Mortgage Concerns

ditech.com is known for offering low mortages

2006-08-11T04:12:00.000-07:00

ditech.com is known as being a leader in the direct lending industry. Founded in 1995, ditech.com is a member of the General Motors family of companies. A business unit of GMAC Mortgage, ditech.com delivers excellent customer service along with the security of being part of one of the largest mortgage companies in America. At ditech.com we meet our customer's expectations through our 24 hour/7 days a week full-service organization delivering competitive rates and a hassle-free loan experience.

ditech.com offers the consumer a variety of products, including first mortgages, fixed rate second mortgages, variable equity lines of credit and no closing cost option equity seconds. The online capabilities allow the customer to communicate with knowledgeable loan agents from home, work or on the road.

[Excerpt from http://www.ditech.com]

Mortgage companies bank on second mortgage loans

2006-08-11T03:43:00.000-07:00

Mortgage companies bank on second mortgage loans: An article from: Orange County Business Journal [HTML] (Digital) by Mathew Padilla

This digital document is an article from Orange County Business Journal, most recently published by CBJ, L. P. on October 12, 2003. The length of the article is 1126 words. The page length shown above is based on a typical 300-word page.

Citation Details
Title: Mortgage companies bank on second mortgage loans
Author: Mathew Padilla
Publication: Orange County Business Journal (News)
Date: October 12, 2003
Publisher: CBJ, L. P.
Volume: 26 Issue: 40 Page: 51

Distributed by ProQuest Information and Learning

How to save thousands of dollars on your home mortgage

2006-08-11T02:22:00.000-07:00

How to Save Thousands of Dollars on Your Home Mortgage (Paperback)
by Randy Johnson

Book Description
Find The Home Mortgage That’s Right For You

Finding the right mortgage can be complex, confusing, and frustrating. But that doesn’t mean you have to settle for anything other than the terms you want. This indispensable and newly updated second edition of How to Save Thousands of Dollars on Your Home Mortgage spells out everything mortgage hunters need to know in clear and accessible terms. It covers more loan alternatives than any other book and examines the importance of discount points. It offers complete details on virtually every mortgage option currently available, what advantages each option offers, how to choose the right one for your needs, and how to save money in the process. New information in this edition will help you use the Internet to find a home and get a mortgage, examine automated underwriting models and conforming loan limits, and weigh new shopping strategies.

Easy-to-read charts and graphs, helpful sample forms, and numerous examples will help you understand:

* First-time buyers programs
* APR, buy-downs, reverse mortgages, accelerated payoffs, and zero point loans
* Refinancing strategies
* Closing costs, lender fees, and other expenses
* How to dispute credit report errors and fix credit problems
* How to use the Internet for loan analysis

Reverse mortgages for dummies

2006-08-11T01:53:00.000-07:00

Reverse Mortgages For Dummies (Paperback)
by Sarah Glendon Lyons, John E. Lucas

Excerpt - page 11 : "...A reverse mortgage is sometimes called a deferred payment loan, and for a very good reason."

Excerpt - page 155 : "...The standard option is a good choice for those who want flexibility with their loan and aren't necessarily getting a reverse mortgage to pay for a large purchase in the very near future..."

Book Description
For seniors who live on a fixed income, owning a home—and keeping it—can be financially challenging. Rather than face the choice of selling your home and moving or becoming a home-owning pauper, reverse mortgage products let seniors convert part of their equity into tax-free income that can be used for anything—even mortgage payments, living expenses, or medical costs.

Reverse Mortgages For Dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of these handy loans—and keep the home you love. Covering a full range of reverse mortgage options and topics, you’ll discover how to:

* Decide if a reverse mortgage is right for you
* Shop for the best reverse mortgage products
* Find out if your home is eligible
* Find a counselor who can help you

Written by Sarah Lyons, an Assistant Editor at Mortgage Originator magazine, and John Lucas, an experienced reverse mortgage specialist, Reverse Mortgages For Dummies explains these helpful loan products in simple, easy-to-understand language free of all the jargon. Once you understand how reverse mortgages differ from other loans—and what you could do with your reverse mortgage—the book covers the specifics you need to find the right loan for you, including:

* Special advice for adult children helping their senior parents secure a loan
* How to get a reverse mortgage and keep your second home legally
* Property requirements and financing fees
* Selecting among a multitude of lenders
* Spending and estimating leftover equity
* Sharing the decision-making process with family and loved ones

If you’re a senior wondering whether a reverse mortgage can help you keep your home, this book gives you the information you need to make smart, informed decisions that are vital to you, and your family’s, security. Reverse Mortgages For Dummies will help you keep your home and live the life you want.

Reverse mortgages are OK for some but not all

2006-08-11T01:17:00.000-07:00

With costs rising, children of the elderly want to help their parents remain at home. Expert says look carefully before making this lifetime decision.

San Rafael, CA (PRWEB) August 3, 2006 -- Your folks’ home needs repair, health care costs are up, energy costs are soaring and your budget can’t cover all the costs. Is suggesting that your parents take out a reverse mortgage (a way to receive the equity from a home without making any more payments) a good idea? An expert urges families in this situation to explore all alternatives before deciding because reverse mortgages are not the best choice for everyone.

In her featured article published on Parent Care, financial expert Debra Morrison provides insights on this increasingly high profile topic. She shares that trying to predict whether parents will be able to stay in their homes long-term might be the most anxiety-producing variable of all because health changes could play havoc with a seemingly well-considered decision. Only after fully understanding the tradeoffs of their parents’ unique situation should a recommendation be made.

