to the city of Snellville, where local shopping and dining abound. Additionally, Snellville residents benefit from the great school district.
The decorated model at Hightower Ridge is the Hamilton plan. With an open foyer, formal living and dining rooms, and stunning two-story sunken family room, this plan is sure to beckon to future homeowners seeking elegance. The Hamilton features four bedrooms, one on the main level, and a spacious loft area. As in most Scenic Homes plans, the Owner’s Suite offers a relaxing retreat in the form of a Sitting Area, as well as a garden tub with separate shower. The Trent II is the decorated model at Rutledge Estates. It is a master-on-the-main plan featuring a two-story foyer, formal living and dining rooms and a spacious bayed Breakfast Area. The second level offers three additional bedrooms and a loft.
To celebrate the completion of the decorated models at Hightower Ridge and Rutledge Estates, Scenic Homes is hosting a Progressive Realtor Luncheon on Wednesday, January 30th, from 11:30 a.m. to 2:00 p.m. With local Realtors and Scenic Homes employees in attendance, it is guaranteed to be a festive occasion.
To visit these new Gwinnett County communities, take Hwy 78 to Scenic Hwy/Hwy 124 and turn right. Turn left on Henry Clower Blvd. SW and right on Lenora Church Rd. Then, for Rutledge Estates, travel approximately 4.5 miles on Lenora Church Rd. and turn left on Lee Rd. Rutledge Estates is on the right. For Hightower Ridge, go approximately 6 miles to Pleasant Hill Rd. and turn right. Go 2 miles and turn right on Hightower Trail. Hightower Ridge is just over a mile on the left.
Contact the communities as follows: l 770.978.1314 for Rutledge Estates and 770.483.6326 for Hightower Ridge. Scenic Homes builds over 45 new home communities throughout 12 counties in the Atlanta area. Please visit ScenicHomes.com for more information.
Source: Scenic Homes Celebrates Opening of Two Decorated Models
Charming Cherokee Home with Rocking Chair Front Porch
Posted by admin under: Main Jan 31Atlanta Home for Sale: Rocking Chair Front Porch in Cherokee County Master Planned Community
• Atlanta Community: Harmony on the Lakes
• Location: Cherokee County, Holly Springs, Ga.
• Builder: Sharp Residential
• Information: 770-479-8717
This gorgeous new Cherokee County home with rocking chair front porch is located on a cul-de-sac lot in Harmony on the Lakes. With four bedrooms and two bathrooms, the home has plenty of room for a growing family and a home office. Best of all, this two-story home is priced in the $290,000s. (Please see Sharp Residential agent for exact home pricing and incentives. Home prices are subject to change.)
The focal point of the home is a two-story great room with a floor to ceiling stacked stone fireplace with stone mantle. The oversized master suite offers a Whirlpool tub and a separate shower. The huge kitchen has stained maple cabinets, a self-cleaning oven, island, solid surface countertops, breakfast area and substantial pantry. The kitchen opens onto the keeping room, a great place for friends and family to gather.
Harmony on the Lakes offers and abundance of amenities including a swimming pool and tennis courts.
Driving directions to this home located at 703 Poplar Way and to the Cherokee county community, Harmony on the Lakes: Take I-575 North to exit 16B, travel 3.5 miles and turn right into Harmony on the Lakes, take a left on Poplar Court.
For more Atlanta Real Estate news and stories on Sharp Residential and Harmony on the Lakes, visit Atlanta Real Estate Forum.
Source: Charming Cherokee Home with Rocking Chair Front Porch
Bad Credit Loans - Find Hurdle Free Finance For Your Needs
Posted by admin under: Main Jan 31A bad credit tag is against your name because you made some payment faults in the past. Because of high risks, the loan providers may turn down your application. Numbers of people combat similar situation. Despite the risks you carry, you can find bad credit loans from the loan market place on certain terms-conditions.
These are especial loans for people with blemished credit history. The loan covers borrowers, who have some or multiple problems, like late payments, payment defaults, arrears, CCJs or IVAs. They get the loan approval just on proving their repayment ability through income and employment documents.
You can, thus, start new in life. These loans improve your credit rating as your credit report records each timely repayment you make towards the loan installments. Besides, these loans serve variety of purposes. Common uses of the loans are home improvements, car purchasing, wedding, holiday tour. You are able to pay back past debts also.
Bad credit loans are available as per your requirements and circumstances in secured or unsecured options. Homeowners avail the loan with comparative ease against their valued property, pledged as collateral. This way, they access the loan at comparatively lower interest rate. The loan repayment ranges 5 to 25 years. The unsecured loan is of smaller amount for both tenants and homeowners, without providing for collateral. However, interest rate will be on higher side. The loan repayment will be made in 5 to 10 years.
