Online loans – Blog Campcee http://blogcampcee.com/ Sat, 15 Jan 2022 10:03:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://blogcampcee.com/wp-content/uploads/2021/05/cropped-icon-32x32.png Online loans – Blog Campcee http://blogcampcee.com/ 32 32 Daily mortgage rates end the week up | January 15 & 16, 2022 https://blogcampcee.com/daily-mortgage-rates-end-the-week-up-january-15-16-2022/ Sat, 15 Jan 2022 10:03:28 +0000 https://blogcampcee.com/daily-mortgage-rates-end-the-week-up-january-15-16-2022/

The interest rate on a 30-year fixed rate mortgage ended the week higher, averaging 3.898%. Refinance loans also saw an increase with the 30-year rate at 4.037%.

Mortgage rates have been rising steadily since the beginning of the year. Although higher rates can be daunting, they are still relatively low and offer qualified borrowers the opportunity to benefit from low rates and monthly payments on a new mortgage or refinance loan.

  • The last rate on a 30-year fixed rate mortgage is 3.898%.
  • The final rate on a 15-year fixed rate mortgage is 2.91%. ⇑
  • The latest rate on a 5/1 ARM is 2.442%. ⇔
  • The last rate on a 7/1 ARM is 3.781% ⇓
  • The latest rate on a 10/1 ARM is 4.017%. ⇓

Money‘s daily mortgage rates reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac weekly rates will generally be lower, as they measure the rates offered to borrowers with higher credit scores.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 3.898%.
  • It’s a day infold by 0.026 percentage points.
  • It’s a month to augment by 0.299 percentage points.

The 30-year fixed rate mortgage is preferred by most borrowers because of its long repayment term, which results in relatively low and regular monthly payments. People also love the predictable interest rate, which won’t change unless you refinance. The potential downside is that the interest rate will be higher compared to a short-term loan, which means you’ll pay more for this type of loan over time.

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Average mortgage rates

Data based on US mortgages closed on January 13, 2022

Type of loan January 13 Last week Change
15-year fixed conventional 2.91% 2.66% 0.25%
30-year fixed conventional 3.9% 3.74% 0.16%
ARM rate 7/1 3.78% 3.39% 0.39%
ARM rate 10/1 4.02% 3.73% 0.29%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The 15-year rate is 2.91%.
  • It’s a day infold by 0.047 percentage points.
  • It’s a month infold by 0.341 percentage points.

A 15-year fixed-rate mortgage will have a lower interest rate than a longer-term loan, which means you’ll pay less money over the term of the mortgage. The downside is that the short term means monthly payments will be higher and may not be as affordable.

The latest rates of adjustable rate mortgages

  • The latest rate on a 5/1 ARM is 2.442%. ⇔
  • The latest rate on a 7/1 ARM is 3.781%. ⇓
  • The latest rate on a 10/1 ARM is 4.017%. ⇓

Variable rate mortgages are a different option. The interest rate will initially be fixed and then change at predictable intervals. The rate on a 5/1 ARM, for example, will be fixed for five years and then change every year. The advantage of an ARM is that the initial interest rate is very low. The potential downside is that once the loan becomes adjustable, the rate can increase significantly, which also leads to higher monthly payments.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.667%. ⇔
  • The rate for a 30-year VA mortgage is 3.688%. ⇓
  • The rate for a 30-year jumbo mortgage is 3.555%. ⇔

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 4.037%. ⇑
  • The refinance rate on a 15-year fixed rate refinance is 3.045%. ⇑
  • The rollover rate on a 5/1 ARM is 2.737%. ⇔
  • The refinance rate on a 7/1 ARM is 3.922%. ⇓
  • The rollover rate on a 10/1 ARM is 4.165%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgages closed on January 13, 2022

Type of loan January 13 Last week Change
15-year fixed conventional 3.05% 2.77% 0.28%
30-year fixed conventional 4.04% 3.87% 0.17%
ARM rate 7/1 3.92% 3.89% 0.03%
ARM rate 10/1 4.17% 4.11% 0.06%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly fell to lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve also began to scale back its purchases of mortgage-backed securities and announced plans to raise the federal funds rate three times in 2022 to combat rising inflation.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

As well. take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase before the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States for which the most recent rates are available. Today we are posting rates for Thursday, January 13, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan at this time. These rates were offered to people depositing 20% ​​deposit and include discount points.

More money :

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February 10 deadline for disaster loans for physical damage caused by a tornado | News https://blogcampcee.com/february-10-deadline-for-disaster-loans-for-physical-damage-caused-by-a-tornado-news/ Thu, 13 Jan 2022 21:27:00 +0000 https://blogcampcee.com/february-10-deadline-for-disaster-loans-for-physical-damage-caused-by-a-tornado-news/

FRANKFORT, Ky. (KT) – The U.S. Small Business Administration reminds businesses of all sizes, private nonprofit organizations, landlords and renters affected by the outbreak of extreme weather Dec. 10-11 , to apply for disaster loans for physical damage before February 10. deadline.