Available throughout August on the Parent Care website, the article explains that types of reverse mortgages available, their potential benefits and limits. It also provides thoughtful insights about who, and who should not, consider them. If there is a significant difference in your parents’ ages, if assisted living or moving your folks in with you might be future considerations, Morrison urges you to rethink the wisdom of taking a reverse mortgage.

Morrison, a Certified Financial Planner, is responsible for client relationships for Capital Financial Advisors, a San Diego based fee-only wealth management firm. She has provided commentary in diverse media from CNN, to the Wall Street Journal and America Online.

Parent Care CEO William Gillis says “We’re delighted to have someone of Debra Morrison’s stature and experience to help our audience to understand a topic that may be crucial to them and their elderly parents.”

About Parent Care, Inc.
Parent Care is the leading information provider to the country’s seven million long distance caregivers and their employers. Its low cost subscription service provides each subscriber with an 8 – 10 page report on services in the county where the seniors live. It helps caregivers assess their parents’ needs, identify/evaluate service providers to assist them and anticipate future needs. The reports are complemented by seasonal information, monthly interactive articles, weekly chats, daily tips and 24/7 senior news.

Parent Care, The Parent Care Report and The Parent Care Channel are registered trademarks of the firm.

Rising mortgage rates and home purchase loans

2006-08-11T00:45:00.000-07:00

Rising Mortgage Rates Mean Finding Competitive Home Purchase Loans is More Important Than Ever

After a five-year housing boom, mortgage rates are now reaching highs not seen in years. RealestateloanS.com offers a solution for homeowners with little time to search for affordable home purchase loans.

(PRWEB) August 2, 2006 -- The beginning of July saw mortgage rates reaching four-year highs. The increasing rates have contributed to the normalizing market. As a result, homeowners that are thinking of refinancing or prospective homeowners are better off shopping a lot of lenders to find the best rates.

RealestateloanS.com offers a solution for those that are looking for the competitive home purchase loans or refinance loans, but simply don’t have the time or resources to do it themselves.

RealestateloanS.com is a mortgage clearinghouse whose sole purpose is to find the best rates for its clients for FHA, zero down payment, sub-prime loans and more. They do this by searching the hundreds of lenders everyday. With one of the largest networks of real estate lenders and independent loan consultants in the country, their search can save current homeowners or prospective buyers thousands of dollars. Gil Kerbashian of RealestateloanS.com explains the common pitfall that most consumers find themselves in when shopping for home loans or commercial financing, "Most consumers believe all banks are the same.

It's just not so. Many are not able to manage the different lending products offered by investors so they choose not to offer some loans. And because the bank’s loan officer can't offer the product, the bank client never see's the option." RealestateloanS.com massive network of lenders is the solution to avoid being pigeon-holed into what an individual bank can offer. The results are affordable home purchase loans and refinance loans that are tailored to their clients.

Kerbashian explains, "Our company is positioned with a birds-eye view of what the industry is doing. We act as a mortgage clearinghouse. Everyday we look at hundreds and hundreds of rates and see who nationally is offering the best terms. We offer that insider knowledge to our clients so that they receive access to the best terms the real estate loan industry has to offer."

RealestateloanS.com's specialties are not limited to affordable home purchase loans either; they also offer apartment mortgage loans and other commercial real estate coverage. There website is also a great resource for learning the process of finding all types of home and commercial loans with a vast array of programs, from conventional conforming to jumbo, from zero down to no documentation. They have great tools like the Rent vs. Buy Calculator, the Yield Maintenance Calculator, and the Loan Payment Calculator. They also keep their clients in the know with the extensive and helpful Mortgage Glossary that clears up any confusion about all of the terminology that is specific to the industry. With sections on both Home Loan Links and Commercial Loan Links, RealestateloanS.com encourages its customers to become educated on what they are looking for, whether its home or apartment loans, Freddie Mac or Fannie Mae loans online.

For more information on affordable home purchase loans or commercial loans, please visit RealestateloanS.com.

About RealestateloanS.com:

A clearinghouse for mortgages, RealestateloanS.com is one of the largest networks of lenders and individual loan consultants in the country. They search rates daily to attain the best rate for their customers who may be interested in FHA loans, interest only loans, piggyback loans and more.

Nonprime mortgage loans - facts and statistics

2006-08-11T00:11:00.000-07:00

[Excerpt from National Home Equity Mortage Association (www.nhema.org) on nonprime mortgage loans]

What Is a NonPrime Mortgage Loan?

Nonprime, or non-conforming, mortgage loans are loans made to borrowers who, for any reason, cannot qualify for a prime loan. Reasons might include income, employment history, loan size, past credit problems or other factors. Without nonprime lenders, many of these people would have no access to mainstream credit markets at all.

* Annual nonprime home equity loan originations exceed $600 billion.
* The average interest rate on a nonprime home equity loan in 2004 was just 7.65%. * The average loan-to-value ratio for a nonprime loan is 81%, compared to 76% for a conventional purchase mortgage.
* The average nonprime mortgage loan is $130,000.

Who Benefits from NonPrime Lending?

Millions of American homeowners from all 50 states and all walks of life use nonprime home equity loans to invest in building a better life – consolidating debts, financing education, making home improvements, and much more.

* Over 6 million homeowners hold nonprime mortgage loans.
* The average nonprime mortgage borrower earns $54,165 a year.
* Between 30% and 50% of all Americans are classified as nonprime borrowers.
* The average nonprime borrower had a 638 FICO (Fair, Isaac & Co.) credit score in 2004, an increase from 607 in 2001.

Mortgage calculators

2006-08-11T00:00:00.000-07:00

Mortgage calculators to help you handle your mortgage payment calculations.

