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Mortgage Calculator Related Podcasts
Rick the Fix-It Guy -1/3/09
Rick talks about first-time home buyers and takes calls about various home improvement projects.
[0:01:28] ... high of eighteen point 45%. Yes I remember that because my first mortgage. When I when I was a newlywed my wife and I had our first mortgage and it was I think 17%. Sixteen or 17%. I -- that was like the high. And then it it's steadily went ...
[0:02:07] ... the market for awhile. And there are people because of this whole mortgage crisis. That are reporting their life where they have to sell the house because. They're having difficulty may be refinanced seemed. Or ...
[0:03:20] ... into the fix it part of it but. I know about the mortgage markets and so -- for -- talk about a little bit today if you have any questions not just about. Mortgages and ...
[0:04:41] ... are what they call debt to income ratios that are used by mortgage companies to qualify buyers. And it's based oil and how much the monthly payments. Are for the for the housing are and how much their monthly income is and they take a portion of that. A conservative number is normally. 28%. Of your monthly income -- you make 5000 dollars a month you can afford 28% of that. For. Housing payment on housing payment includes. The principal interest on the mortgage. And the taxes won twelve of your real estate taxes. And you were hazard insurance or your homeowner's insurance. Now most real ...
[0:05:45] ... based on the current rates. They'll say we you can afford a mortgage of 200000 dollars. There's an old adage of about four times your yearly salaries normally what you can afford to make 50000 dollars year you can in the 4200000. Dollar mortgage. But it's better to work again with. The interest rates being lower you can afford a high a higher mortgage amount because the payments are lower. So you know -- want to work with a real true that -- go through the process and explain. What he's doing when he's asking you to questioned how much do you make. Out the other thing they look at when you're. Purchasing a home is the amount of debt to you that. Because they also want to make sure that when they add this mortgage debt. They don't push -- too far. To -- they have what's called the backside number of the ratio the second number. ...
[0:08:06] ... first time buyer. Is to try to maybe get involved with the mortgage company that does -- 883 qualification. Mortgage approval. And what this will do is they'll actually. Bring your application. To mortgage company. And have them run you through their system and a true view for a mortgage before you buy a house. The good thing about this is when you go in to buy that house you already know I'm approved for a 200000 dollar mortgage. You know that. How much money you have. To work with for down payment and settlement costs. So you can say okay out approved for 200000 dollar mortgage I have 60000 dollar saved. And someone in need X amount of dollars for settlement course so I can afford a house ...
[0:09:24] ... But you're gonna go and say listen I already got approved for mortgage and I can settle. In thirty days. As I got my mortgage approval. We just have to get in Iowa. Home inspector through here and get the paperwork done and go to settlement or ...
[0:10:08] ... So a good idea is to go and get free approved for mortgage. How you do that. Well on most realtors that your gonna work with are gonna have relationships with different mortgage lenders either brokers are direct lenders. Banks credit unions. Savings and loans. Mortgage companies but taken in her do you -- two and you can also go on line you can -- rates online. On ...
[0:11:32] ... I got my mortgaged by credit union was one of the easiest. Mortgage companies to deal with. So that's the reason and -- I refer people to them all the time because of how friendly they are to do business with and that's important so. Look around in your market look at your local banks look that your your credit union. And talk to your -- and he can introduce you to someone that can give view -- preapproved and mortgage. On let's go to the phones here we got a call from bill in bucks county billiard and the talk ritual that ...
[0:16:59] ... home improvement home repair home remodeling maybe have a question about a mortgage your or about buying a home give -- call here 2158391210. From Philly. From the suburbs 616. Exports while -- sell jerseys. ...
[0:19:02] ... some of your savings. So you can -- doing a little bigger mortgage and set aside maybe five or 10000 dollars to do some fixing up. To the new house may -- want to ill ...