Disaster survivors in areas covered by the federal disaster declaration are encouraged to contact the SBA as soon as possible, even if they don’t know how much money will be needed. There is no need to wait for insurance claims to be settled, as SBA loans can be issued while insurance recovery is pending. There is no cost to apply or obligation to accept the loan if approved.

The disaster declaration covers the counties of Barren, Caldwell, Christian, Fulton, Graves, Hart, Hickman, Hopkins, Logan, Lyon, Marion, Marshall, Muhlenberg, Ohio, Taylor and Warren, which are eligible for physical disaster loans and economics of the SBA.

Small businesses and most private nonprofit organizations in the following adjacent counties can only apply for SBA Economic Disaster Loans: Adair, Allen, Boyle, Breckinridge, Butler, Calloway, Carlisle, Casey, Crittenden, Daviess, Edmonson, Grayson, Green, Hancock, Hardin, Larue, Livingston, Marion, McCracken, McLean, Metcalfe, Monroe, Nelson, Simpson, Todd, Trigg, Washington and Webster.

“Waiting to file an SBA application could lead to unnecessary delays in receiving disaster assistance, and survivors may miss the application deadline,” said Kem Fleming, director of SBA Field Operations Center East. “Submitting the loan application is an essential part of the disaster recovery process.”

Applicants can apply online using the Electronic Loan Application through the SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/, and should apply under SBA Statement #17286. To be considered for all forms of disaster assistance, applicants must register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is not available, applicants should call FEMA’s toll-free hotline at 800-621-3362.

Businesses and individuals can also obtain loan information and applications by calling the SBA’s Customer Service Center at 1-800-659-2955.

Again, the deadline for filing property damage claims is February 10, 2022. The deadline for returning economic injury claims is September 12, 2022.

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What are basis points? | Quicken Loans https://blogcampcee.com/what-are-basis-points-quicken-loans/ Tue, 11 Jan 2022 23:42:19 +0000 https://blogcampcee.com/what-are-basis-points-quicken-loans/

How does a base stitch work?

A basis point is used to describe changes in the performance of various financial instruments. Since basis points describe a percentage change as small as 0.01%, you can describe small or large changes in things like interest rates without the need for the mental gymnastics used to process fractions or the decimals.

To get a better idea of ​​how they work, check out this conversion table.

Base points

Percentage

Decimal

1

0.01%

0.0001

5

0.05%

0.0005

ten

0.1%

0.001

50

0.5%

0.005

100

1%

0.01

1000

ten%

0.1

10,000

100%

1

If you are looking to understand how small a base point is, it takes 100 to represent 1%. However, when you start talking in terms of dollars and cents, those can make a big difference. We’ll have an example of the impact that even a small difference can have on your mortgage later.

How to calculate basis point conversions

To better understand how math works, let’s go over some quick story problems. I know it reminds you of math class. Do not worry. It won’t be on the test.

Your mortgage expert tells you that interest rates have increased by 10 basis points in the past 2 days. What is the percentage difference?

To convert basis points to a percentage, you divide 10 by 100. If you don’t have a calculator, just move the decimal two decimal places to the left.

ten

___ = 0.1%

100

Now suppose you are following the stock market and read that the stock market is up 0.5% on the week. What would that be in terms of basis points?

To arrive at the answer, you multiply 0.5 by 100. You can also move the decimal point two places to the right.

0.5 × 100 = 50

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Investing in a new house in 2022? Check These 4 Points To See If You Are Ready For A Home Loan https://blogcampcee.com/investing-in-a-new-house-in-2022-check-these-4-points-to-see-if-you-are-ready-for-a-home-loan/ Mon, 10 Jan 2022 01:20:20 +0000 https://blogcampcee.com/investing-in-a-new-house-in-2022-check-these-4-points-to-see-if-you-are-ready-for-a-home-loan/

Investing in a new house in 2022? Check These 4 Points To See If You Are Ready For A Home Loan

New Delhi: With mortgage interest rates dropping to historic lows, many new investors are looking to buy a home. When buying a home, many people keep their future needs in mind and strain their finances to buy a larger home taking into account their possible pay rise in the near future. However, this calculation can seriously go wrong and become a noose if your income / salary does not increase as expected.

When the Covid pandemic erupted early last year, many people who had stretched out by taking out a larger home loan went through a severe financial crisis as their incomes actually fell amid the Covid-induced foreclosure. and forced them to either restructure the loan or sell their house to get rid of the NDE maintenance. To make sure these types of situations don’t happen again in the future, review the following checklist before you take on the financial burden.