Calculated Industries 3415 Qualifier Plus IIIX

Technical Details

* Versatile buyer pre-qualifying for conventional and FHA/VA loans to show homes within price range

* Complete PITI payment solutions to demonstrate interest only and other "What If" scenarios

* Amortization with remaining balances

* Calculate combo loans (80:10:10 and 80:15:05), bi-weekly loans, ARMs provide flexible payment options

* Easy rent vs. buy comparisons and estimated tax savings show benefits of ownership

Product Description

The Qualifier Plus IIIx is the most versatile and easy-to-understand real estate calculator on the market. Provide fast and accurate payment solutions and qualify buyers on the spot! Perfect for all real estate finance professionals - including agents brokers bankers mortgage originators title officers and trainers.

Real Estate Calculator Suite

Product Description
If real estate math or financial math stress you, Real Estate Calculator Suite is the help you need! The 16 real estate and financial calculators in Real Estate Calculator Suite give you the ability to play with your own financial numbers as you consider a real estate purchase. Real Estate Calculator Suite includes 2 Quick Calculators, 2 Downpayment Savings Calculator, a pop up calculator, a Mortgage Qualifier, Amortization Calculator with Monthly and Annual schedules, Loan Spread Calculator, a Biweekly Payment Calculator, a Refinancing Calculator, an Estimated Closing Cost Calculator, Home Seller's Proceeds Calculator, Rent or Buy Calculator, and Prepayment Calculator. Based on Wheatworks Software's experience developing financial calculators for corporate real estate clients, Real Estate Calculator Suite is designed for real estate consumers and professionals.

Real Estate Calculator Suite includes a Date Calculator, a Fraction / Decimal interest rate conversion table, sample text for closing credit accounts, a Documentation List to help you gather your loan application paperwork, a Home Inspection form to help you review potential homes, a Mover's To Do List and useful tips for home buyers and sellers.

This real estate software works with these Windows operating systems: 95, 98, ME, NT 4, 2000, XP Home and XP Pro.

BancTec launches new product to help clients offer the best mortgages

2006-08-10T23:42:00.000-07:00

BancTec launches a new mortgage product to help packagers and lenders offer the best mortgages to their customers.

Press Releases
* Submitter: Banctec [View SourceWire PR Company Listings]
* Release Date: 01-08-2006
* 176 views on SourceWire
* View all releases submitted by Banctec
* Use Tech Response Source .

BancTec launches new mortgage product maintenance service to cut costs for packagers and lenders

1st August 2006, Colnbrook, UK – BancTec Limited, the financial systems and outsourcing specialist, today announced a cost effective new mortgage product sourcing service for packagers and lenders. The service allows packagers and lenders to outsource the administration and maintenance of comprehensive mortgage product data, including fully codified product rules that facilitate automated underwriting.

BancTec Managed Services enables packagers and lenders to rapidly search the market for products that best meet customers’ individual needs, in compliance with FSA regulations. Accurate, regulated key facts illustrations for the entire range of lenders’ and packagers’ offerings, including sub-prime and non-regulated products such as buy-to-let and equity release, are generated in an instant.

Upon payment of an initial set-up charge and ongoing maintenance fee packagers and lenders are immediately relieved of the immense, costly and time-consuming burden of regularly updating the product databases they rely on to match available products with customer requirements.

For many years BancTec has delivered effective outsourced services to a wide variety of financial services organisations, according to stringent, pre-defined service level agreements. “BancTec’s experience in managing large-scale, high-volume document and data management projects, specifically in the financial sector, has enabled us to identify this service as one that offers tangible benefits to packagers and lenders operating in the mortgage sector,” commented James Silcock, Business Development Director of BancTec.

“Our clients are saving money, providing accurate, up-to-date information to their customers and prospects in a timely manner, offering a more competitive service and releasing resources to focus on providing outstanding customer service. Ultimately they are in a better position to offer the best mortgage solution to meet individual customer requirements.” stated Silcock.

- ends -

About BancTec

BancTec is a worldwide systems integration, business process outsourcing (BPO), software and services company delivering high-volume, mission-critical solutions to automate and streamline data and paper-intensive business processes. BancTec has deployed transaction solutions in over 50 countries and counts among its customers some of the most prominent companies in the world. As a leading worldwide solutions provider, over 50 million documents or items are captured and processed by BancTec systems every day across the world.

BancTec Managed Services combines a unique approach to outsourcing with a high degree of flexibility, scalability and automation to provide unprecedented levels of service in the capture, processing and storage of many types of documents, payments and data sets.

BancTec complements its solution offerings with a line of proven hardware systems, backed by dependable service and support. More at: www.banctec.co.uk

Press enquiries:

James Silcock or Ian Painter
BancTec Limited
Tel: +44 (0)1753 778888
Email: james.silcock@banctec.co.uk or ian.painter@banctec.co.uk

Survey reveals how homeowners are paying off mortage loans including second mortages and home equity options

2006-08-10T23:19:00.000-07:00

Press Release

DITECH.COM SURVEY REVEALS HOMEOWNERS MAY BE OVERLOOKING HELPFUL PERSONAL FINANCE OPTIONS

COSTA MESA, CALIF. - October 24, 2005 - Ditech.com, a leading mortgage
lender, today announced that the ditech.com U.S. Homeowner's Survey
revealed that homeowners are focused on paying off their mortgages but it
may come at the cost of their overall personal financial future. While
one in three homeowners expects to have their mortgage paid-off within
the next ten years, many are overlooking attractive financial
opportunities that are right in front of them.