[0:24:21] ... and you know. Watch. Where protection I protection. But back to the mortgage issue we're talking about first time homebuyers were talking about getting a mortgage -- would -- back qualifying for that mortgage we have a question from Tom and Ben Salem. Concerning health insurance premiums. Tom what of the program. ...
[0:26:12] ... I you know but I you would have to talk to the mortgage broker when you make application I would suggest that. So you know what you're you are qualified for a stolen you were. ...
[0:26:50] ... And we're talking about some of the the issues with getting a mortgage -- you're you're looking your shopping for a mortgage what the adjustable term mortgage or adjustable rate mortgages. Arms they -- And you hear fixed rate mortgages and then you'll hear you know terms like -- 31 or seven more on the current ten more and or maybe a 723. Or 520 for what what does all this stuff mean. All right two types of mortgages that are available that are common in our market are the fixed rate mortgages. Fixed rate mortgages are though that for the -- of the mortgage how many years you borrow the money. The interest rate is fixed and it's amortized. With a fixed payment over the life for the mortgage so you get eight. Thirty year mortgage at 5%. Eight calculate the interest. And then they come up with a monthly payment that monthly payment is comprises interest and principal. And it's amortized. So if if you look at what's called an amortization table for that mortgage over the life of the mortgage the first payment. Has a lot of interest and a little bit of principle and each month. The interest decreases and the principal races by pennies. -- dollars. Overall life for the mortgage. Till the end of the mortgage when your last payment is mostly all principal and hardly any interest and this is the normal way to the mortgage is paid off. Same way your car payments are paid off and so on. But when you when you do. If you go on the Internet you can find mortgage calculators were you can put in the interest rate and the most of the banks in the mortgage companies have a calculator built into their site. Where you put the for the particulars. Interest rate. The term of the mortgage and though the amount your bar we know give -- monthly payment. You can kinda you know use that for a check ...
[0:29:18] ... it can be adjusted every year for the remaining terms of the mortgage. After that first three year fixed period. There's usually and usually there there there is terms within the mortgage it says how much can be adjusted over life for the mortgage. There's a a ceiling -- a floor. So there's the high sticking go and there's the -- sticking go and there's also some type of formula that they use to adjust it -- hold. In the mortgage documents and it's based -- and a treasury bond -- it's based on some other type of commercial paper rate. So. These ...
[0:30:47] ... in 37 years. Com maybe it's time to get that fixed rate mortgage or you have that adjustable rate mortgage may be came down to refinance. So look at the adjust to the fixed rate mortgages as a first alternative and only go to adjustable it's something to eat you know you think you can work with. You gotta know that there's the unknown and adjustable rate mortgage. There are other adjustable rate mortgage to have a one time adjustment these -- the like the 723 year to 525 which means. For seven years you have a level payment. After seven years. They're gonna readjust the mortgage and then for the next 23 years you're gonna have a level payments -- there's only one adjustment. And that could be ...
[0:34:23] ... Have you done. A question for you about a mortgage program that I that I referred. Little skeptical doubt but want to get your idea caught on and -- confirmed that sometimes referred to as an equity booster. I've been saying I've got a mortgage right now first mortgage McAuliffe about not doubt my daughter had. And you know from the -- did this kind of -- concept where he carried off his mortgage at -- home equity line of credit. And and then he because I get the whole basic principle this is that the of the year home equity line of credit interest is calculated on a daily basis. Person the mortgage it's likely -- a monthly basis. They taught at home equity you know mortgage first mortgages the home equity line of credit. On the -- hanging he takes -- paycheck in the plot applies it to ...
[0:35:51] ... that he had an equity lines for 90000. People pay off the mortgage of 90000. -- you make the monthly payments and then every month you draw down your equity getting you always keep it ...
[0:36:36] ... guy if you do you know I don't how much bi monthly mortgage payment is that gets paid every every every month right on the same date you know I have a dead added to my -- checking account on the fifth that a month. And I know it's gonna be X -- dollars come out. And you know I budget my money based on how much I make. And I don't know I know that I have a you know I have twenty years left the my mortgage and ratified by running out for the next twenty years it'll get paid off. It's you know I know my interest rate I got a good it's below 5%. I got a great interest rate it's a fixed rate mortgage rent and I need no less. ...