Is your emergency corpus in place?

Before you start planning for the big financial expense, make sure your contingency corpus is in place. The emergency corpus should be large enough to cover your expenses including the EMI home loan for the next 12 months. Having such an emergency corpus will provide an immediate financial cushion in the event of loss of income due to job loss, accident or prolonged illness. Over the past 18 months, people have come to realize the importance of having such an emergency body of work.

Do you have the money for the deposit and the registration fee?

Banks typically require the home loan borrower to pay at least 20% of the cost of the house as a down payment before authorizing a loan for the remaining amount. For example, if you buy a house worth Rs 50 lakh, you have to pay at least Rs 10 lakh as a down payment for the loan. On top of that, you also have to pay registration fees and GST (in case of properties under construction), which could be around 7-10% of the cost of the home depending on the state in which you purchase the property. In addition, you must take into account the expenses related to renovations or furnishing your new home. All of these expenses could be around 30-35% of the total cost of the home that you need to organize before you buy a home on loan.

It should be mentioned here that it will be better to put a larger down payment as your loan amount will be lower and you will be able to get a better interest rate from your bank. In addition, a smaller loan component reduces your overall interest expense and allows for faster repayment.

It may be noted that you should have the above corpus in addition to the emergency corpus mentioned above and that you should not touch savings set aside for other long term goals such as retirement and retirement. education of children to pay the deposit.

What EMI Home Loan Can You Handle?

The EMI you can use with your current income will decide the amount and length of the loan. Banks generally assume that 50% of your monthly take-home pay can be used to maintain your home and other existing loans. For example, if your take home pay is Rs 1 lakh, banks assume that you can pay a maximum of Rs 50,000 as a loan NMI. But if you already have existing loans, your ability to handle real estate loans decreases further.

Moreover, if your fixed monthly expenses represent more than 50% of your income, then even a home loan of Rs 50,000 EMI will be unaffordable for you. Additionally, if you are buying a property under construction, you will likely be paying rent with your EMI. Make sure you can afford it even if the bank is willing to give you a large loan. It is not advisable to stretch your budget beyond a point. Always have a buffer to account for any possible reduction in your income due to factors beyond your control.

Review your credit score at regular intervals

Lenders take the credit rating of loan applicants into account when assessing their loan applications. Those with higher credit scores i.e. 750 and above generally have a better chance of getting loan approved. Many lenders have also started offering lower interest rates to applicants with good credit scores.

Therefore, those who are considering availing a home loan should check their credit score at regular intervals before applying for a loan. One can access free credit reports from credit bureaus or visit online financial markets to do so, as well as monthly updates. Following this practice would allow borrowers to take corrective action in the event that they detect clerical errors in their credit report and have them corrected. If these mistakes are not rectified, they can negatively impact the chances of a mortgage loan approval.

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Mortgage rates on the rise this week | January 8, 2022 https://blogcampcee.com/mortgage-rates-on-the-rise-this-week-january-8-2022/ Sat, 08 Jan 2022 10:20:39 +0000 https://blogcampcee.com/mortgage-rates-on-the-rise-this-week-january-8-2022/

The average rate on a 30-year fixed-rate mortgage ended the week at 3.807%, an increase of 0.094 percentage points from Monday. Refinancing rates also ended the week higher, with the 30-year average refinancing loan rate reaching 3.941%.

Rate hikes could be the norm this year, with most experts predicting higher rates by the end of 2022. Despite the increases, borrowers with strong credit should still be able to find interest rates. attractive and affordable monthly payments.

  • The last rate on a 30 year fixed rate mortgage is 3.807%. ??
  • The last rate on a 15 year fixed rate mortgage is 2.712%. ??
  • The latest rate on a 5/1 ARM is 2.391%. ??
  • The latest rate on an ARM 7/1 is 3.633 ⇑
  • The latest rate on a 10/1 ARM is 3.976%. ??

Money‘s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score – roughly the national average – could pay if they applied for a home loan right now. Daily rates are based on the average rate of 8,000 lenders offered to applicants on the previous business day. Freddie Mac’s weekly rates will generally be lower because they measure the rates offered to borrowers with a higher credit rating.

Today’s 30-year fixed rate mortgage rates

  • The 30-year rate is 3.807%.
  • It’s a day infold by 0.108 percentage points.
  • It’s a month to augment by 0.188 percentage point.

Most American borrowers opt for a 30-year fixed rate mortgage. The long payback period results in lower monthly payments, shorter loans, and the interest rate and payments will not change over the life of the loan, providing predictability. Compared to a shorter term loan, however, the interest rate will be higher, so you will pay more over time.