"U.S. homeowners are proving the critics wrong. The vast majority
believe they will pay off their mortgage and the average homeowner is more
than half way there," commented Mike McCarthy, general manager,
ditech.com. "It's clear that homeowners have the best of intentions but it's
important that they fully understand the financial opportunities that
their home presents for their family's financial future. Proper evaluation
of mortgage options can help households manage their financial
priorities without exhausting emergency savings, delaying retirement or being
forces into higher-interest alternatives like credit cards."

U.S. HOMEOWNERS ARE ON TRACK TO PAY OFF MORTGAGES
Ditech.com's survey revealed that virtually all respondents have
already paid off, or are confident they will pay off their mortgages. Despite
chatter among skeptics in the industry, U.S. homeowners are looking to
pay their homes off within a decade and are already more than halfway
there. Key findings that demonstrate this trend include:

- Nine out of ten respondents have already paid off, or believe they
will pay off, their mortgages
- U.S. Homeowners surveyed have paid off an average of 53% of their
total mortgage (including all second mortages and home equity options)
- 1 in 3 homeowners estimate they have less than $75,000 to pay off
their mortgage
- More than 1/4 of respondents (28%) believe they will pay off their
mortgage within the next ten years

U.S. HOUSEHOLDS MAY BE OVERLOOKING IMPORTANT PERSONAL FINANCING OPTIONS
When it comes to their financial future, U.S. homeowners may not be
looking at the full picture. Survey results showed that, excluding
mortgages, U.S. homeowners expect doctor bills and healthcare to be their
largest household expenses in the next five years. However, when asked how
they plan to pay for these critical family costs, respondents pointed
to using personal savings and delaying retirement before tapping into
home equity options.

"The home is a homeowners' biggest financial asset and, when used
properly, it can deliver very high returns. We all face large expenses,
ranging from healthcare to credit cards, and there are many ways to use a
mortgage as a smart financing tool to fund these costs without
sacrificing financial security," continued McCarthy.

"By tapping into personal savings or using high-interest credit cards,
you may not be exercising the best financial option for you and your
family. However, with the right home equity product, homeowners can have
a personalized, flexible financial tool at their fingertips."

Key findings that demonstrate this trend include:

- Excluding their mortgage, U.S. homeowners cite doctor bills or
healthcare as their largest expense in the next five years.
- 1 in 5 respondents over thirty cited doctor bills or healthcare as
their largest expense in the next five years
- 1 in 3 respondents over fifty cited doctor bills or healthcare as
their largest expense in the next five years
- U.S. homeowners cited home renovations as their second largest
household expense in five years
- Majority of homeowners think it is financially responsible to use
home equity for their largest future expenses.
- 61% of respondents believe it is financially responsible to use home
equity to pay for medical expenses
- 63% of respondents believe it is financially responsible to use home
equity to pay for home renovations
- When asked how they personally plan to pay for their largest future
expenses, home equity was not a part of the payment plan.
- Almost half of respondents (48%) reported that they would use
personal savings.
- Over 1/4 of respondents (27%) said they plan to delay retirement.

Ditech.com and CARAVAN Opinion Research Corporation conducted a
national telephone survey of 1,347 households nationwide between September 22
and September 26, 2005. For a sample of 1,347 the margin is plus or
minus three percentage points at the 95% confidence level.

About ditech.com
Founded in 1995, ditech.com® is a wholly owned subsidiary of
Residential Capital Corporation (ResCap), which is owned by GMAC Financial
Services. A business unit of GMAC Mortgage, ditech.com delivers excellent
customer service along with the security of being part of one of the
largest mortgage companies in America. Ditech.com offers the consumer a
variety of products, including first mortgages, variable equity lines of
credit and no closing cost equity seconds. The online capabilities allow
the customer to communicate with knowledgeable loan agents from home,
work or on the road.

The benefits of a second mortage

2006-08-10T22:43:00.000-07:00

So why get a second mortage? Well, there are all sorts of reasons that you might want to free up the equity locked up in your home. You might not have considered that you could use a second mortgage to pay for so many different things, but in practice most second mortgage providers are not overly concerned what you decide to spend your money on.

Most people use the money to consolidate their other debts, which can be a good move – as long as you then resolve to keep that as the only debt you have.

Another common reason to get a second mortage is to finance home improvements and increase the value of your property still further. This can be a risky move, but if you know what you’re doing, it pays off. Taking out a second mortgage to do something like build a conservatory is generally quite stupid, as they are unlikely to make back anywhere near what you paid for them. Wooden floors and second bathrooms, on the other hand, are always sound investments if they are not already present.

Of course, if you’re planning to invest the money, there’s nothing to say that you have to invest it in your own home. Some daring souls take the money and plough it into the stock market, or invest in starting up a business. The risk of failure is massive in such ventures, but if you pull it off, you’ll be doing really well.

On the whole, it isn’t such a great idea to use a second mortage to take money that you have no way to recoup. If you spend it on a car, for example, you have no way of getting all the money back, as cars lose massive amounts of value the second you drive them out of the dealership. This is even more true for holidays, and college or university tuition.

John Gibb is the owner of second mortgage guide For more information on second mortgages check out http://www.2nd-mortgage-guidance1k.info

Article Source: http://EzineArticles.com/?expert=John_Gibb

Mortgage companies bank on second mortage loans

2006-08-10T22:31:00.000-07:00

Mortage companies bank on second mortage loans: An article from: Orange County Business Journal [HTML] (Digital) by Mathew Padilla

This digital document is an article from Orange County Business Journal, most recently published by CBJ, L. P. on October 12, 2003. The length of the article is 1126 words. The page length shown above is based on a typical 300-word page.