Take few steps prior to applying for the loans. First check your credit report for ensuring that it is completely free of any inaccuracies. You should also know as to where you stand on FICO credit scale. Better, make some improvements in your credit score by clearing easier debts, before searching the loan. Secondly, take rate quotes of as many lenders as you can for comparing them.
Usually, online lenders provide bad credit loans come at competitive rates. But, compare them for a suitable deal. Ensure that you repay the loan in time to avoid debts and to improve your credit rating.
Tom Dikkin has done his masters in Finance from Oxford university and is currently assisting Very Bad Credit Loans as a finance advisor. For more information related to Bad credit loans, Bad credit unsecured loans, Very Bad Credit Loans please visit http://www.verybadcreditloans.co.uk/
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Source: Bad Credit Loans - Find Hurdle Free Finance For Your Needs
House Lust: The New American Tradition?
Posted by admin under: Main Jan 31Here’s a quick quiz that should really hit home.
While on vacation, do you stare in storefront windows at real estate listings?
Are the websites Zillow.com, Trulia.com, and Propertyshark.com at the top of your Web browser bookmark list?
Can you name the hosts of TV shows: “This Old House” or “Extreme Makeover: Home Edition”?
If you are nodding your head “yes” to those questions and others there’s a good chance you suffer something called “house lust,” a fetish-like preoccupation with everything real estate.
House lust has become as American as apple pie, says Daniel McGinn, a Boston-based national correspondent for Newsweek. He ought to know. He wrote the book on the subject: “House Lust: America’s Obsession With Our Homes” (Random House, $24.95).
McGinn’s research indicates house lust gets some of the blame for the last housing boom-to-bust cycle because the distinctly-American addiction caused many buyers to overdose on more house than they could afford. Easy mortgage money made it affordable to carry a monkey on your back.
McGinn says instead of taking the pragmatic roof-over-your-head approach to housing, Americans have become emotional infants about shelter. They envy, scheme over, bellyache about and ogle homes they can’t have and probably don’t need.
Called a “mania for homes” house lust reached fever pitch during the last boom when supersized trophy homes, second, third and fourth homes, household-disrupting renovations, over bidding, and the fascination with real estate websites and TV programming reached “obscene” levels, says McGinn.
Even professionals left tenured careers to rush off and join the army of real estate agents.
McGinn, who explores the seven deadly sins of house lust in his book, conducted research during sleep-overs in models homes, at real estate investment seminars and by obtaining his real estate license in a single weekend.
Is the housing bust creating withdrawal symptoms?
No, says McGinn. The possibility of more house lust euphoria trumps any temporary pain caused by the housing crunch.
Here’s what McGinn’s research uncovered.
- Bigger is better. McGinn spent time with a couple who traded up in a series of houses that started at 2,000 square feet and ended with a $3 million 9,000 square foot McMansion that includes a men’s hangout room and twin dishwashers. The couple says their backyard is still too small.
- Virgin homes. McGinn uncovered the “ick factor” a cultural penchant for shiny, new things. People prefer an unsullied new home’s smell rather than living in someone else’s grit. The penchant helps fuel new home construction.
- Voyeurism. American’s have become both virtual and real life looky-loos gathering intel on line from a growing number of data-based real estate web sites and visiting open house events with no intention to buy.
- Money lust. Too many, real estate is money rather than shelter. It’s the dot com stock of the New Millennium. In fact, many refugees from the dot com disaster sought financial shelter in real estate. And many of those speculators now feel like they’ve had a bad weekend at the crap tables in Sin City.
Disclaimer: The writer of this article also has house lust. His dream home is a real, newly built, masonry, commercial loft, with a California ocean view. Yes, an unstable structure built on unstable sand in unstable Earthquake Country. It would have to be an engineering marvel. But he has to have it.
Source: House Lust: The New American Tradition?
Mortgage Spam Surges as Rates Fall
Posted by admin under: Main Jan 30According to new estimates by anti-spam solutions company Commtouch, mortgage refinance offers made up 10 percent of all junk e-mail sent in the past week.
The surge reportedly occurred after interest rates fell to near four-year lows last week, with the benchmark 30-year fixed-rate mortgage averaging 5.48 percent.
Mortgage-related e-mail subject lines included phrases such as “low mortgage rates are still available. refinance now!” and “mortgage rates are crashing - see if your zipcode qualifies”.
The company warned that a further rate cut by the Fed today would likely lead to even more mortgage-related spam.
