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Gino Berchock rejoins 360 Mortgage Group
Gino Berchock rejoins 360 Mortgage Group In his new role, he will focus on attracting high quality sales executives to expand 360 Mortgage Group's footprint throughout the region, specifically in Louisiana, Alabama, Georgia, Tennessee, Florida, South Carolina and North Carolina. "We are

Lighter side of new mortgage rules
You recommend adding to the bank's Welcome letter to all new customers the following: “Remember, if you have an adjustable rate mortgage with us, the interest rate will change in about 360 days.” 5. No matter what item you purchase, you always divide

St. Tammany Parish real estate transfers
Ozone Place, lot 39-A, square 346-A: HSBC Bank USA NA, as Trustee for Merrill Lynch Mortgage Investors Inc. Mortgage Pass-Through Certificates Mana Series 2007-AF1 to Amber howell, $127,500. Pine Alley 100: Alice Yingling Friend to Julia D. Henry, $248

Flagstar Execs Hit With Investor Suit Over $133M FCA Deal
The suit comes after Flagstar agreed in February 2012 to pay up to $133 million to settle FCA allegations that the bank improperly endorsed federally-insured mortgage loans that eventually defaulted and falsely certified its loan underwriting practices

A Present to You | 360 Mortgage Group

Earn an extra .25 pts price improvement on all new loans submitted and locked during the month of December 2011. Happy holidays from 360 Mortgage ...

JACK GUTTENTAG: Can mortgage shoppers rely on the APR ...

APR stands for “Annual Percentage Rate,” designed to be a comprehensive measure of the cost of credit that mortgage borrowers could use to compare loans offered by different lenders, or loans with different features. The APR adjusts the interest rate to take account of all loan fees paid up front by the borrower to the lender. (Note: It does NOT take account of fees paid to third parties, such as appraisers or title insurers). Mortgage shoppers confront the APR as soon as they search for interest rate quotes, because the law requires that any mortgage interest rate quote by a loan provider must also show the APR.

The APR was formulated originally by the Federal Reserve in implementing Truth in Lending legislation, which was given to the Fed to administer. When the newly created Consumer Financial Protection Bureau (CFPB) assumed responsibility for mandatory mortgage disclosures from the Fed and from HUD a few years ago, the APR was part of the transfer. While CFPB thoroughly revised many of the other disclosures they inherited from the Fed and HUD, the APR has not changed. The major weakness in it that I pointed out to the Fed 25 years ago has never been fixed.

When Is a 30-Year Fixed-Rate Mortgage a Bad Idea?

Back in 1954, the Federal Housing Administration (FHA) adopted the 30 year-fixed mortgage and it has been the gold standard ever since. Even over 60 years later, it remains a popular option due to its affordability. When you make 360 mortgage repayments, the monthly total is clearly less than when you choose a 10, 15, or 20-year mortgage.

Then there is the small matter of predictability. As it is fixed-rate, you know the amount will never change so budgeting is easy. However, is spreading your repayments over such a long time ever a good idea? Most experts say "No."

What Are You Sacrificing with a Lower Monthly Repayment?

While borrowers pay an average of $500 a month less on repayments, is it damaging their financial future in the long term? Let’s use an example to paint a clearer picture using a $250,000 mortgage with an interest rate of 3.5 percent.

30-Year Mortgage: Monthly repayments of $1,123 per month and a total payment of

Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.?

Consider a standard mortgage (360 months) with monthly payments and a nominal rate (monthly compounding) of 6.20%. What portion of the payments during the first 34 months goes toward interest?

In order to answer your question correctly, I went to my favorite mortgage calculator, the address is below. The answer is found like this: 34 months x 607.38 = 23080.44 the amount of total monthly payments paid. At this point you have paid off $3601.