Citation Details
Title: Mortgage companies bank on second mortgage loans
Author: Mathew Padilla
Publication: Orange County Business Journal (News)
Date: October 12, 2003
Publisher: CBJ, L. P.
Volume: 26 Issue: 40 Page: 51

Distributed by ProQuest Information and Learning

Second mortgages

2006-08-10T21:47:00.000-07:00

A quick look at books which mention second mortgages :

Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls by Jack Guttentag (Paperback - May 7, 2004)

Excerpt - page 12: "... FRM rate you can obtain in the market. If the second rate is lower, which is ... ARM Needed to Qualify?, Interest-Only Mortgage/Interest-Only ARMs, Second Mortgages/ Negative Amortization ARM May Prevent a Second ..."

Investing for Dummies, Third Edition by Eric Tyson (Paperback - Dec 6, 2002)

Excerpt - page 163: "... buy or refinance real estate. Such loans are known as mortgages or second mortgages. Private mortgage investments appeal to investors who don't like ..."

Excerpt - page 259: "...Real Estate Dilemmas and Decisions When to consider a home equity loan Home equity loans, also known as second mortgages , allow you to borrow against the equity in your home in addition to the mortgage that you already have ..."

Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Second Edition by Aswath Damodaran (Hardcover - Jan 18, 2002)

Excerpt - page 216: "... perception than on fact. Any homeowner who has taken a second mortgage on a house that has appreciated in value knows that ..."

Books on home mortages

2006-08-10T21:16:00.000-07:00

A list of best selling guide books on home mortages :

Mortgage Encyclopedia: An Authoritative Guide to Mortgage Programs, Practices, Prices and Pitfalls by Jack Guttentag (Paperback - May 7, 2004)

Book Description
A one-stop reference for in-depth explanations of mortgage topics With the creation of so many new, complex mortage programs, it's difficult for consumers --not to mention real estate agents, attorneys, closing agents, and mortgage brokers--to keep track of them all. Written by nationally syndicated real estate columnist Jack Guttentag, The Mortgage Encyclopedia helps readers understand the various mortgage terms, features, and options by offering clear, precise explanations. The alphabetical organization of terms makes it easy to quickly find information on any topic, from FHA, Investor, and No-PMI Loans to Origination Fee and Rate Float.

Mortgages 101: Quick Answers to Over 250 Critical Questions About Your Home Loan (Paperback) by David Reed

Book Description
With more people than ever before applying for new loans and refinancing, an easy-to-understand guide has become a necessity for anyone confused by the complicated issues at stake. Mortgages 101 answers all the questions readers typically have, detailing all the latest changes in mortgage processes, and showing readers how to save money by:* understanding important terms like ARMs and Hybrids -- and what's in the fine print * improving their credit scores to increase their borrowing power* using technology to get the lowest interest rates* maximizing their return on investment, and cutting the cost of mortgage insuranceArranged in an easily accessible question-and-answer format, the book provides up-to-date lending formulas, as well as important information on lending requirements and application procedures. Mortgages 101 contains all the information readers need to know, in one must-have reference.

The 106 Mortgage Secrets All Homebuyers Must Learn--But Lenders Don't Tell (Paperback) by Gary W. Eldred

Book Description
One of America’s top real estate authorities explains the inside secrets of the mortgage business

Each year, more than ten million American homebuyers, homeowners, and realty investors enter the mortgage arena to finance or refinance their homes and rental properties. And each year, millions of borrowers pay more than they have to. But you won’t be one of them with Gary Eldred’s 106 Mortgage Secrets All Homebuyers Must Learn–But Lenders Don’t Tell.

Eldred explains all of your mortgage options and gives you the inside information you need to make the most intelligent money-saving choices. He simplifies the complicated math of mortgage financing and tells you how to make sure your loan rep is being honest with you.

Allied Home Mortage Capital Corp opens new branch

2006-08-10T20:47:00.000-07:00

Source: Allied Home Mortgage

Allied Home Mortage Capital Corporation Opens New Branch Office in Wheaton

WHEATON, Ill., Aug. 1, 2006 (PRIMEZONE) -- Allied Home Mortage Capital Corporation (AHMCC) has opened a new branch in Wheaton, Illinois. The branch is the first one in the city and fourteenth in the state.

Dan Yelovich will be the branch manager for the new office. He has over eleven years' experience in the mortgage banking industry. He has lived in the Wheaton area for 20 years. He is married and has two children. Dan is a graduate of Wheaton College.

The new branch will be located at 1755 South Naperville Road, Suite 107, Wheaton, Illinois 60187 and can be reached at 630-510-3265 or DYMortgage@aol.com. An open house will be held at their new office on Tuesday, August 22, 2006 from 2:00 PM to 4:00 PM.

About Allied:

Founded in 1991, AHMCC is the largest privately held mortgage banker/broker in the U.S., with more than 650 offices operating in 49 states and the United States Virgin Islands. It offers a wide variety of mortgage products and services from over 800 lenders.

In 2004 the company funded over $12 billion in loans and was named as one of "The Top 25 Tech-Savvy Lending Firms" by Mortgage Technology magazine.

For more information about the company, visit Allied's websites at www.branchasap.com, www.mortgageasap.com and its Spanish language site, www.prestamopronto.net.

The Allied Home Mortgage logo is available at http://media.primezone.com/prs/single/?pkgid=704

CONTACT: Allied Home Mortgage Capital Corporation
Dan Yelovich, Branch Manager
(630) 510-3265
DYMortgage@aol.com

Nonprime mortage loans - facts and statistics

2006-08-10T20:03:00.000-07:00

[Excerpt from National Home Equity Mortage Association (www.nhema.org) on nonprime mortage loans]

What Is a NonPrime Mortage Loan?

