Last week was a roller coaster ride for mortgage rate watchers. After a nice rally in the mortgage-backed securities market on Tuesday, the par 30 year fixed mortgage rate moved below 5.00% on Wednesday, however by Friday Treasuries and MBS prices had fallen back to Monday 's levels and mortgage rates consequently moved higher. This has been a consistent pattern lately, each time mortgage rates break the 5.00% barrier, they fail to remain below 5.00%. This implies, if you are considering a refinance and have yet to submit a loan application...you should do so to ensure that you are able to take advantage of the periods of mortgage rates below 5.00% (assuming you qualify).
Reports throughout the industry are indicating that the par 30 year conventional rate mortgage is in the 5.25% to 5.375% range for the best qualified consumers and 30Y fixed jumbo loans are at 6.25%. In order to meet the criteria of best qualified you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including 1 point loan. Looking at the national average in this volatile rate enviroment is like looking at last weeks temperature.
To get a quote or a custom proposal contact us anytime.
It’s now become an almost annual tradition that Mrs MSE and I, rather bizarrely, get invited to the Cartier polo at Windsor – one of the big events of the summer ‘social’ calendar (see past blogs how the other 1% live & Michael Buerk, what’s the manly way to hold a fan?)
This all comes [...]
Sainsbury’s Finance recently reported that approximately 6,900 personal loans have been taken out to wholly or partially pay for dental surgery since the start of 2007. The 6,900 loans are estimated to be worth £60.2 million. 2,450 loans were taken out to pay for dental treatments in their entirety, whilst 4,450 were partly used to pay for dentistry.
When it comes to the size of loans taken in order to pay for dental treatments, on average this equates to £6,492. This is reported to be the cost for two implants, two crowns and tooth whitening.
It is estimated that £21.3 million of loans were taken out in 2007 to pay fully or partly for dental surgery. This went up to 32.2 million in 2008. It is reported that around £6.8 million has been borrowed in personal loans this year in order to pay for dental treatments.
Steven Baillie, Head of Loans at Sainsbury’s said: "Some dental treatments can cost a lot more than many people have in readily available funds, which is why loans have for some time been a popular way to finance treatments and spread the cost. If you decide that a loan is the best way to pay for expensive dental procedures, make sure you shop around to get the best rate and payment term as it could save you a considerable amount in repayments."
Homeowners who have personal loans as well as credit cards and store cards, and who would like to consolidate them, could consider a secured loan. Secured loans are one of many options for debt consolidation and rather than having to make multiple monthly repayments on several different dates. If opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
Related posts:
- Consumer personal loans in 2008 According to research conducted by MoneyExpert.com, the number of personal...
- Personal loans vs. Remortgaging- Which one proves to be cheaper for financing DIY? Bank holidays have had a long standing tradition of being...
- UK personal debt soars amid economic crisis According to Unbiased.co.uk, the nation worked for the first 83...
Tescocompare have recently encouraged house holders to better understand which gadgets cost the most to keep going. They also say we should take control of how we pay our bills and explain how to keep cool at home this summer.According to Tescocompare, longer days and warmer weather mean we are at the year’s lowest point for energy consumption. They also say that now is the time to review how much we are paying for our energy bills, leaving us well prepared for the Autumn months.
Energy monitors are reported to be inexpensive and easy to use. These measure exactly how much energy our household appliances require to run. Tescocompare say that consumers will be surprised at which appliances cost us the least and the most. It is popular belief that larger items use up the most energy. However, this is not always the case. A heated towel rail can cost about £10 a month to heat, whilst having a coffee machine on standby has the potential to add £10 a month to electricity.
Tescocompare carried out tests with an electricity monitor to see what used up the most energy. It was found that lighting accounted for 40 per cent of energy bills. Overall monthly savings were said to be £30.In order to keep cool this summer, Tescocompare say we should minimise sources of heat. Appliances which are significant sources of heat include big LCD or Plasma TV sets, refrigerators, washing machines, tumble dryers, Personal Computers, ovens, hot water pipes and boilers.
