Mortgage jobs work from home

Mortgages are all about percentages.Mortgages are all about percentages.

Mortgage lenders display their interest rates prominently, but they seldom explain exactly how those rates work. If you were to take out a $200, 000 mortgage for 30 years at, say, 7.5 percent interest, your monthly payment would be about $1, 400. How does the 7.5 percent interest factor into that? The answer is that your annual rate gets broken down into a monthly rate, which is applied to your monthly balance.

Identification

The interest on nearly all mortgages is computed monthly, so you divide the annual rate by 12 to get the monthly rate. In the case of this mortgage, 7.5 divided by 12 comes out to a monthly rate of 0.625 percent. Every month, you pay 0.625 percent interest on your principal balance--that is, the amount you actually owe on the house.

Calculation

When it comes time to make your first monthly mortgage payment, your principal balance is $200, 000. Applying the monthly rate--0.625 percent--to that amount gives you an interest charge of $1, 250 for the first month. That's only part of your first month's payment, though. You'll also pay off a little of the principal. The next month, because the principal is a little smaller, your interest charge will be a little smaller--which means you can afford to pay a little bit more of the principal.

Mortgages are all about percentages.Effects

Banks use a special formula--called an "amortization formula"--to create a schedule of payments so that every month the total amount you pay in interest plus principal comes out the same. For the loan discussed above, your monthly payment would be $1, 398.43. The first month, it's divided into $1, 250 in interest and $148.43 in principal. In the second month, the principal is now down to $199, 851.57. Multiply that by the monthly rate of 0.625 percent, and you get an interest charge of $1, 249.07. You'll also pay $149.36 in principal, for a total payment of $1, 398.43--the same as in the first month. In the third month, the principal is $199, 702.21. Your interest charge is $1, 248.14, added to a principal payment of $150.29 for a total payment of, once again, $1, 398.43. This continues for the life of the loan. Each month, the interest charge gets smaller and the principal payment gets larger until you've paid off all the principal--and the house is yours.

Types

These calculations were for a fixed-rate mortgage, but an adjustable-rate mortgage, or ARM, works much the same way. Every time the interest rate on an ARM goes up or down, your lender recalculates your payments so that they will be equal until the next time the rate adjusts and so that you will stay on track to have the principal paid off by the end of the loan term.


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Homebuilder Association Cuts 52 Jobs

2008-12-13 10:43:21 by Pelham-Bay

Homebuilder Association Cuts 52 Jobs
Tue Dec 9, 2008 4:44pm EST
NEW YORK (Reuters) - A homebuilder industry association announced on Tuesday that it would eliminate 52 jobs and make other cost cuts, citing a decline in income from membership and trade shows.
The National Association of Home Builders, based in Washington D.C., said in a statement that it projects a savings of $11.5 million from the job cuts in addition to a reduction of spending previously approved for 2009.
Half of the 52 jobs are currently vacant, according to the statement

Maybe the home 'owner' didn't want to

2008-09-26 08:42:28 by Nikki1999

Work with the bank.
I've an aquaintance that was almost forclosed on. His wife died, she'd been paying the bills, he worked and provided the money. He was out of town a lot on jobs. His daughter volunteered to pay his bills while he was out of town. She never paid the mortgage! We suspect she gambled it away for about 6 months. She also hid the mail, so he never got the notices from the loan company.
So his home was not forclosed on, he was able to scrape up some money, an amount the loan company wanted so they would not forclose, which did not equal the amount that had been neglected to be paid

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Fixed Home Mortgage Rates and Refinance Loans Roundup at Citi Mortgage for ..  — Southern Daily Press
.. the mortgage-finance company reported in its latest weekly survey.

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