What is Home mortgage?

A mortgage for major home

As the housing market in the United States continues its gradual recovery, 2013 kicked off with lower mortgage interest rates and and some interesting trends for jumbo loans. Current home mortgage rates are as low as they were for most of the 2012 holiday season, and jumbo loans are enjoying increased demand.

Wall Street investors welcomed the New Year with optimism thanks to the eleventh hour resolution by Congress on the fiscal cliff. The financial exchanges experience some volatility, but trading of mortgage-backed securities did not affect current home mortgage rates. The average for the benchmark 30-year fixed conventional mortgage held on to 3.125 percent, and its 15-year fixed counterpart is at 2.375 percent.

Current home mortgage rates for jumbo loans are 3.25 percent for the 30-year fixed and 2.7 percent for the 15-year fixed product. The jumbo 5/1 Adjustable Rate Mortgage (ARM) is at an all-time low of 2.375 percent. Even as demand for jumbo mortgages continues in 2013, rates are expected to remain low through January of 2013.

The Year of the Jumbo

Regulators at the Federal Housing Finance Agency (FHFA) did not change the conforming loan limits for 2013. Jumbo loans begin at $417, 000 in most of the country, although in places like the San Francisco Bay Area they start at $625, 500. The highest loan limits are in Alaska and Hawaii. The jumbo loan market is poised to make a big comeback in 2013, particularly in high-end housing markets.

Home prices are bouncing back from their lows experienced from 2008 to 2011. Many real estate analysts agree that 2012 was the year of the housing bottom in terms of pricing. With home prices on the upswing and rates comparable to those of conventional home loans, a renewed interest in jumbo mortgages is expected to bring some normalcy to the real estate market.

Further evidence of 2013 as the year of the jumbo loan bonanza is a recent article in the Wall Street Journal that deals with the burgeoning trend of paying for discount points upfront when shopping for jumbo mortgages. Borrowers with comfortable cash reserves can negotiate the payment of discount points and bring cash to the closing table. This is a financial strategy that can potentially save mortgage borrowers from paying tens of thousands of dollars over a 30-year fixed term. In some cases, mortgage applicants can pay down just a fraction of a point.

Smart Jumbo Loan Plans

Jumbo mortgages are not solely for the rich and famous. First-time home buyers looking for a modest 3/2 in certain California markets may need to apply for a jumbo loan due to increased housing demand. Mortgage brokers in the Golden State are seeing savvy jumbo applicants purchase duplexes to draw rental income from the additional unit and cover their monthly mortgage payments.


Topey was raised by home-sick Cuban parents

2010-01-27 08:44:52 by Wizard-2

Who filled Topey's head with a "cheery" pic of communism, or else Topey is rebelling against those Cuban parents.
Topey knows dittly-squat about the economy, due to having been trained in school to give the "right" answer, chosen from a cheat-sheet of 4 prompts.
Topey doesn't even know what a mere billion dollars looks like.
Here, Topey claims that the banks paid back the billions given to it via "bailouts." How? How did they do that? Run semis full of skids of greenbacks back and forth? Wire transfers? How?
USA gov guaranteed the mortgages of 95% of first-time home-buyers

Owning a Home Isn’t Always a Virtue

2013-07-17 13:37:33 by -

ENCOURAGING homeownership has been considered a national goal at least since “Own Your Own HomeDay” was introduced in 1920 by various business and civic groups as part of a National Thrift Week. The newly popular word “homeownership” represented a goal and a virtue for every good citizen — to get out of the tenements and into one’s own home. Homeownership was thought to encourage planning, discipline, permanency and community spirit.
In the aftermath of the subprime mortgage crisis, our national commitment to homeownership is sure to be questioned as we consider what to do about Fannie Mae and Freddie Mac, the enterprises that are meant to increase the supply of money available for mortgages and are now under government conservatorship; the Federal Housing Administration, which...

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'Profit meant more than her life': Woman with breast cancer dies after Wells ..  — Raw Story
Breast cancer victim Marsha Kilgore lost her home in Fresno, California and died soon after she was foreclosed on by Wells Fargo, which had promised a loan modification but later reneged.

BofA, Citi, Wells Fargo Accused Of Lending Discrimination In Miami Suit  — Huffington Post
MIAMI, Dec 19 (Reuters) - Miami has sued Bank of America , Wells Fargo and Citibank in U.S. federal court in Florida, for discriminatory mortgage lending practices against minority residents that resulted in a rash of foreclosures, the city said on ..

LA sues Wells Fargo and Citigroup, alleging predatory lending  — Los Angeles Times
The city of Los Angeles accused banking giants Wells Fargo & Co. and Citigroup Inc. of a “continuous pattern and practice” of mortgage discrimination that led to a wave of foreclosures, reduced property tax revenue and increased costs for city services ..

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    Monthly mortgage payment assuming a $250, loan, 30-year repayment schedule, and a 6% interest rate. Determine your “net” payment taking into account the Federal income tax deduction for home mortgage interest , assuming that you are in the 25% tax bracket. Show all 360 months running horizontally, across the top of the page, from left to right, with line labels in the left hand column. Include lines for monthly beginning balance, total monthly payment, monthly principal payment, monthly interest payment, monthly tax deduction value, net monthly payment (net of actual payment less monthly tax deduction …

    • See the above link . You download the same and use it according to your needs. it is a template, that you could download and install. Once installed, you can use it by opening this and supply your data. I hope it helps. There are plenty of templates microsoft supplies. See them also if it suits you