[0:37:32] ... Obama benefited and claim is that you could actually Taylor -- your mortgage off such got ten years left I get paid off in five years with. ...
[0:38:15] ... they charge you -- she could do yourself. Yeah your your mortgage company roll out you descend the principal payment I -- I can program it into my payment. Where instead of taking you ...
[0:39:02] ... can set it up with most with the Internet now and those mortgage companies are on the Internet. You can say I want you to take my regular payment plus a hundred boxer plus 200 ...
[0:40:00] ... and VA mortgages if you're a veteran. You can get a VA mortgage and FHA mortgages are available. And again there are some sometimes income limitations and how much you can make for those mortgages ...
[0:41:10] ... Yeah everybody to agree that our. The problem with the mortgage crisis in the super all right so what should bite the apple that the -- skiing. ...
[0:41:34] ... and it wouldn't fight against the interest that portion of the not mortgage interest Marriott tax deductible dependent on what. ...
NBR Program - Monday, December 22nd | PBS
Top stories include with markets down again today is buy and hold still the best strategy? A troubling sign for the housing industry, as an increasing number of U.S. homeowners are defaulting on the mortgages even after the terms are modified. We continue our series, Get Your Finances Ready for Retirement looking at using online retirement calculators, and then Walgreen posted a smaller than expected quarterly profit.
[0:03:22] ... yield. At two point 17%. Despite industry efforts to modify troubled home mortgage loans. More borrowers are falling in to trouble. New data from the federal government show more than half of all loans modified ...
[0:04:02] ... when loan servicing specializes in collecting home mortgage payments and paying the investors who back those loans. Many of the mortgages it services have been sliced and diced and sold ...
[0:04:37] ... Or the economics are such that there is no. Adjustment to a mortgage instrument that. Is both affordable for the borrower and will return next on net present value to the investor. ...
[0:05:53] ... the borrower is truly going to be able to sustain a modified. Mortgage. ...
[0:06:07] ... defaults. But they are warns it's not a quick fix to the mortgage mess I think we can he get away from the short term thinking that we just read a big check -- months. ...
[0:06:37] ... Joining me now for further discussion of the US mortgage market is Joel Rogers executive vice president at Wells Fargo Home Mortgage -- welcome to the program. Practices that. As we just heard -- and Stephanie Storey house foreclosures are on the rise how ...
[0:07:06] ... mortgages themselves. And the periphery of loans. There's ample availability of a mortgage money available for both FHA VA financing. Loans that are doctor Fannie Mae and Freddie Mac there's there's lots of money without ...
[0:07:46] ... my career and that's standings going back about 35 years. In the mortgage business and probably back into the 1960s before we've seen interest rates this slow for available borrowers. ...
[0:08:02] ... rate at % you see the ten year bond at 2% yet mortgage rates while they have certainly come down significantly there's still about 5% for a thirty year. Why is that can you explain ...
[0:08:30] ... you -- you you potentially incur wrist. In the case of a mortgage you have credit risk. And with the home values that are under siege if you will that today. And other risks that ...
[0:08:52] ... starkly with with the ten year bond at 2%. -- thirty year mortgage rates more like three and a half 4% so what do you think it's gonna take to an hour that's -- ...
[0:09:04] ... fact that the the Federal Reserve and treasury continues to support the mortgage market continues to. Indicate that it will purchase. Mortgage backed securities and and debt from the TSE's. But probably more importantly the thing that can can help the most is the ...
[0:10:20] ... is again. My guess this evening Joe Rogers and Wells Fargo Home Mortgage. ...
[0:15:23] ... retire one way to find out -- to use an online retirement calculator. As a continue our series get your finances ready for retirement Connie hicks reports those calculators. Aren't all the same and some ...
