It’s a good time to buy a home. Accordingto the Mortgage Bankers Association, getting approved for a home loan is easier than it has been at any time in this past decade — in fact, mortgages are almost twice as available as they were five years ago, and lenders have recently been approving 77% of loans, up from 71% in mid-2015.
Category: Mortgage
Americans have $12.58 trillion of debt – here’s what it…
Americans’ debt balances rose “substantially” in the final quarter of 2016, according to the Federal Reserve Bank of New York. Household debt totaled $12.58 trillion as of December 31, 2016, according to the New York Fed’s latest quarterly report on credit.
How Will Getting a Mortgage Affect My Credit Score?
There are several potential ways a new mortgage can impact your credit score, some good and some bad. Here’s an overview of the five categories of credit-scoring information and how your new mortgage might affect each one.
Fannie Mae to pay Treasury $5.5 billion after profit doubles
Fannie Mae will pay the U.S. Treasury a $5.5 billion dividend next month after its profit doubled in its latest quarter. The government-controlled mortgage company has already paid the Treasury $154.4 billion in dividends since receiving $116.1 billion in bailouts from the government between 2008 and 2011.
3 Tips for Landing the Lowest Mortgage Rate
A year ago, the benchmark interest rate for 30-year fixed-rate mortgages was 3.78%. In the second week of February, it was4.27%.
Credit Agricole Shares Rise as French Retail Profit Climbs
Credit Agricole SA shares rose the most in three months, buoyed by higher profit at the LCL consumer-banking division in France. The unit generated net income of 136 million euros in the fourth quarter, up 15 percent from a year earlier, the Montrouge, France-based bank said.
How to best make a prepayment on your mortgage
One very important point I never hear discussed is what the lender does with the extra loan payments borrowers make. If you pay extra on your mortgage before it’s due, does the lender require that the next payment be paid on schedule or can you skip monthly payments corresponding to how much extra you’ve paid? It would seem that many payoff amounts calculated at some point in the future by the lender might go back to the original recorded security deed and original amortization schedule with the extra payments overlooked.
Credit Agricole Shares Rise as Consumer-Banking Profit Climbs
Credit Agricole SA shares rose the most in two months, buoyed by higher profit at the French LCL consumer-banking division. The unit had profit of 136 million euros , up 15 percent from a year earlier, when a 491 million-euro goodwill writedown is excluded.
Credit Agricole Quarterly Net Drops on LCL Goodwill Charge
Credit Agricole SA posted a slump in fourth-quarter profit after booking a goodwill writedown at its French consumer-banking unit. Net income fell to 291 million euros from 882 million euros a year earlier, the Montrouge, France-based lender said Wednesday.
5 Steps for Tracking Your Monthly Expenses
But while thinking about your monthly financial picture is a great start, it isn’t enough to actually wrangle your expenses. The next move is tracking your spending on a regular basis so you can get an accurate picture of where your money is going and where you’d like it to go instead.
Credit Suisse Keeps Swiss IPO Options Open While Job Cuts Deepen
Credit Suisse Group AG plans to cut as many as 6,500 jobs this year and is keeping its options open as it prepares for a partial sale of its Swiss unit to strengthen capital. The share sale “is a very good option, it’s on the table,” Chief Executive Officer Tidjane Thiam said in a Bloomberg Television interview Tuesday.
Treasury Secretary Steven Mnuchin: 3 Things to Know
Steven Mnuchin, who was confirmed Monday night as the nation’s new secretary of the Treasury, is looking for major reforms in housing and other areas under the Trump administration. The hedge fund manager is a former executive and partner at Goldman Sachs , where he spent 17 years before founding Dune Capital Management.
3 No-Brainer Reasons to Get a 15-Year Mortgage
Most people who get a mortgage sign up for a 30-year loan. But if you’re able to swing a 15-year mortgage, you stand to reap a number of benefits.
