Archive for December, 2009

Going through a bad credit mortgage refinance could save you money in 2010. If you are looking for lower refinance rates in 2010 you are likely to find conflicting points of view. At the present time Morgan Stanley feels that conventional 30 year fixed mortgage rates will move all the way up to 7.5 or 8%. On the other hand Goldman Sachs feels the mortgage interest rates are likely to stay around the same level as the 10 year treasury rate yield will stabilize.


What is important to you is that you get a lower refinance rate on your current home loan. If you stand to benefit by saving one full percentage point on your home loan then it will be worth it for you to refinance. If you cannot save that one full percentage point then refinance costs will outweigh the long-term benefits.

The only way you will know what interest rate you qualify for is is to actually go through the mortgage application process. Until you submit a mortgage refinance application you are going to have to estimate the interest rate you will get. Any estimate is not 100% certain and it may mess up your calculations on how much you will save. There are many mortgage lenders out there who will be more than happy to help you through the mortgage refinance application process.

After you have determined what interest rate you will get there are many mortgage calculators online they can show you how much your monthly payment will be. It is extremely important to sit down and calculate how much you are going to save over time and make sure that that outweighs the costs of the refinance. Many people feel that refinancing will always save you money but that is not always the case.

If you plan on refinancing in 2010 it is a good idea to do it sooner rather than later. The Federal Reserve Bank plans to stop buying mortgage-backed securities after March of 2010. If they follow through with this promise then there is a good chance that mortgage rates could increase at least one full percentage point after March.

Author: Jeremy North

The average for 30 year fixed mortgage rates has been all over the map in the last month. Since the beginning of December we have seen mortgage interest rates go from 4.5% all the way up to 5.35% and now they are back to 5%. This great volatility in mortgage rates is likely caused by the increase in the 10 year treasury rate yield throughout the month.


The 10 year treasury rate yield and the 30 year fixed-rate mortgage have had a very strong correlation for quite some time. Since Freddie Mac’s began collecting mortgage data, 1971, the 30 year fixed mortgage rate and the 10 year treasury rate yield have moved in tandem. That correlation has weakened a little bit in 2009 because the Federal Reserve has purchased mortgage-backed securities but there is still a strong correlation.

As the 10 year treasury radio moves higher mortgage rates eventually follow. In the month of December we have seen the 10 year treasury rate yield moved from 3.2% all the way up to 3.85%. The strong move higher has pushed mortgage rates from 4.5% all the way back up to 5%. If you are looking to refinance at the very bottom of mortgage rates you might be one month too late.

Just because mortgage rates are up to 5% does not mean that you will not greatly benefit from refinancing. It is extremely important to sit down the financial calculator and determine how much money you would save by refinancing at the low mortgage rates today. It is also important to submit a mortgage application to get the interest rate you will actually qualify for rather than guessing this rate.

There are many mortgage lenders who are currently advertising extremely low mortgage interest rates. It might be a good idea to contact some of these lenders and see what they are willing to offer you. Do not get caught up with one mortgage lender as there is great competition out there and you might find someone who works better with you.

Author: Alan Lake

Getting an instant payday loan online is definitely a way that you can borrow money quickly but you need to determine if this process is right for you.  If you have very bad credit and you need cash in January 2009 then there are opportunities through payday loans. Just because there are opportunities available does not mean that you should borrow money through a payday loan lender.


Before you decide that instant payday loan online is the way in which you should borrow money it is important to understand how the payday loan industry works. When you go to a payday loan lender you will not have to go through a credit check but you’ll have to pay for this with fees on your loan. Fees are usually regulated at the state level and are between $15 and $35 for every $100 you borrow.

When you qualify for a payday loan you will write a post dated check for the amount of money you want to borrow plus fees. The amount of money you can borrow is usually between $100 and $1500. If you want an amount larger than $1500 you are likely to have to apply for a bad credit personal loan. After you have written your post dated check you will receive the cash in your hand.

The date on the posted a check will be the day in which you should get your next paycheck or some type of compensation. It is extremely important that you have the money in your bank account when the date on this check comes about. If you do not have money in your bank account you are going to find that this check bounces or you will have to return to your payday lender and pay more money in fees.

The amount of money that bad credit borrowers spend on fees can get quite out of control. This is why most financial planners feel that bad credit payday loans are not a good option.  If you are not 100% confident you can pay the loan off of your next paycheck you should not even consider getting a payday loan online.

Author:: Mike Garner

The government mortgage refinance plan was created to help you refinance your current home loan to a lower interest rate. President Obama and his staff have worked very hard to keep mortgage rates low and he has also created the Making Home Affordable plan. The plan is designed to help you save your home and avoid foreclosure. You can do this by refinancing to a lower interest rate or by getting your home loan modified.


You have probably heard of Making Home Affordable on TV or the Internet but you might not know exactly what it means. The Making Home Affordable plan was created in February of 2009 in an attempt to help people avoid foreclosure and stay in their homes. Part of this plan was to keep mortgage interest rates very low. The way in which this is done is that the Federal Reserve Bank buys mortgage-backed securities.

Since the Fed has been buying up mortgage-backed securities mortgage rates have been around 5%. The conventional 30 year fixed mortgage rate is currently at about 5.05% which is still extremely low when looking at historical trends. If you have equity in your home and a decent credit score then you could save by refinancing today.

If you do not have equity in your home and your credit score is not that good you are going to find it very difficult to refinance at low interest rates. If this is your situation you will need to look into the home loan modification program. This program will help you reduce your overall monthly mortgage payment to 31% of your income. This could greatly help you save money in 2010.

Whatever your financial situation, it is extremely important to make sure that you do everything possible to avoid foreclosure. The Making Home Affordable plan was created to help you avoid foreclosure and make sure that you were home stays in your name. Do not let these great opportunities pass you by as they may not last much longer.

Author: Heather Best

If you are finding great difficulty making your monthly mortgage payments then you could benefit from the home loan modification process. If you are hoping to avoid foreclosure and save your home in 2010 then make sure to access the Making Home Affordable website. This website will give you all the information that you need to know about the current home loan modification program.


It is extremely important for you to understand that this program is going to take a great amount of work from you and your mortgage lender. There is a lot of paperwork that must be submitted before the process starts and even after the process has begun. If you do not submit all the paperwork that is necessary you will not get a permanent mortgage modification.

Many major mortgage lenders have had great difficulty getting homes permanently modified. The reason for this is that lenders and homeowners have not submitted the proper paperwork. If you are currently in this situation it is extremely important for you to know what paperwork needs to be sent to your lender. It will also help you to make sure to stay on top of your lender to get your home loan modified.

As stated earlier, the Making Home Affordable website should be used as a great resource. There is an unbelievable amount of information on this website and there is no way you could possibly look at it all. If you have gotten to a standstill on your home loan modification then it might be a good idea to access this website and see what the next step is.

It is very important that you do everything possible to avoid foreclosure in 2010. Going into foreclosure is something that is not enjoyable for anybody. If you lose your home you are likely to see your financial life in great ruins for almost a decade. You do not want this to happen.

Author: Jeremy North