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Average mortgage rates

Data based on U.S. mortgages closed on January 6, 2022

Type of loan January 6 Last week Change
Conventional Fixed 15 Years 2.71% 2.58% 0.13%
Conventional Fixed 30 Years 3.81% 3.67% 0.14%
ARM rate 7/1 3.63% 3.1% 0.53%
ARM rate 10/1 3.98% 3.15% 0.83%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The 15-year rate is 2.712%.
  • It’s a day infold by 0.101 percentage point.
  • It’s a month infold by 0.124 percentage points.

The advantage of a 15-year fixed rate mortgage over a 30-year mortgage is that the interest rate will be lower, so you won’t pay as much over the life of the loan. The trade-off is that the short amortization period also means that the monthly payments will be higher than those of an equivalent long-term loan.

The latest adjustable rate mortgage rates

  • The latest rate on a 5/1 ARM is 2.391%. ??
  • The latest rate on a 7/1 ARM is 3.633%. ??
  • The latest rate on a 10/1 ARM is 3.976%. ??

For borrowers who don’t plan on staying in the home for the long term, an adjustable rate mortgage might be a good option. ARMs will start with a fixed rate period before the interest rate becomes adjustable and will begin to change periodically. For example, a 5/1 ARM will have a fixed rate for five years before starting to adjust annually. While the rate on ARMs typically starts out low, it can increase dramatically once the rate begins to change, especially in a rising rate environment.

The latest VA, FHA and jumbo loan rates

The average rates for FHA, VA and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.569%. ??
  • The rate for a 30-year VA mortgage is 3.63%. ??
  • The rate for a 30-year jumbo mortgage is 3.68%. ??

The latest mortgage refinancing rates

The average refinancing rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30 year fixed rate refinance is 3.941%. ??
  • The refinance rate on a 15 year fixed rate refinance is 2.838%. ??
  • The refinancing rate on an ARM 5/1 is 2.688%. ??
  • The refinancing rate on an ARM 7/1 is 3.895%. ??
  • The refinancing rate on an ARM 10/1 is 4.166%. ??
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Average mortgage refinancing rates

Data based on U.S. mortgages closed on January 6, 2022

Type of loan January 6 Last week Change
Conventional Fixed 15 Years 2.84% 2.69% 0.15%
Conventional Fixed 30 Years 3.94% 3.84% 0.1%
ARM rate 7/1 3.9% 3.23% 0.67%
ARM rate 10/1 4.17% 3.73% 0.44%

Your actual rate may vary

Where Are Mortgage Rates Going This Year?

Mortgage rates fell through 2020. Millions of homeowners responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people have bought homes that they might not have been able to afford if the rates were higher. In January 2021, rates briefly fell to all-time low levels, but edged up slightly for the rest of the year.

Looking ahead, experts believe interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and more labor market gains. The Federal Reserve has also started cutting back on mortgage-backed securities purchases and announced that it plans to hike the federal funds rate three times in 2022 to fight rising inflation.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight, and it won’t be a dramatic jump. Rates are expected to stay near their historically low levels throughout the first half of the year, rising slightly later in the year. Even with rates rising, this will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed took swift action when the pandemic hit the United States in March 2020. The Fed announced plans to move money through the economy by lowering the Federal Fund’s short-term interest rate between 0% and 0.25%, which is as low as they go. The central bank has also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but started curtailing those purchases in November.
  • The 10-year Treasury note. Mortgage rates move at the same pace as the yields on 10-year government treasury bills. Yields fell below 1% for the first time in March 2020 and have risen since then. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The economy in the broad sense. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are low, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached record levels early last year and have yet to recover. GDP has also been affected, and although it has rebounded somewhat, there is still a lot of room for improvement.

Tips for getting the lowest mortgage rate possible

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes a bit of work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. The borrowers with the highest credit scores will get the best rates, so it’s essential to check your credit report before you begin the home search process. Taking action to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which means how much of the home’s price the lender has to finance. A lower LTV usually results in a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the purchase of the house.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who is offering the lowest interest rate. Also consider the different types of lenders, such as credit unions and online lenders, in addition to traditional banks.

As well. take the time to learn about the different types of loans. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year loan or an adjustable rate mortgage. These types of loans often have a lower rate than a conventional 30-year mortgage. Compare the costs of everyone to see which one best suits your needs and your financial situation. Government loans – such as those backed by the Federal Housing Authority, the Department of Veterans Affairs, and the Department of Agriculture – may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you find the right rate, the right loan product, and the lender will help ensure that your mortgage rate does not increase until the loan closes.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by over 8,000 lenders in the United States for which the most recent rates are available. Today we’re posting the rates for Thursday, January 6, 2021. Our rates reflect what a typical borrower with a credit score of 700 can expect to pay on a home loan right now. These rates were offered to people with a 20% deposit and include discount points.

