Comments for Mortgage Sales Blog

Comment on ANZ lifts mortgage rates by OrphanPaper

OrphanPaper — Thu, 16 Feb 2012 04:07:56 +0000

so where and who are they getting the money from most interestt rate are between .013 to 1.0% and have remained steady for some time? from rba.gov.au statistics tables ?

Comment on How do you find the monthly payment on a $100,000 25-year mortgage at 12 percent interest compounded monthly? by Sean Roberts

Sean Roberts — Tue, 14 Feb 2012 04:19:41 +0000

The easiest way to do this is to calculate the effective interest rate. The interest rate with compounding is called a nominal interest rate. The rate with after compounding is called the effective rate. Twelve percent compounded monthly is the same as 12.683% effective rate with no compounding. Your monthly payment excluding property tax and insurance will be $ 1,104.03. Your $ 100,000 loan will cost you $ 231,209 in interest.

The current interest rates for a 25 year loan these days is about 3.5%. If your credit is poor it may be a little higher.

Comment on I have a question about mortgages and i will explain as best as possible? by Real Estate Guy

Real Estate Guy — Sun, 12 Feb 2012 05:14:11 +0000

This is 100% correct for the loan only. It doesn’t include taxes, insurance, PMI, HOA, etc.

I would add about 20% to this number for taxes, insurance. BUT THIS IS AN ESTIMATE.

Comment on I have a question about mortgages and i will explain as best as possible? by Sharon B

Sharon B — Sun, 12 Feb 2012 04:30:07 +0000

Your getting great answers so far. The mortgage calculators are P & I without Taxes and insurance. If you are putting less then 20% down you will have to have mortgage insurance also. I teach loan officers how to work with buyers and home owners and as professionals many of them do not even know all the little added costs that come up. Every person is different and every loan is different. Calling a professional or getting a referral is your best bet and, make sure they have been licensed for at least 3 to 5 years. I have been doing loans since 1984 and with all the constant changes, to keep up on you need a FULL time CAREER loan professional who takes their career seriously not a computer which does not know anything about your particulars.

Comment on I have a question about mortgages and i will explain as best as possible? by Biggie @ Arbor Mortgage

Biggie @ Arbor Mortgage — Sun, 12 Feb 2012 04:12:47 +0000

That is 100% accurate. It does not include the taxes, because how would that calculator know how much taxes are? It does include the interest.

It is figuring out the principle & interest payment.

Good luck!

Comment on bad credit mortgages? by My Take on It

My Take on It — Fri, 10 Feb 2012 04:50:09 +0000

That would be an owner finance deal.

No lenders are extending mortgages to those with sub par credit.

Find someone selling their house who is willing to carry the note for you, do a lease option or rent to own.

If you have more than 20% to put down, I can bet in this market you will find someone willing to work with you.

Comment on bad credit mortgages? by Luis

Luis — Fri, 10 Feb 2012 04:29:57 +0000

The thing is bad credit no loans, mortgages and no finances

Comment on bad credit mortgages? by Common Sense

Common Sense — Fri, 10 Feb 2012 04:00:09 +0000

None. That’s part of what caused the mess we’re in.

Comment on What are some good strategies for mortgage repayment before closing? by mazziatplay

mazziatplay — Thu, 09 Feb 2012 04:59:17 +0000

As a mortgage lender who has been in business for more than 20 years, I can tell you that one of the best strategies is to make extra payments towards the principal balance. You can do this in several ways: when you mail in your monthly payment, include a check for an additional amount (if you just round up to the nearest $ 100 you should be fine). You want to use a separate check and notate “apply to principal” in the memo section because if you don’t the lender may not know what you want them to do with it and put it in your reserve account (tax and insurance reserve) instead. Then, when you get your tax refund each year, pay yourself first by making an extra principal and interest payment using the same system. Just one extra principal and interest payment a year will reduce the term on a 30 yer loan to less than 24 years so with extra principal payments monthly as well, you should be able to cut the term almost in half and save yourself almost 15 years worth of interest.

Comment on What are some good strategies for mortgage repayment before closing? by Debbie S

Debbie S — Thu, 09 Feb 2012 04:37:14 +0000

You can save on the Mortgage Insurance Protection by breaking the loan into two amounts so that it falls under the radar of the MIP.