“Mortgage rates slip for 3rd week; 30-year loans below 5% (Washington Post)” plus 2 more |
- Mortgage rates slip for 3rd week; 30-year loans below 5% (Washington Post)
- Federal SBA loans available to victims of recent flooding (L'Observateur)
- Get the price right (Business Standard India)
| Mortgage rates slip for 3rd week; 30-year loans below 5% (Washington Post) Posted: 22 Jan 2010 09:00 PM PST The average rate on a 30-year, fixed-rate mortgage was 4.99 percent, down from 5.06 percent a week earlier, mortgage company Freddie Mac said Thursday. It was the third straight weekly decline. The drop comes after interest rates fell in the bond market this week as concerns about the economy increased demand for the safety of government debt, which is closely tied to mortgage rates. The average rate on 15-year, fixed-rate mortgages fell to 4.4 percent, down from 4.45 percent last week, according to Freddie Mac. Rates on five-year, adjustable-rate mortgages averaged 4.27 percent, down from 4.32 percent a week earlier. Rates on one-year, adjustable-rate mortgages dropped to 4.32 percent from 4.39 percent. Borrowers can lower their interest rates by buying points, equal to 1 percent of the total loan amount. The nationwide averages in Freddie Mac's survey were 0.7 points for 30-year loans and 0.6 points for 15-year, five-year and one-year loans. Falling mortgage rates might help bolster the nation's housing market as borrowing becomes less expensive for consumers. The decline in home-loan rates boosted the number of mortgage applications by more than 9 percent last week, according to data from the Mortgage Bankers Association. The Mortgage Bankers Association's index of applications to purchase a home or refinance a mortgage rose 9.1 percent in the week ended Jan. 15, led by a surge in refinancing. The group's refinancing gauge gained 11 percent, while the purchase index advanced 4.4 percent.
-- From news services
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| Federal SBA loans available to victims of recent flooding (L'Observateur) Posted: 23 Jan 2010 10:31 AM PST Comment posters are responsible for the opinions they express and the accuracy of the information they provide. We urge comment writers to treat this as a public forum where manners matter. We encourage a collegial, non-insulting tone. All readers comments must be approved by our staff before posting to the Web site. Be aware, in accordance with the Communications Decency Act and provisions upheld in judicial appeal, that you are responsible for comments posted on this Web site. The L'Observateur is not liable for messages from third parties.
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| Get the price right (Business Standard India) Posted: 23 Jan 2010 10:44 AM PST A personal loan is easy to get, but do your homework on cost, tenure and service. Personal loans enable you to take care of immediate requirements without much hassle. You do not have to provide collateral or guarantors; you can utilise the amount for any purpose, except speculation. But, before taking one, you should budget your requirements and allocate the expenses to be met with this loan. The amount sanctioned will depend on your eligibility, based largely on your income. The repayment is monthly and the tenure varies from one to five years. Since personal loans do not require any security or hypothecation of assets, the banks charge higher interest rate compared to other secured loan. Here is a step-by-step process to be followed for an application: Get in touch with a lender but first check which bank is offering the best rates and services. You can compare rates with any reputed price comparison site. After listing a handful, get in touch with as many lenders as possible and know their offers. Then, negotiate for the best rate. Check if there are any special offers. After finalising the lender, their direct selling agent will visit and collect documents supporting proof of income, residence and identity. You may have to produce copies of income tax returns, salary slip, bank statements, ration card, passport, driving licence and other relevant documents. These requirements vary from lender to lender. Then, a field investigator will visit your home to double-check the facts provided. It is essential that you are present during this visit, else, he could report that the facts provided do not add up. Once the lender is satisfied with the veracity of your documents, the loan is approved. The amount is then disbursed cheques or demand drafts (DD). Alternatively, let's say you want to take the loan money through your credit card. How does this compare? First, withdrawing cash using a credit card can be very costly if you do not repay quickly. Interest rates on credit card loan withdrawals can range from 20-40 per cent on an annual basis. For most cards, the interest rate on cash withdrawals and credit outstanding for purchases made are the same. But here is the kicker - for the purchases you make through your card, you get an interest-free period to pay back. Cash withdrawals on your card have no such benefits; interest is charged from the moment you withdraw the cash. And, do not forget the transaction charge, levied on the withdrawal at the ATM. The average interest rate charged for a personal loan is in the range of 12-22 per cent , whereas the average interest rate is 20-40 per cent for withdrawal from a credit card. Therefore, unless in a very real emergency where you need instant cash, it is advisable to not withdraw cash on your credit card. It is always better to go for a personal loan. It is the fastest of all retail loan products and the interest rates are a lot lesser than those on credit card withdrawals. The author is with ApnaPaisa.com Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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