More money :

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IDFC First Bank Personal Loan Review – Forbes Advisor INDIA https://blogcampcee.com/idfc-first-bank-personal-loan-review-forbes-advisor-india/ Thu, 06 Jan 2022 12:06:45 +0000 https://blogcampcee.com/idfc-first-bank-personal-loan-review-forbes-advisor-india/

You can apply online or by visiting a branch of the IDFC bank.

First IDFC Bank Loan Balance Transfer

One can transfer an existing personal loan from another bank to IDFC Bank at a reduced interest rate. It requires a bit of documentation and here are the required items. At this point, they are offering a 1% discount off the current interest rate.

IDFC First Bank Insurance loan

Any borrower can take out a personal loan insurance policy with the bank or a service provider acceptable to the bank to protect against loan repayment in the event of disability such as death, serious illness, permanent disability, loss of life. ’employment, etc.

Borrowers pay a separate premium for this insurance and if they face any of the above issues, the insurance pays the rest of the amount and the balance is paid to the account holder’s agent.

IDFC First Bank personal loan recharge

Borrowers can benefit from additional personal credit, allowing them to contract credit in addition to their existing credit. This is only granted to customers with a good credit rating. The interest on a top-up loan is about 1% higher than the original interest, and the total top-up amount can go up to 80% of the original amount.

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Mortgage Rates Today Are Higher January 4, 2022 https://blogcampcee.com/mortgage-rates-today-are-higher-january-4-2022/ Tue, 04 Jan 2022 14:40:35 +0000 https://blogcampcee.com/mortgage-rates-today-are-higher-january-4-2022/

The interest rate on a 30-year fixed rate mortgage is 3.713%, according to the most recent data available. Thirty-year refinance loans are also experiencing higher rates, starting the week at 2.613%.

Mortgage rates are still historically low, despite recent increases. For borrowers with good to excellent credit planning for buying a home or refinancing their mortgage, low rates and affordable monthly payments are available.

  • The last rate on a 30 year fixed rate mortgage is 3.713%.⇑
  • The last rate on a 15 year fixed rate mortgage is 2.613%. ??
  • The latest rate on a 5/1 ARM is 2.269%. ??
  • The latest rate on a 7/1 ARM is 2.51%. ??
  • The latest rate on a 10/1 ARM is 2.583%. ??

Money‘s daily mortgage rates reflect what a borrower with a 20% down payment and a 700 credit score – roughly the national average – could pay if they applied for a home loan right now. Daily rates are based on the average rate of 8,000 lenders offered to applicants on the previous business day. Freddie Mac’s weekly rates will generally be lower because they measure the rates offered to borrowers with a higher credit rating.

Today’s 30-year fixed rate mortgage rates

  • The 30-year rate is 3.713%.
  • It’s a day to augment by 0.067 percentage point.

The 30-year fixed rate home loan is the most popular type of mortgage loan due to its long repayment term, which results in lower monthly payments. Another interesting feature of this loan is the fact that the interest rate and monthly payments will not change. However, the interest rate will be higher than with a shorter term loan, so you will pay more long term interest.

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Average mortgage rates

Data based on U.S. mortgages closed on January 3, 2022

Type of loan January 3 Last week Change
Conventional Fixed 15 Years 2.56% 2.58% 0.02%
Conventional Fixed 30 Years 3.63% 3.67% 0.04%
ARM rate 7/1 3.65% 3.1% 0.55%
ARM rate 10/1 3.62% 3.15% 0.47%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The 15-year rate is 2.613%.
  • It’s a day to augment by 0.033 percentage point.
  • It’s a month to augment by 0.005 percentage point.

The shorter term of a 15-year fixed rate mortgage means you’ll pay off the loan in half the time than a 30-year mortgage. It also means that the monthly payments will be higher. On the plus side, the interest rate will be lower than on a longer term loan, so you will pay less over time despite the higher payments.

The latest adjustable rate mortgage rates

  • The latest rate on a 5/1 ARM is 2.269%. ??
  • The latest rate on a 7/1 ARM is 2.51%.??
  • The latest rate on a 10/1 ARM is 2.583%. ??

The interest rate on adjustable rate mortgages will be fixed for a number of years before it becomes variable and begins to adjust regularly. A 5/1 ARM, for example, will have a fixed rate for five years before starting to change each year. An ARM might be a good option if you don’t plan on staying in the home for the long term, or if you plan to refinance, as the initial interest rate tends to be very low. However, once the rate becomes adjustable, the rate could increase significantly.