3 Tax Mistakes You Don’t Want to Make
With tax season rapidly approaching, many of us are starting to gather our paperwork and work on hammering out our returns. But in reality, tax planning is something you should focus on year-round, and not just during the first few months of the year.
30-Year vs. 15-Year Mortgage: Which Should I Pick?
The industry standard mortgage product in the United States is the 30-year fixed-rate mortgage, which is used by more than 85% of homebuyers. However, the 15-year fixed-rate mortgage has been gaining traction, as it can be a smart way to save thousands in interest charges over the term of your loan.
Ready to file your 2016 taxes? Herea s a guide to credits, deadlines and more
The 2016 tax filing season has begun, with W-2s arriving in the mail and some confusion arising from news of a refund delay. While most people will be minimally impacted by changes this year, one of the biggest additions is aimed at helping low-income families.
Why Sears Holdings, Infinera, and Ellie Mae Jumped Today
Friday provided another strong finish to a positive week for the stock market, as major market benchmarks once again found themselves at unprecedented heights. The Dow finished with gains of almost 100 points, and the S&P 500 and Nasdaq Composite joined the Dow in record territory.
Spanish Banks Are Suddenly Doing Much Better
Among all the hand-wringing about Dutch, French and German elections this year, one good news story is going largely unnoticed: that of Spain. More specifically, the remarkable recovery of Spanish banks.
What Would a Repeal of Dodd-Frank Mean to Consumers?
With the political atmosphere unsettled at best, much of the current talk centers on unraveling the Dodd-Frank Act. But what would such a move mean to you? With the political atmosphere unsettled at best, much of the current talk out of Washington, D.C. centers on unraveling the Dodd-Frank Act .
SocGen Plans Car-Leasing IPO as Earnings Surpass Estimates
Societe Generale SA reported fourth-quarter profit that exceeded estimates, helped by a surprise jump in earnings from French consumer banking. The lender announced plans for an initial public offering of its car-leasing business.
How to Refinance a VA Loan
The benefits of a mortgage that’s backed by the Department of Veterans Affairs continue beyond the day your loan closes. You can lower your rate, tap into your home’s equity or even bring your conventional loan into the VA program by refinancing .
RBS Upgraded at Deutsche as Outlook Brightens for European Financials
European banks will probably continue to struggle with the loss of investment-banking clients to the U.S., according to New York-based Goldman Sachs. Royal Bank of Scotland climbed in New York trading after Deutsche Bank upgraded the shares to hold from sell, making it the latest European lender to benefit from a boost in analyst ratings.
Denmark’s Biggest Mortgage Lender Reports 56% Jump in Profit
Nykredit Realkredit A/S, the largest lender operating in the world’s biggest market for mortgage-backed covered bonds, reported a 56 percent jump in profit last quarter after management cut costs and revenue increased. The Copenhagen-based lender said net profit excluding minorities rose to 1.87 billion kroner in the fourth quarter from 1.2 billion kroner a year earlier, according to a statement on Tuesday.
Indian Bank Shunning Corporate Loans Sees Stock Tripling in Year
Indian Bank, a century-old state-owned lender based in the country’s south, has emerged as Asia’s top-performing bank stock in the past year, driven by a focus on consumer loans that are less likely to sour than corporate advances. The Chennai-based firm is aiming to boost retail lending, which includes mortgages and loans underpinned by gold as collateral, to account for 60 percent of its loan book over the next two years, up from 52 percent at the end of December, according to Chief Executive Officer Mahesh Kumar Jain.
Rates mixed at weekly US Treasury bill auction
Interest rates on short-term Treasury bills were mixed in Monday’s auction, with rates on three-month bills rising to their highest level since late December and rates on six-month bills declining slightly. The Treasury Department auctioned $34 billion in three-month bills at a discount rate of 0.530 percent, up from 0.515 percent last week.
