Bank failures scant in state Columbus Dispatch
Banks in this country are failing at an alarming rate: 133 this year and counting.
The round announced Dec. 4 included six banks that were taken over by federal regulators; one was in Ohio. Cleveland-based AmTrust Bank was the 11th-largest in the state, with about $12 billion in deposits.
There have been some near failures, most notably Cleveland-based National City, and 14 Ohio financial institutions are under scrutiny by federal regulators. However, such failures are rare in this state.
AmTrust was only the second Ohio bank to be taken over since Jan. 1, 2008. The first was Peoples Community Bank of West Chester, shut down in July.
By comparison, 24 Georgia banks have been shut down this year; that's the most in the nation. Illinois is second, with 20 failures, followed by California with 15 and Florida with 12, according to the Federal Deposit Insurance Corp.
Ohio's banks have fared better than those in other states for several reasons.
Refinance Help. Fill this form and get help!
Home Equity Loan Comparison?
Is there a good site to compare rates on home equity loans?
A great site for that is
http://homeequity-linecredit.com/
They have lots of choices...
stay away form these loans also must consider closing costs and if you find a no closing cost loan ill tell you now your paying a higer rate!
its better to contact several different people
directlendingplanet.com
http://badcredits.awardspace.com/homeloans.htm
They also offer a debt consolidation offer which helps the home owner organize a comprehensive program for controlling their spending. Many consumers with bad credit are grateful for the opportunity to receive a second chance, sort to speak-->Bad credit hasn't stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives.
What is the Best Mortgage Calculator for Home Equity Loans and Home Refinancing?
I am searching for the best mortgage calculators. Interest Only calculators and simple home mortgage calculators and loan calculators. I used the ones at http://www.1mortgagecalculator.net/index2.php and they seem pretty good. Just looking for comparisons.
You may want to download free OpenOffice, which includes spreadsheet totally compatible with Microsoft Excel.
http://www.openoffice.org/ (version for Windows and version for Linux both are available to download).
There is a plenty of formulas and even macros suitable for any needs. Some macro could be downloaded from web sites of sharks.
The best solution could be also to not taking any loan at all. Saving account with 4.5% per annum, monthly payments and compound interest is your friend!!! In this way, bank gonna pay you, not vice versa. You cannot get loan with 4.5% interest, right?
So, it can get you your home in not so long time and sets you free. Your heart will be filled with joy and your kids will be grateful to you for not having any debts and financial obligations.
Also you can check the yahoo directory at http://dir.yahoo.com/Business_and_Economy/Shopping_and_Services/Real_Estate/Financing/Mortgage_Resources/Calculators/?o=a
Is an interest only loan a good thing when renting out a home?
My home has a $167k loan on it My current payment with taxes, insurance, and PMI is $1425. rate @ 6.75%
Goal is to remove PMI (been 6 years)
1st option: 6.125% 30yr fixed $1260; $1425-1260= $165 savings per mo.
$5K in closing costs $5000/$165=30 months to cover the closing costs
2nd option:
6.25% 30yr fixed; first 10 yrs is an int only loan.
$1110 for the first 10 yrs
3rd option: 5yr ARM 5.75%, int only for 5 yrs. Payment to be $1039; I would refi in 5 yrs in this case
Savings in 5 yrs between 2nd and 3rd options: ($1110-$1039) x 5 yrs = $4260
I plan to own the home for the next 10 yrs and plan to start renting it out at the end of the year. The broker made a good point about the int only loan in my case: The home is worth $295-310k – said there is enough equity that I don’t need to chip in on lowering the loan amount for safety in case the housing market dropped. Does paying on the principal for 2K to 3K per year seem that necessary in comparison with equity?
I am not sure that I understand your questions but if your goal is to remove PMI then call your lender and tell them to take it off. If your home value is as you say $295,000 and your loan is $167,000 then your LTV is 56% PMI should be taken off after 80% LTV and sometimes they will at 87%. Because the bank will get there 56% back if the house is foreclosed on they no longer need PMI. I would not do an Interest only or an ARM. You are not looking at the risk that goes with both loans. Don't do an ARM because we are at 40 year lowe with interest rates and all ARM's do is protect the Bank not you. Interest only is a stay in debt forever loan and when you do sell you still have to pay the full balance of the loan off. If you really want to make the best move refin to a 15 year fixed rate. Today's rate on a 15 year is 5.62% My calculation of $167k for 15year at 5.62% payment would be $1,369.44 plus taxes and insurance. I don't know what you are wanting to get in rent but when you do rent it add that to the $1,369.44 payment and I bet your will pay off this house in like 5-8 years. Then when you sell in 10 years you will get $295k-310k cash at closing. The real question is do you want a little cash now (savings with the interest only loan and or arm) or a lot of cash later?
Aside from that, rates could really go up, and the ARm option could really suck. If it were me I'd go with the first or second option, depending on what yoru paymetns would be after 10 years.
Also realize that if you've had the home 6 years and are refyijng with a 30 year loan then you are adding 6 years to the life. All you really have to do if your house is wroth so much more than before is pay $400 for an appraisal and give it to your current lender and have them remove the PMI-- no closing costs at all, and no extra time added to the life of the loan.
The most important part in real estate leverage is the part of your loan left that equates to the principal in your house. This can affect even your non-real estate loans that you seek to obtain later on.
Lastly, interest only loans are highly profitable for banks, and there is a stong possibility that your broker gets a "kick back" for selling you that bank's loan. Check out the calculators at the link below. You will probably come up with the same conclusion.
Bottom line: Don't even refinance. It is not worth the cost. Pay off your principal earlier.
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