Nonprime, or non-conforming, mortage loans are loans made to borrowers who, for any reason, cannot qualify for a prime loan. Reasons might include income, employment history, loan size, past credit problems or other factors. Without nonprime lenders, many of these people would have no access to mainstream credit markets at all.

* Annual nonprime home equity loan originations exceed $600 billion.
* The average interest rate on a nonprime home equity loan in 2004 was just 7.65%.
* The average loan-to-value ratio for a nonprime loan is 81%, compared to 76% for a conventional purchase mortgage.
* The average nonprime mortgage loan is $130,000.

Who Benefits from NonPrime Lending?

Millions of American homeowners from all 50 states and all walks of life use nonprime home equity loans to invest in building a better life – consolidating debts, financing education, making home improvements, and much more.

* Over 6 million homeowners hold nonprime mortgage loans.
* The average nonprime mortgage borrower earns $54,165 a year.
* Between 30% and 50% of all Americans are classified as nonprime borrowers.
* The average nonprime borrower had a 638 FICO (Fair, Isaac & Co.) credit score in 2004, an increase from 607 in 2001.

Reverse mortages for dummies

2006-08-10T19:31:00.000-07:00

Reverse Mortgages For Dummies (Paperback) by Sarah Glendon Lyons, John E. Lucas

Book Description
For seniors who live on a fixed income, owning a home—and keeping it—can be financially challenging. Rather than face the choice of selling your home and moving or becoming a home-owning pauper, reverse mortgage products let seniors convert part of their equity into tax-free income that can be used for anything—even mortgage payments, living expenses, or medical costs.

Reverse Mortgages For Dummies covers all the basics of reverse mortgage products so you and your adult children can understand and take full advantage of these handy loans—and keep the home you love. Covering a full range of reverse mortgage options and topics, you’ll discover how to:

* Decide if a reverse mortgage is right for you
* Shop for the best reverse mortgage products
* Find out if your home is eligible
* Find a counselor who can help you

Written by Sarah Lyons, an Assistant Editor at Mortgage Originator magazine, and John Lucas, an experienced reverse mortgage specialist, Reverse Mortgages For Dummies explains these helpful loan products in simple, easy-to-understand language free of all the jargon. Once you understand how reverse mortgages differ from other loans—and what you could do with your reverse mortgage—the book covers the specifics you need to find the right loan for you, including:

* Special advice for adult children helping their senior parents secure a loan
* How to get a reverse mortage and keep your second home legally
* Property requirements and financing fees
* Selecting among a multitude of lenders
* Spending and estimating leftover equity
* Sharing the decision-making process with family and loved ones

If you’re a senior wondering whether a reverse mortage can help you keep your home, this book gives you the information you need to make smart, informed decisions that are vital to you, and your family’s, security. Reverse Mortages For Dummies will help you keep your home and live the life you want.

Reverse mortages are OK for some but not all

2006-08-10T18:49:00.001-07:00

With costs rising, children of the elderly want to help their parents remain at home. Expert says look carefully before making this lifetime decision.

San Rafael, CA (PRWEB) August 3, 2006 -- Your folks’ home needs repair, health care costs are up, energy costs are soaring and your budget can't cover all the costs. Is suggesting that your parents take out a reverse mortage (a way to receive the equity from a home without making any more payments) a good idea? An expert urges families in this situation to explore all alternatives before deciding because reverse mortages are not the best choice for everyone.

In her featured article published on Parent Care, financial expert Debra Morrison provides insights on this increasingly high profile topic. She shares that trying to predict whether parents will be able to stay in their homes long-term might be the most anxiety-producing variable of all because health changes could play havoc with a seemingly well-considered decision. Only after fully understanding the tradeoffs of their parents’ unique situation should a recommendation be made.

Available throughout August on the Parent Care website, the article explains that types of reverse mortages available, their potential benefits and limits. It also provides thoughtful insights about who, and who should not, consider them. If there is a significant difference in your parents’ ages, if assisted living or moving your folks in with you might be future considerations, Morrison urges you to rethink the wisdom of taking a reverse mortage.

Morrison, a Certified Financial Planner, is responsible for client relationships for Capital Financial Advisors, a San Diego based fee-only wealth management firm. She has provided commentary in diverse media from CNN, to the Wall Street Journal and America Online.

Parent Care CEO William Gillis says “We’re delighted to have someone of Debra Morrison’s stature and experience to help our audience to understand a topic that may be crucial to them and their elderly parents.”

About Parent Care, Inc.
Parent Care is the leading information provider to the country’s seven million long distance caregivers and their employers. Its low cost subscription service provides each subscriber with an 8 – 10 page report on services in the county where the seniors live. It helps caregivers assess their parents’ needs, identify/evaluate service providers to assist them and anticipate future needs. The reports are complemented by seasonal information, monthly interactive articles, weekly chats, daily tips and 24/7 senior news.

Parent Care, The Parent Care Report and The Parent Care Channel are registered trademarks of the firm.

Full title of the home is retained without any risk of losing the home to the lender. And no matter what happens to the housing market, seniors can never owe more than the value of their home when it is sold.

When the last-remaining parent passes away while living in the home, the heirs simply pay off the reverse mortgage principal plus accrued interest. If heirs want to keep the home in the family, a new traditional mortgage can be arranged.

If no one in the family is interested in keeping the home, it can be sold to repay the loan. Any money left over goes to the estate to be shared according to the seniors' last wishes.