This Massive Bank Is Even Bigger Than It Seems
Not only is it a compelling story, but embedded in it are critical lessons that investors in bank stocks would be wise to internalize if the extraordinary uncertainty pulsing through the markets right now continues. Yet, even though we all know that JPMorgan Chase is enormous , the fact of the matter is that it’s even bigger than it appears.
Privatizing Fannie and Freddie Yields 3 Investment Opportunities
If the two government-sponsored enterprises go the privatization route, their stocks will increase. But that option pales by comparison with two superior alternatives.
Emergency Funds: Should You Use Yours to Pay Down Debt?
Financial advisors often recommend clients build an emergency fund and use it only in true emergencies. But what about when you spend hundreds of dollars each month to pay down high-interest debt – is that an emergency? And should you dip into that fund in order to decrease your debt burden? The consumer should build an emergency fund before paying down debt.
How to remove your name from a house deed after a divorce
The mortgage and deed to my old home are still in my name. I was divorced five years ago.
The Mortgage-Bond Whale That Everyone Is Suddenly Worried About
Almost a decade after it all began, the Federal Reserve is finally talking about unwinding its grand experiment in monetary policy. And when it happens, the knock-on effects in the bond market could pose a threat to the U.S. housing recovery.
The Mortgage-Bond Whale That Everyone Is Suddenly Worried About
Almost a decade after it all began, the Federal Reserve is finally talking about unwinding its grand experiment in monetary policy. And when it happens, the knock-on effects in the bond market could pose a threat to the U.S. housing recovery.
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Many people look forward to retirement in all of its budget-friendly glory. But in reality, retirement may not be the bargain you’d expect it to be.
What is the Standard Deduction For 2017?
The standard deduction for 2017 is $6,350 for single taxpayers and $12,700 for married taxpayers filing joint returns. However, there’s a chance it could change before next tax season, and no matter where it ends up, you may be better off not claiming it.
3 Tax Breaks Homeowners Shouldn’t Forget
There are plenty of good reasons to own a home. Maybe you’re tired of paying rent every month and having no equity to show for it.
Work From Home? This Tax Deduction May Be for You
If you work from your home and have a dedicated home office you use, then you may be entitled to the home office deduction, which could save you hundreds or even thousands of dollars on your tax return. Here’s what the IRS considers to be a “home office,” how much your deduction could be, and how to claim it on your tax return.
Wall St. lending to Main St. even as many decry Dodd-Frank
President Donald Trump has wasted little time in beginning a push to reverse the stricter banking regulations enacted after the 2008 financial crisis. Trump has branded the Dodd-Frank Act “a disaster” – a regulatory overreach that slowed the economy and stifled lending to consumers and businesses.
Trump just took a big step away from Steve Bannon’s views
White House senior strategist Stephen K. Bannon looks on during a meeting at Trump Tower on Oct. 7, 2016. For the first two weeks of President Trump’s administration, it seemed as though White House senior strategist Steven K. Bannon was calling the shots.
Costly loans trigger lawsuit against RPM Mortgage
Home owners who believe they were coaxed into home mortgages at far higher interest rates than they should have paid have filed a class action lawsuit against their loan provider, RPM Mortgage, according to court records. Pictured: Rob Hirt, CEO of RPM Mortgage.
Why Single Women Are Buying Homes at Twice the Rate of Single Men
By 2007, Michelle Jackson, a 30-something writer in Denver, held a master’s degree, had traveled the world, and was enjoying her social life as a single woman. She also felt the pull to purchase her own home, a rite of passage she thought was reserved for the coupled.
Deutsche Bank’s Bill for Russia Trades Reaches $629 Million
Deutsche Bank AG was fined $629 million by U.K. and U.S. authorities for compliance failures that saw the bank help wealthy Russians move about $10 billion out of the country using transactions that were likely thinly veiled attempts to cover up financial crime. The U.K. Financial Conduct Authority issued a 163 million-pound fine Tuesday, hours after New York’s Department of Financial Services fined the bank $425 million, for failures over the so-called “mirror-trades.”