The latest VA, FHA and jumbo loan rates

The average rates for FHA, VA and jumbo loans are:

  • The rate for a 30-year FHA mortgage is 3.413%.??
  • The rate for a 30-year VA mortgage is 3.536%. ??
  • The rate for a 30-year jumbo mortgage is 3.853%. ??

The latest mortgage refinancing rates

The average refinancing rates for 30-year loans, 15-year loans and ARMs are:

  • The refinancing rate on a 30 year fixed rate refinance is 3.86%. ??
  • The refinance rate on a 15 year fixed rate refinance is 2.719%. ??
  • The refinancing rate on an ARM 5/1 is 2.565%. ??
  • The refinancing rate on an ARM 7/1 is 2.812%. ??
  • The refinancing rate on an ARM 10/1 is 2.886%. ??
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Average mortgage refinancing rates

Data based on U.S. mortgages closed on January 3, 2022

Type of loan January 3 Last week Change
Conventional Fixed 15 Years 2.66% 2.69% 0.03%
Conventional Fixed 30 Years 3.76% 3.84% 0.08%
ARM rate 7/1 3.88% 3.23% 0.65%
ARM rate 10/1 4.04% 3.73% 0.31%

Your actual rate may vary

Where Are Mortgage Rates Going This Year?

Mortgage rates fell through 2020. Millions of homeowners responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people have bought homes that they might not have been able to afford if the rates were higher. In January 2021, rates briefly fell to all-time low levels, but edged up slightly for the rest of the year.

Looking ahead, experts believe interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and more labor market gains. The Federal Reserve has also started cutting back on mortgage-backed securities purchases and announced that it plans to hike the federal funds rate three times in 2022 to fight rising inflation.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight, and it won’t be a dramatic jump. Rates are expected to stay near their historically low levels throughout the first half of the year, rising slightly later in the year. Even with rates rising, this will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed took swift action when the pandemic hit the United States in March 2020. The Fed announced plans to move money through the economy by lowering the Federal Fund’s short-term interest rate between 0% and 0.25%, which is as low as they go. The central bank has also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but started curtailing those purchases in November.
  • The 10-year Treasury note. Mortgage rates move at the same pace as the yields on 10-year government treasury bills. Yields fell below 1% for the first time in March 2020 and have risen since then. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The economy in the broad sense. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are low, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached record levels early last year and have yet to recover. GDP has also been affected, and although it has rebounded somewhat, there is still a lot of room for improvement.

Tips for getting the lowest mortgage rate possible

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes a bit of work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. The borrowers with the highest credit scores will get the best rates, so it’s essential to check your credit report before you begin the home search process. Taking action to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which means how much of the home’s price the lender has to finance. A lower LTV usually results in a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the purchase of the house.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who is offering the lowest interest rate. Also consider the different types of lenders, such as credit unions and online lenders, in addition to traditional banks.

As well. take the time to learn about the different types of loans. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year loan or an adjustable rate mortgage. These types of loans often have a lower rate than a conventional 30-year mortgage. Compare the costs of everyone to see which one best suits your needs and your financial situation. Government loans – such as those backed by the Federal Housing Authority, the Department of Veterans Affairs, and the Department of Agriculture – may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you find the right rate, the right loan product, and the lender will help ensure that your mortgage rate does not increase until the loan closes.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by over 8,000 lenders in the United States for which the most recent rates are available. Today we’re posting the rates for Thursday, December 30, 2021. Our rates reflect what a typical borrower with a credit score of 700 can expect to pay on a home loan right now. These rates were offered to people with a 20% deposit and include discount points.

More money :

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Solon advocates localized building code update for more disaster-resistant structures https://blogcampcee.com/solon-advocates-localized-building-code-update-for-more-disaster-resistant-structures/ Sun, 02 Jan 2022 13:32:52 +0000 https://blogcampcee.com/solon-advocates-localized-building-code-update-for-more-disaster-resistant-structures/
THE port of LIPATA in the city of Surigao was one of the public structures heavily damaged by Typhoon Odette. – NAVY PHILIPPINE

LOCAL government units should be allowed to issue updated versions of the National Building Code to pave the way for planning and building structures that are more resistant to natural events such as typhoons.

“(U) updating this (National Building Code) has been quite difficult in both houses of Congress. Even with a qualified majority, it’s quite difficult because the families of lawmakers are in the construction business, ”Bagong Henerasyon representative Bernadette R. Herrera-Dy said in a statement following questions from Business world.

The National Building Code of the Philippines, contained in a presidential decree passed in the 1970s, provides guidelines on how buildings and structures are to be constructed, including location, design and quality of materials to be used. .

“Perhaps we can resort to other legislative avenues. LGUs (local government units) could promulgate their own building, structural and safety codes, ”she said.

