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Fun with Mortgage Calculators
from: Deb St. George - HomelessInKingCounty.comDreaming of buying a home now that the prices have dropped? Why not have a little fun with some online mortgage calculators? They help you to dream in a realistic way by giving you the hard facts about the numbers involved in your home mortgage dreams. There are a number of online mortgage calculators that can help you look at a fixed rate or a variable rate mortgage option.
Fixed Rate Mortgage Calculators
These are the simplest forms of mortgages to calculate. They come with a fixed interest payment that is for the life of the loan. You can estimated the interest payment very closely to what the present rates are on mortgage loans. You can add in the down payment that you are choosing to make to get the loan (which will have to be between 10 and 20% to qualify these days). The mortgage calculators will also ask for the term of the loan. Fifteen and 30-year loans are pretty common mortgage products, but you can now get one for 40 years too. The mortgage calculators will crunch the numbers and give you an amortized table of your payments. If you are not asked for an estimate of hazard insurance or property tax escrow payments, then the value you see might be smaller than the value you get at closing. If you want a closer estimate, be sure to find out what you hazard insurance and escrow payments might be for the house you are considering buying.
Adjustable Rate Mortgage Calculators
Years ago these mortgage calculators weren’t very common. Now, even people who are just looking to see how much more their payments will be with an adjustable rate mortgage they bought earlier might like these nice applications. The adjustable rate mortgage calculators add in additional information that can help you see how much a mortgage changes with an adjustment of the interest rate after the initial period is over. Keep in mind that the number of adjustable rate mortgage products are numerous and they all have their little intricacies. You may be able to get a reasonable picture of what happens when your mortgage rate adjusts, but it might not be suitable for the particular mortgage you choose. It might only work for one adjustment, whereas ARMs can adjust yearly at times. Always look at the good faith estimate to understand more about what your actual costs are for an adjustable rate mortgage and take a close look at the amortization table to see how your payments adjust over the years.
Home Equity Mortgage News
ResCap to Stop Funding $1.7 Billion in Home Equity Loans - Bloomberg
 New York Times | ResCap to Stop Funding $1.7 Billion in Home Equity Loans Bloomberg Residential Capital LLC, the bankrupt mortgage company indirectly owned by the US government, won court approval to quit funding $1.7 billion in consumer home- equity lines of credit to conserve cash. US Bankruptcy Judge James Peck today approved the ... ResCap to Stop Funding $1.7 Billion in Home-Equity Loans Ally to keep US auto loans after ResCap filing Mortgage Lender ResCap Files Ch.11; To Sell All Assets |
ResCap to Stop Funding $1.7 Billion in Home-Equity Loans - San Francisco Chronicle
 New York Times | ResCap to Stop Funding $1.7 Billion in Home-Equity Loans San Francisco Chronicle May 15 (Bloomberg) -- Residential Capital LLC, the bankrupt mortgage company indirectly owned by the US government, won court approval to quit funding $1.7 billion in consumer home- equity lines of credit to conserve cash. US Bankruptcy Judge James ... Ally aims to end mortgage woes with ResCap filing Residential Mortgage seeking Chapter 11 protection |
10 States with the Most Seriously Delinquent Mortgages - Investing Answers
 Investing Answers | 10 States with the Most Seriously Delinquent Mortgages Investing Answers (Note: The report includes both mortgage installment loans and home equity lines of credit, or HELOCs, in the overall debt totals.) To put that in perspective, that's at least four times as many people facing serious delinquency as in the first quarter ... |
Wells Fargo to Help North Texas Customers Facing Mortgage Payment Challenges ... - MarketWatch (press release)
Wells Fargo to Help North Texas Customers Facing Mortgage Payment Challenges ... MarketWatch (press release) DALLAS, May 14, 2012 (BUSINESS WIRE) -- Wells Fargo & Company (NYSE:WFC) is hosting a free Home Preservation Workshop in Dallas for Wells Fargo Home Mortgage, Wells Fargo Financial, and Wells Fargo Home Equity customers facing financial hardships. |
My Refi's a HELOC. Anything Wrong With That? - Fox Business
My Refi's a HELOC. Anything Wrong With That? Fox Business By Dr. Don Taylor, Ph.D., CFA, CFP We recently refinanced our mortgage of $87000 to get a lower monthly payment. We just found out the loan we have is not really a mortgage but a home equity line of credit. Are we at a disadvantage with this type of ... |
NCOA to Congress: Take Note of a New Trend in Reverse Mortgage Borrowers - Reverse Mortgage Daily
NCOA to Congress: Take Note of a New Trend in Reverse Mortgage Borrowers Reverse Mortgage Daily During a Congressional hearing last week, a National Council on Aging representative spoke of the “new trend” toward using home equity for shorter term cash shortfalls. “Reverse mortgage borrowers are at the leading edge of a new trend to use home ... |
Consumer Mortgage Debt Falls Three Percent Since April 2011, According to ... - MarketWatch (press release)
Consumer Mortgage Debt Falls Three Percent Since April 2011, According to ... MarketWatch (press release) Consumers in eight states decreased their mortgage by more than 5% from the same time last year, including: "Part of the reason you see less mortgage debt and home equity debt is that the market no longer supports it," said Ken Lin, ... Credit card and mortgage debt down, but so are scores California mortgage, consumer debt drops |