For more information on a California reverse mortgage loan please call 866 398 4664 or go to:

FreeFinancialConsulting.com offers free, no obligation, advice in all areas of personal finance including insurance and home loans. In addition to California reverse mortgage information, advice on other mortgage products such as refinance and debt consolidation is available.

company: Camelot Marketing
contact person: Keith Hunt
e-mail: camelot21@mindspring.com
phone: 9099871233
site: http://www.freefinancialconsulting.com

More mortage loan calculators

2006-08-10T18:49:00.000-07:00

Creative Creek's software turns your PDA into a high-end scientific and mortage loan calculator :

MathU 153; 3.0
Advanced RPN Scientific and Financial Calculator for Palm OS

MathU 153; is software that turns your PalmOS handheld computer into a Reverse Polish Notation (RPN) scientific and financial calculator. The software has a natural calculator interface that allows you to easily access the many scientific functions as well as mortage and loan functions.

MathU 153; is a Reverse Polish Notation (RPN) scientific and financial calculator for the PalmOS Handheld computers.

Easy Mortage Calculator from Ashkon Software, allows you instantly determine your monthly mortgage payments, total payments, total interest and prepayment savings with a fixed interest rate schedule. One time down payment or monthly prepayment calculation options are available. Major banks compete for your mortgage, refinance and home equity loan, make the right choice.

Mortage loan calculator from Felitec

2006-08-10T18:01:00.000-07:00

A mortage loan calculator from Felitec called the LOAN AND MORTGAGE 153; - amortization schedule calculator is able to handle any type of loan.

Loan And Mortgage 153; calculates amortization schedules for American and Canadian mortgages, personal loans, car loans and miscellaneous other kind of loans. For each installment of a loan or mortgage, it calculates amortization details such as...

* Installment Date,
* Number of days since last installment
* Installment Interest,
* Installment Principal,
* Interest to Date,
* Principal to Date and
* Loan Balance
* Interest factor

Mortage rates fall to new low

2006-08-10T17:12:00.000-07:00

Press Release
Source: Bankrate, Inc.

Bankrate: Mortgage Rates Fall to Three-month Low
Thursday August 3, 7:30 am ET

NEW YORK, Aug. 3 /PRNewswire-FirstCall/ -- Mortgage rates declined for the third time in the last four weeks on the heels of slower second quarter economic growth. The average 30-year fixed rate mortgage fell to 6.65 percent, the lowest since April 26. According to Bankrate.com's weekly national survey of large lenders, the 30-year fixed rate mortgages had an average of 0.3 discount and origination points.

The average 15-year fixed rate mortgage, popular for refinancing, dropped by a similar amount to 6.3 percent. On larger loans, the average jumbo 30-year fixed rate declined to 6.86 percent. Adjustable rate mortgages also declined. The average 5/1 adjustable rate mortgage slid to 6.36 percent, and the average one-year ARM retreated to 6.03 percent.

Validation that the economy did indeed grow at a slower pace pushed mortgage rates lower this week. The initial Gross Domestic Product for second quarter revealed a growth rate of 2.5 percent, but mortgage rates have fallen by one-quarter percentage point in the past month on mounting evidence that the economy is downshifting. Slower economic growth increases demand for long- term government bonds and reduces fears of inflation over a long horizon. Both send Treasury yields lower. Mortgage rates are closely related to yields on long-term Treasury securities.

Fixed mortgage rates are nearly three-quarters of a percentage point higher than one year ago. One year ago, the average 30-year fixed mortgage rate was 5.91 percent, meaning that the monthly payment on a loan of $165,000 was $979.73. With the average 30-year fixed rate now 6.65 percent, the same loan originated today would carry a monthly payment of $1,059.24. Despite recent increases, fixed mortgage rates remain an attractive refinancing alternative for adjustable rate borrowers facing sharp payment adjustments.

SURVEY RESULTS

30-year fixed: 6.65% -- down from 6.77% last week (avg. points: 0.3)
15-year fixed: 6.3% -- down from 6.39% last week (avg. points: 0.32)
5/1 ARM: 6.36% -- down from 6.47% last week (avg. points: 0.28)

Bankrate's national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

For a full analysis of this week's move in mortgage rates, go to: http://www.bankrate.com/mortgagerates

The survey is complemented by Bankrate's weekly forward-looking Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next 30 to 45 days. The panelists say rates are unlikely to fall further. Half of respondents expect rates to rise, and 40 percent say rates will remain unchanged. Just 10 percent predict that rates will decline in the next 30 to 45 days.

For the full mortgage Rate Trend Index, go to: http://www.bankrate.com/RTI

About Bankrate, Inc.

Bankrate, Inc. (Nasdaq: RATE - News) owns and operates Bankrate.com, a leading Internet consumer banking marketplace. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. It is the leading aggregator of more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2005, Bankrate.com had over 46 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (Nasdaq: YHOO - News), America Online (NYSE: TWX - News), The Wall Street Journal (NYSE: DJ - News) and The New York Times (NYSE: NYT - News). Bankrate.com's information is also distributed through more than 400 national and state publications. In addition to Bankrate.com, Bankrate, Inc. also owns and operates FastFind, an internet lead aggregator and MMIS/Interest.com, which publishes mortgage guides and financial rates and information.

NOTE TO EDITORS:

Interviews: The reporters, financial experts and management team are available for print, Web, radio and TV interviews -- live or taped.

Analysis, fact checking: Our personal finance experts can offer insights, quotes, background, research and rate data.

Radio: The Bankrate Personal Finance Minute for radio is available for broadcast. Multiple talkers available for shows -- live or taped.

TV: Our experts are experienced with live and taped segments. We have talkers available via satellite feed.

Print/Web: Award-winning reporters and editors creating thousands of evergreen and fresh articles for your paper or site.