Most LGUs have local ordinances relating to building rules, although these mostly comply with the national code.

Herrera-Dy said in an earlier statement that rebuilding weak structures that cannot withstand calamities will not be enough, as those structures could again be easily damaged by the next disaster.

Typhoon Odette, internationally known as Rai, struck large areas of the central and southern Philippines in mid-December, causing at least 16.9 billion pesos in infrastructure damage, according to the update. January 2 assessment of the national disaster management agency.

This cost estimate covers government facilities; roads and bridges; schools, including those designated as disaster evacuation centers; health facilities and public service facilities.

There were also over 407,000 partially damaged houses and nearly 175,300 totally destroyed. The estimated cost for residential damage was P28.16 million.

The solon said the government should also introduce more loans for repairing houses and disaster loans should be adjusted according to inflation.

She also proposed that families living in areas vulnerable to calamities become members of the Home Development Mutual Fund, more commonly known as the Pag-IBIG Fund, a government-owned and controlled company that operates a savings program and low cost shelter loans. It also has a disaster loan program for contributing members.

On pending legislation for the creation of a Department of Disaster Resilience (DDR), Ms Herrera-Dy said its passage was affected by restrictions related to the coronavirus pandemic, but the recent typhoon underscored the urgency to have an agency focusing on calamities. preparation and response.

“The pandemic may have delayed the DDR bill, but as we can clearly see, typhoons, earthquakes and volcanoes don’t care about pandemics. They happen to be on strike, ”she said.

The House of Representatives adopted its version of the bill under Bill 59589 in September 2021. It has been referred to the Senate and is currently pending before the National Defense Committee.

For the immediate response to the aftermath of Typhoon Odette, Ms Herrera-Dy said different departments of the executive can review available funds that could be reallocated for relief and recovery measures.

She cited that based on disbursement data from the Department of Budget and Management (DBM) in September 2021, there was a total of 690 billion pesos of uncommitted funds between 10 departments.

She said only 1% of these funds or 6.9 billion pesos would be sufficient for reconstruction projects.

Before the end of 2021, DBM said it had released 7.68 billion pesos to local governments and national agencies for disaster relief operations in areas affected by the typhoon. – Jaspearl Emerald G. Tan

]]> Online payday loans at Tx for everyone https://blogcampcee.com/online-payday-loans-at-tx-for-everyone/ Fri, 31 Dec 2021 22:13:46 +0000 https://blogcampcee.com/online-payday-loans-at-tx-for-everyone/ Online payday loans at Tx for everyone

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Explained: How India overtakes the world in digital payments https://blogcampcee.com/explained-how-india-overtakes-the-world-in-digital-payments/ Thu, 30 Dec 2021 06:29:00 +0000 https://blogcampcee.com/explained-how-india-overtakes-the-world-in-digital-payments/ NEW DELHI: The value of digital payments in India will triple to $ 1 trillion by fiscal 2026, from $ 300 billion in fiscal 2021 thanks to the government’s initiative to increase l financial access by combining no-frills bank accounts, the Aadhaar card and mobile connection, according to a report from CLSA.
“UPI accounts for 60% of total payments in volume and digital payments have grown from $ 61 billion in fiscal 2016 to $ 300 billion as of fiscal 21. Considering the increase in purchases online and digital adoption, we expect this figure to grow to $ 0.9 billion to $ 1 billion by FY26, or 30% of Indian consumption, “the report said.
Since its inception in 2016, the value of monthly UPI transactions has taken four years to cross the Rs 3 lakh-crore mark in September 2020. And in one year, it has more than doubled to reach Rs 7 lakh crore.

What fueled this boom?
Cheap internet data, the high penetration of smartphones and the Indian biometric ID card have fueled the rapid rise of online payment systems on mobile platforms, according to the report.
Currently, 250 banks are direct members of UPI, which means that they allow interbank fund transfers through UPI. There are over 50 UPI apps with Phone Pe in the lead. UPI is the largest retail payment system in the country in terms of transaction volume (14 crore transactions per day, October 2021), and one of UPI’s initial goals was to replace cash for low transactions. value.
Analysis of transaction data shows that 50% of transactions through UPI were less than Rs 200. RBI proposed to offer a simpler process flow by allowing low value transactions through an ‘on-device’ wallet. in the UPI application, which will preserve the resource bank system, without any change in the transaction experience for the user.
India has passed the world of digital payments
The country recorded more than 25.5 billion real-time payment transactions in 2020 – the highest in the world and 60% higher than China.