“Now that market conditions have created fervor among homeowners wishing to refinance their mortgages, cyber-criminals are taking advantage by sending more mortgage-themed spam,” said Amir Lev, chief technology officer at Commtouch.
“Loan officers and their customers need to be particularly cautious since some content-based email filtering tools used by banks and consumers may block legitimate email messages and disrupt the communication chain.”
Despite the recent rise in mortgage offers, finance-related spam accounted for only two percent of all spam during the fourth quarter of 2007.
Commtouch also noted that e-mail correspondence between banks and customers may be delayed or even blocked by “over-zealous anti-spam technologies” which have difficulty differentiating between valid mortgage-related e-mail and spam,” all the more reason to speak to clients over the phone.
The company said it began investigating mortgage spam more closely after an e-mail from one its own employees to a loan officer got blocked by the bank’s spam filter.
It’s unclear who is behind the spam and what percentage of those who receive such offers actually act on them.
If you’re interested in staying abreast of the latest mortgage news, consider our free e-mail updates! <!– –>
Source: Mortgage Spam Surges as Rates Fall
Flagstar Reports Fourth Quarter Loss, May Suspend Dividend
Posted by admin under: Main Jan 30Flagstar Bancorp reported a fourth quarter net loss of $30.1 million, or 50 cents per share, compared to net earnings of $6.9 million, or 11 cents per share during the same period a year ago.
For all of 2007, the Michigan-based bank lost $39.2 million, or 64 cents a share, compared to earnings of $75.2 million, or $1.17 per share in 2006.
The losses were attributed to weaker gains on sales of mortgage servicing rights (”MSRs”), rising credit costs, and an impairment in the value of its securities available for sale portfolio and its trading portfolio.
Fourth quarter loan production was $6.7 billion, up from $5.4 billion during the fourth quarter of 2006, pushing full year production to $26.7 billion, an increase of 32.2 percent from $20.2 billion in 2006.
Flagstar increased its allowance for loan losses to $104.0 million, or 1.28 percent of loans held for investment, up from $45.8 million, or 0.51 percent of loans held for investment, as of December 31, 2006.
Net charge-offs of loans increased to $12.2 million during the fourth quarter, up from $5.2 million during the same period a year ago, while non-performing loans increased to $197.1 million, up markedly from $57.1 million as of December 31, 2006.
As of the end of the year, subprime loans made up approximately one percent of total assets at the bank.
Single-family residential first mortgage loans held for investment had an average Fico score of 719 and an average original loan-to-value ratio of 73.4%.
During the conference call, the bank said it will only originate home loans that can be sold to the GSEs or the FHA, and warned that it may suspend its dividend in an effort to conserve cash until the mortgage mess eases.
Despite that, the bank said yesterday it was re-launching its jumbo loan program that was temporarily halted after Aurora shut down shop.
In related news, Moody’s Investors Service downgraded the long-term deposit rating for Flagstar Bank to the lowest investment grade of “Baa3″ from “Baa2″ because of ongoing deterioration in the residential and commercial mortgage markets.
Moody’s said it held a negative outlook on the bank, noting that further delinquencies and defaults are likely to increase credit costs for Flagstar and strain earnings.
Shares of Flagstar were down $1.07, or 12.88 percent, to $7.24 in early afternoon trading on Wall Street.
If you’re interested in staying abreast of the latest mortgage news, consider our free e-mail updates! <!– –>
Source: Flagstar Reports Fourth Quarter Loss, May Suspend Dividend
Condo Trends: Tips for Homeowner Insuring
Posted by admin under: Main Jan 30Condominium owners have a few special items to consider when purchasing insurance protection. The Insurance Information Institute recommends that condo owners have two policies to protect the condominium lifestyle.
First, there’s the individual owner’s policy to protect all the contents of a dwelling, as well as structural improvements on the interior of the unit and coverage for fire, theft or other disasters covered in the policy.
Secondly, the condominium association should have a master policy that covers all the common areas the condo dweller shares with fellow owners, such as the roof, sidewalks, common walls and the like.
In addition, condo owners should ask about a few extras on the policy that single-family owners may not have to be concerned about, such as unit assessment coverage. For example, if there’s a fire in the lobby of the condo dwelling, you, as an owner, may be levied an assessment to take care of the damage. Unit assessment coverage would cover such a surprise expense so that you have no money out of your pocket.
Other items to consider would include water backup, umbrella liability, flood or earthquake, and a rider to cover expensive items such as jewelry or furs.
For more information on limits and policy explanations, visit the institute at iii.org.
Source: Condo Trends: Tips for Homeowner Insuring