Editor Alert: Receive breaking news from Bankrate via your e-mail: http://www.bankrate.com/editorsalert

Learn more about Bankrate management:
http://www.bankrate.com/coinfo/staff.asp
Use Bankrate.com's Press Page: http://www.bankrate.com/broadcast

For more information, contact:
Kayleen Keneally
Director, Corporate Communications
kkeneally@bankrate.com
917-368-8677

Mortage calculators

2006-08-10T16:51:00.000-07:00

Mortage calculators to help you handle your mortage payment calculations.

A mortage calculator gauges best mortgage deals

2006-08-10T16:31:00.000-07:00

Independent calculator gauges best mortgage deals

Wednesday, 26 July 2006, 10:46 am
Press Release: Word of Mouth Media
Media release - July 26, 2006

Independent calculator busy gauging best deals in the rising mortage rate market

An independent mortgage calculator to beat rising interest rates is receiving significant interest as the Reserve Bank announces its official cash rate (OCR) tomorrow.

Financial commentators are forecasting the possibility of another rate rise this year as the Reserve Bank battles to hold down inflation, running at 4.0 percent, which is the highest in 16 years.

Tomorrow, the Reserve Bank will announce its stance on the OCR, though no change is expected to the current 7.25 per cent rate, but
mortgage rates are continuing to rise.

Today, online financial commentator www.interest.co.nz said many of New Zealand's 1.16 million mortgages will soon be rolling over.

The company has just launched a mortage calculator, to help people with mortgages by deciding the best option when their fixed-term rate contract was up for rollover.

Interest.co.nz publisher David Chaston said 82.5 percent of people with home mortages were looking around at the best deal for fixed rates.

It is estimated that more than half of all mortgages – more than $60 billion in contracts – will be up for review in the next year, and a disproportionate number will be due in the next six months.

"Two year bank fixed rates range from 7.85% to 8.30%. Banks with lower rates will soon be raising them,"’ Chaston said today.

"There are a very wide range of options available so people with mortgages – which is most of us – need to work out is the best for them."

"The mortgage calculator on our website allows home-owners to compare two competing mortgage offers, and instantly see the total cost comparison which is something bank calculators won't tell you."

"It lets you explore for the best set-up. It will show what interest rate you can afford."

A mortgage calculator gauges best mortgage deals

2006-08-10T15:57:00.000-07:00

Independent calculator gauges best mortgage deals

Wednesday, 26 July 2006, 10:46 am
Press Release: Word of Mouth Media
Media release - July 26, 2006

Independent calculator busy gauging best deals in the rising mortgage rate market

An independent mortgage calculator to beat rising interest rates is receiving significant interest as the Reserve Bank announces its official cash rate (OCR) tomorrow.

Financial commentators are forecasting the possibility of another rate rise this year as the Reserve Bank battles to hold down inflation, running at 4.0 percent, which is the highest in 16 years.

Tomorrow, the Reserve Bank will announce its stance on the OCR, though no change is expected to the current 7.25 per cent rate, but
mortgage rates are continuing to rise.

Today, online financial commentator www.interest.co.nz said many of New Zealand ‘s 1.16 million mortgages will soon be rolling over.

The company has just launched a mortgage calculator, to help people with mortgages by deciding the best option when their fixed-term rate contract was up for rollover.

Interest.co.nz publisher David Chaston said 82.5 percent of people with home mortgages were looking around at the best deal for fixed rates.

It is estimated that more than half of all mortgages – more than $60 billion in contracts – will be up for review in the next year, and a disproportionate number will be due in the next six months.

"Two year bank fixed rates range from 7.85% to 8.30%. Banks with lower rates will soon be raising them,"’ Chaston said today.

"There are a very wide range of options available so people with mortgages – which is most of us – need to work out is the best for them."

"The mortgage calculator on our website allows home-owners to compare two competing mortgage offers, and instantly see the total cost comparison which is something bank calculators won't tell you."

"It lets you explore for the best set-up. It will show what interest rate you can afford."

Mortgage interest rate

2006-08-10T15:55:00.000-07:00

Digital guide books

Hybrid mortgages: A solution to rising mortgage interest rates: An article from: Healthcare Financial Management by William G Kistner (Digital - May 31, 2000) - HTML

Book Description
Rising interest rates may lead home buyers to seriously consider a fixed-period adjustable loan. This hybrid loan promises a fixed interest rate for a specified period. After the fixed-rate period ends, the interest rate typically is adjusted every year. In exchange for risking an increase in rates at the end of the fixed period, the borrower is rewarded with an initial interest rate that is somewhat lower than rates on comparable 30-year fixed-rate mortgages, but higher than a one-year adjustable-rate mortgage.

This digital document is an article from Healthcare Financial Management, most recently published by Healthcare Financial Management Association on May 31, 2000. The length of the article is 665 words.

Citation Details
Title: Hybrid mortgages: A solution to rising mortgage interest rates
Author: William G Kistner
Publication: Healthcare Financial Management (Feature)
Date: May 31, 2000
Publisher: Healthcare Financial Management Association
Volume: 54 Issue: 5 Page: 96-98

Distributed by ProQuest Information and Learning

Low interest rates keep home price growth robust.(Real Estate Special Supplement)(lowest mortgage interest rates in 45 years): An article from: Fairfield County Business Journal (Digital - Sep 15, 2003) - HTML

Book Description
This digital document is an article from Fairfield County Business Journal, published by Westfair Communications, Inc. on September 15, 2003. The length of the article is 4284 words.

Citation Details
Title: Low interest rates keep home price growth robust.(Real Estate Special Supplement)(lowest mortgage interest rates in 45 years)
Publication: Fairfield County Business Journal (Magazine/Journal)
Date: September 15, 2003
Publisher: Westfair Communications, Inc.
Volume: 42 Issue: 37 Page: S4(1)

Distributed by Thomson Gale