UPI transactions almost matched all debit and credit card transactions
In the aggregate value of payments made to merchants, UPI transactions almost equaled debit and credit card transactions. According to CLSA estimates based on transactions in the first half of FY22, UPI transactions at $ 187 billion are close to overtaking debit card transactions by $ 83 billion and debit card transactions. credit of $ 102 billion.
UPI transactions recently increased to $ 16 billion per month, which is almost equivalent to merchant payments made by debit and credit cards together.

Google pay and PhonePe Dominate UPI Application Market Share

Fintech players such as Paytm, Phonepe and Google Pay have gained dominant market shares in UPI payments, which are clearly on the rise and have already overtaken other forms of payment like credit cards and debit cards. . In fact, Paytm, Phonepe, and Google Pay have been active on both the issuance and acquisition side. As a result, they have built strong customer and merchant bases. In some cases, the number of users significantly exceeds the customers of the large banks.
However, UPI payments are not profitable because UPI payments are free while there is a merchant discount rate on debit / credit cards and the point of sale / gateway companies also charge a fee for the service, this is why UPI based issuers and super apps are diversifying into full financial service platforms including lending, distribution and non-financial services as they intend to capitalize on the large customer / merchant base that they have built up. Examples include Paytm, Phone Pe, Mobiwilk, Google Pay, Bharat Pe, Pine Labs, RazorPay, and CRED.
With the substantial increase in UPI volume, CLSA estimates that digital payments (debit cards + credit cards + UPI) from consumers to merchants have increased from 5% in FY16 to over 15% in FY21 and are expected to exceed 20%. % in FY22.
It is estimated that around 47% of all payments made by customers in FY 22 are made through UPI, and only 6% through mobile wallets.

CLSA expects in FY26 approximately 44% of payments to be accepted through payment gateways and aggregators, followed by 34% through QR codes and 22% through point-of-sale machines. (PoS).
Online consumption could grow from $ 72 billion in fiscal 21 to $ 237 billion in fiscal 26

BNPL market growing by 10%
Currently at $ 15-20 billion, Buy Now Pay Later (BNPL), Equivalent Monthly Payments (EMI) and Purchase Loans only account for 5-6% of digital payments. CLSA expects this market to grow five-fold to $ 100 billion by FY26, or 10% of all digital payments.
Remind me, what is BNPL again?
Buy-Now-Pay-Later (BNPL) is a short-term microcredit model, in which consumers have to pay little or no interest for both online and offline purchases. BNPL’s start-ups are partnering with meal delivery companies, travel booking players as well as grocery stores and other essential delivery platforms. Two types of BNPL products are offered:
A deferred payment model in which the customer must repay the amount after 14-30 days. These are generally low cost loans offered to facilitate payments to low risk customers.
A regular EMI model with a duration of a few months. It may or may not be at zero cost.
CLSA said the accessibility enhancement features and immediate availability of credit will help fintechs stay at the forefront of personal lending growth in India. BNPL digital space fintechs include Simpl, ZestMoney, PayU’s LazyPay, Capital Float, and Mobikwik Zip.
Interestingly, India is ahead of the global average when it comes to using BNPL in online shopping (3% share vs. 2.1% global average)

According to industry estimates by Redseer, only 10-15 million people in India have benefited from BNPL credit from digital-only players. In FY21, disbursements from these players amounted to $ 3.5 billion, or 5% of total online sales in India. This market can reach 10% of total online sales over the next five years. According to Lizzie Chapman, co-founder and CEO of ZestMoney, India will be the largest BNPL market in the world.

During fiscal year 18-1HFY22, BNPL companies raised nearly $ 2.6 billion in equity. Additionally, ZestMoney and Capital Float each raised $ 50 million, while ePayLater raised $ 10 million in September 2021.
Amount of the loan
According to a CIBIL report, 97% of fintech disbursements in 2020 were for an amount less than Rs 25,000, against 60% / 16% for NBFC / private banks. Indeed, a typical BNPL client is younger and has a lower earning capacity. Second, the shorter loan term implies that the ticket size has to be smaller for the MIL to remain relatively comfortable.
“With the rapid expansion, low cost personal loans account for 60% of the overall personal loan volume, while fintechs contribute 45% in number. Over 70% of personal loans are taken outside of Tier 1 cities, ”CLSA said.
The various Indian fintechs will gain importance
India is emerging as one of the largest fintech markets in the world and is ranked # 4 in the number of fintech unicorns valued at $ 50 billion. “While there are many factors contributing to the country’s digital successes, we believe that the role of government, regulators and industry bodies in the development of the Indian battery has laid the groundwork for digitalization and innovation. fast, ”said CLSA.
India currently has 14 fintech unicorns; 6 of the first 8 are payment companies

CLSA sees fintechs leading the expansion of India’s credit market and driving penetration with a 50-60% share of new credit and sub-prime clients. ]]>