Archive for : March, 2015
EMI of Home Loans to Go Down after RBI Cut Repo Rate – India TV
Banks can low down the EMIs of Home loans. RBI already reduce the Repo rates by 25 basis.
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Veterans Home Loans: How do VA loans work for buying a home?
VA Loans aka Veterans Home Loans are a special benefit for home buyers that is reserved for veterans only. You need your DD214 form to apply for this mortgage.
Benefits to VA Home Loans:
-0% Down Payment
-Zero Monthly Mortgage Insurance
-Only For Veterans
Important Points About VA Home Loans:
-You can only have one VA loan at a time.
-You must have your DD214 veterans form available.
-Upfront VA funding fee varies depending on your status of duty.
-Flexible underwriting guidelines.
Veterans love using the VA to purchase homes. It has very attractive features like a low down payment without monthly mortgage insurance. VA rates are fantastically low as well.
Did you know that VA loans are the best performing mortgage loans for banks?
Sean O. McGeehan
Mortgage Loan Officer
“Illinois Residential Mortgage Licensee” Sean McGeehan, Loan Officer
Peoples Home Equity
14150 S Bell Road
Homer Glen, IL 60491
“Illinois Residential Mortgage Licensee” “Materials are not from HUD or FHA and the
document was not approved by the Department or Government Agency.”
Redlining: Banks Still Restricting Home Loans In “Non-White” Areas
Members of Neighborhoods Organizing for Change (NOC), ISAIAH, and Minnesotans for a Fair Economy stood together outside Minneapolis City Hall to accuse banks of continuing to “red-line” communities of color and refusing to refinance sub-prime mortgages from 2009-2012. Accompanying the activists and researchers were three Minneapolis City Council members — Blong Yang, Elizabeth Glidden and Cam Gordon, all of whom called for something to be done.
“What the report shows very clearly is that big banks like Wells Fargo are redlining communities of color,” said Anthony Newby, executive director of NOC. “The report shows that redlining is alive and well, and in some ways it’s worse than it’s ever been.”
Myron Orfield from the University of Minnesota Law School’s Institute on Metropolitan Opportunity, which prepared the report, said the study shows that from 2009 to 2012, people in predominantly non-white Minneapolis neighborhoods such as Near North and Camden were three times more likely to be denied loans — regardless of what race the person was who applied for the loan.
“Our report shows that the lack of access to credit continues to plague communities of color in the Twin Cities Metropolitan area,” Orfield said. “The income of the residents doesn’t explain what’s happening. If home loan portfolios of the region’s banks simply reflected the actual income and backgrounds of the people (who) lived in these neighborhoods, more than 13,000 additional loans would have been given to racially diverse and nonwhite neighborhoods in the Twin Cities over the course of the four years between 2009 and 2012. That would have been a 55 percent increase.”
The report found that even middle- and high-income households in mostly non-white areas were much more likely to be denied loans than in other areas, with middle- and high-income people of color in nonwhite neighborhoods twice as likely to be denied loans than in predominantly white areas.
Wells Fargo, the region’s largest lender, accounted for about a fourth of the lending shortfalls in the region’s racially diverse and predominantly nonwhite neighborhoods, according to the report.
“I’m not a mathematician, but I’m mad,” Newby said. “Not only is it immoral and unjust, it’s illegal. We’re outside City Hall today because we believe the city has an obligation to take bold steps to correct this. We cannot and will not believe that banks will fix this on their own.”
Ruby Brown, a NOC board member, also spoke at the press conference. Brown fought for two years against Bank of America for refusing to modify her mortgage. Finally, after a national campaign, she was able to get her home refinanced within a week. “I should not have to go to that extreme to get help,” she said. “To this day I’m fighting for a principal reduction. My house is still under water.”
According to Brown, she became a victim of predatory lending when she was convinced by a member of her church to refinance with a mortgage company that no longer exists, and whose owner cannot be found.
“There have been so many people that have been preyed upon, even within their churches,” she said. “With mortgage companies that have refinanced people with loans that they didn’t understand. I was preyed upon. I’ve been a deacon in my church for 10 years and even I fell victim to this crisis — it’s an epidemic. We are standing here based on knowing it’s an easily fixed situation. It’s just a matter of sitting down and re-doing paper work to get people in their homes.”
Rev. Kelly Chatman, pastor of Redeemer Lutheran Church in Minneapolis and member of ISAIAH’s clergy caucus, recalled how the phrase “One Minneapolis” was a frequent message of Mayor Betsy Hodges during her campaign. “We need to stand together and work with the city and the mayor and the solicitor to make sure we are together for One Minneapolis, where all of us have a place,” he said. “Martin Luther King talked about a beloved community. I’ve heard a lot said lately about One Minneapolis. One Minneapolis means everybody has a place, everybody has an opportunity, everybody has access to equity. Standing together. Let’s fight! Let’s make sure we have One Minneapolis and a beloved community for all of Minneapolis.”
APS Bank – Home Loans Commercial
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RBI repo rate cut may lower EMI’s on Home Loans
RBI repo rate cut may lower EMI’s on Home Loans
NEWS 7 TAMIL
RBI cuts repo rate by 25 basis points to 7.5%, home loans may be cheaper – Tv9 Gujarati
RBI slashed repo rate by 0.25 per cent to 7.5 per cent, the second such surprise rate cut outside regular policy review in less than two months. The cut in repo rate is likely to make home loans cheaper.
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RBI Cuts Repo Rate By 25 bps To 7 5%; Home Loans To Be Cheaper
TV9 News: RBI Cuts Repo Rate By 25 bps To 7 5%; Home Loans To Be Cheaper…..,
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In a surprise move, the Reserve Bank of India (RBI) cut its main lending rate–the repo rate –by 0.25 percentage points to 7.5% on Wednesday morning rekindling hopes of lower EMIs for homeloan borrowers and cheaper bank capital for companies to aid their expansion plans.
This is the second rate cut by RBI in the last three months amid benign inflation rates. While wholesale inflation was (-)0.4 % in January, retail inflation was 5.11 % –much lower than the target of 6% by January 2016.
“Given low capacity utilisation and still-weak indicators of production and credit off-take, it is appropriate for the Reserve Bank to be pre-emptive in its policy action to utilise available space for monetary accommodation,” RBI governor Raghuram Rajan said in a statement.
Immediately after the announcement, markets welcomed the move, with the BSE Sensex jumping over 430 points to cross the 30,000 mark for the first time ever.
The rupee strengthened by 27 paise to trade at 61.65 against the dollar in early trade today at the Interbank Foreign Exchange
The RBI uses monetary tools to stymie demand and cool prices. In times of weak growth and low prices, it is usually expected that the central bank will cut interest rates to goad companies to invest, add capacities, hire more, and prompt people to spend on houses, cars and other goods.
The rate cut comes four days after the presentation of the budget for 2015-16 and two days after the government and the Reserve Bank of India (RBI) announced that they have agreed to adopt a monetary policy framework, which will make taming inflation the primary priority of the central bank’s policy decisions.
Under the new system, billed as biggest monetary reform measure in a generation, the RBI will set a new retail inflation target of below 6% by January 2016 and 4% by March 2017.
The framework also will empower the RBI governor to decide the most appropriate measures needed to achieve that target.
This approach now become standard international practice in many mature economies, such as Britain, where the central bank sets interest rates and other monetary tools according to an inflation target set by the government.
The new framework will remove speculation ambiguities in the way RBI’s decisions on interest rates.
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VA Refinance Home Loans – VA Home Loan, Refinance VA Loan Captain on MSNBC
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Islamic Alternatives for Home Loans – Role Play in urdu (Part 7)