[0:15:55] ... to check his financial progress on three free calculators. The ballpark estimate calculator -- choose to say dot org. The retirement calculator at eight ARP dot org and that's how much will I need to save for retirement calculator. At Yahoo.com. On all three he is the same numbers and assumptions including. Retirement at age 55. A lifespan extended to age ...
[0:16:43] ... They choose to say ball park estimate calculator found lights finances to be an excellent shape. Between his pension and savings it figured he'll collect 93% of its current income in retirement while the projection of AARP calculator was a little less rosy. It's still found he should come out ahead. Retiring with a 4% income surplus. But the Yahoo! calculator warned that white's retirement finances are in danger of falling far short. To have enough income it's that he must say well ...
[0:18:19] ... Sometimes the problem isn't calculator. But the numbers putting by the user Jack -- who designed the interactive ballpark estimate calculator says it's easy to underestimate your lifespan by using the national average. ...
[0:21:13] ... and existing homes else. In tonight's commentary the benefits of a lower mortgage rates here's Glenn Hubbard dean of Columbia university's graduate school of business and former chairman of the Council of Economic Advisers. ...
[0:21:34] ... can begin with a major stimulus with modest budget consequences. Lower the mortgage rate for qualifying homebuyers to four and a half percent. 4 and a half percent rate much lower than prevailing rates as possible. Treasury borrowing to fund housing GICs can accomplish lower mortgage rates with a big gap between four and a half percent in the Treasury's borrowing costs. There's little risk that defaults are underwriting costs will lead to serious taxpayer losses. This new deal for mortgages offers three sources of stimulus. First lower mortgage rates will raise housing demand. Even in today's weak economy have four and -- half percent mortgage rate would increase housing demand by one point six to two point four million homes. With the ripple effects such a -- would bring. Second lower mortgage rates would put a floor -- house price declines. Before and a half percent mortgage would stop an expected 12% average drop in house prices over the next year. Third extending the plan to refinancing. Would offer ...
The Dave Ramsey Show Podcast - Tue, 16 Dec 2008 23:59:00 -0500
The Dave Ramsey Show is about life and how it happens to revolve around money. Dave Ramsey teaches you to manage and budget your money to avoid bankruptcy, help yourself get out of debt, build wealth, and live in financial peace without debt consolidation. Managing your money properly will reduce stress, improve your marriage, and provide security for you and your family.
[0:02:11] ... 101000. On the outside does include my Brothers 130. That include the mortgage an interest in need. Renovate the expenditures. We know about 125000. I'm on the mortgage and payment of about 2600 dollar a month. We -- finance but we got to the -- need to raise it up ...
[0:03:37] ... expenditures. And then we've been paying after the mortgage so he's a slender volume. He -- offering to buy -- problem. He how he always optical kind of quiet -- I ...
[0:34:13] ... planners. And among counselors like mean people who actually can run a calculator has been very popular for twenty years -- so. Predatory years ago nobody even talked about the stuff much. Maybe 25 years ...
Armstrong and Getty 12-15-08 H1
Hour 1: Bush had 2 shoes thrown at him; Raiders and Niners lost; MailBag.
[0:11:09] ... touch screen and the ability to make calls and it's -- calculator. ...
[0:13:20] ... forward here's the season we'll talk about a moral leader. This whole mortgage mess that we've had yes that whole thing I don't know if you noticed it but it like it -- entire world ...
Obama Says 5PM Hr (12/10)
Obama Says Gov. Blagojevich Should Resign
[0:05:20] ... you spend most of your money nine. On a daily basis besides mortgage and write the mortgages fixed but as far as -- you know things you purchased a deli -- is that right against. ...
[0:05:51] ... it's so fascinated by this. I went on the web through inflation calculator. Is that the last guy techie guests paid for as a dollar a gallon. And in Dallas on Orange County streets in ...