Homeowners who are thinking about making their homes more energy efficient and who are looking for the finances to carry out such home improvements, could consider a secured loan. Secured loans could be used to pay for new UPVC windows and doors which could improve insulation, whilst some improvers might consider adding solar panels in order to heat their water. As well as energy saving projects, secured loans could also fund home improvement projects required to modernise or extend homes. Secured loans are one of many options to fund home improvements.
Related posts:
- Pull the plug on energy wastage According to Tescocompare.com, this year’s holidaymakers could save £14 in...
- Potential for lower energy bills is overlooked by many According to Switch with Which?, their survey of over 6,000...
- 30 percent do not check their energy bills According to uSwitch.com, 30 percent of energy customers do not...
In last night’s Big Brother, two of the housemates, Kenny and Siavash, were put through a “wealth” test. It involved correctly naming the prices of various objects from a pint of milk to a top end Ferrari.
Yet for me the entire premise was fundamentally flawed (I know it’s Big Brother so I’m not taking it [...]
Research recently conducted by moneysupermarket.com has shown that half of the UK adult population say they can’t afford to save. That said, less than half of the UK’s non savers would use extra cash to start saving if they had it. According to the research, non savers believe they need to earn over £500 extra per month in order to start saving.
52 per cent of UK adults say that they cannot afford to save anything. This equates to 25 million people. In a separate survey non savers said that if they had extra income in excess of £518 a month, they would spend this on holidays, home improvements, gadgets, clothes and going out. Less than half of non savers say they would use any extra income to save.
Among those that said they needed more money before they would be able to save, the higher earners said they needed the most to start. Respondents who earned over £32,000 per annum said that they needed more than £720 extra per month in order to start saving. Those who were earning less than £30,000 said that they would need an average of £453 per month in order to start saving.
With regard to geographical locations, those living in Scotland are said to be least interested in saving with 11 per cent saying this. Those living in London say they would require an extra £619 per month in order to start saving. People saving most regularly were found to be living in the South West and North West. Almost one in two adults put money by every month. When it comes to age, those in the 40 – 49 age group are most unlikely to save on a regular basis, a third do however save every month.
Those homeowners who are looking to carry out their next big home improvement project, and have not yet saved for it, could consider funding it with a secured loan. Secured loans are one of many options to fund home improvements and may be of interest to those who are looking to carry out large scale projects such as adding a garage or a conservatory. Smaller scale projects such as fitting a new kitchen or bathroom may also be funded with a home improvement loan.
Related posts:
- Almost half of Brits cannot afford home improvements this Easter According to moneysupermarket.com, 43 percent of people in the UK...
- Women save a higher percentage of their annual gross earnings than men According to a Halifax Savings Report, based on data...
- Over half a million people moved to the South East during the last decade Research conducted by Halifax has revealed some interesting statistics with...
The Children’s Mutual recently reported that over 5.5 million young people in the UK obtain finance help from their parents to fulfil aspirations and dreams. It is said that this may result in parents dismissing their own desires. Not only this, parents are also weakening their finances for their children’s benefit.
The research shows that grown childrens’ aspirations require funding and the Children’s Mutual are suggesting that parents of younger children should think about saving now in order to realise both their and their childrens’ aspirations later in life.
Today, numerous parents have had to make a dent in their own savings, or have had to give up their retirement ambitions so that their grown up children can satisfy theirs. Things parents of adult children are helping to finance include university education or purchasing their own homes.
Often parents opt to help their offspring in favour of their own desires.
It is reported that 28 per cent of 25 year olds get financial help from their Mums and Dads for education. 23 per cent say that their parents are helping with their rent and for 19 per cent holidays and trips outside the UK are paid for by Mum and Dad.
David White, Chief Executive, The Children’s Mutual, comments, “We are highlighting to parents of younger children that by starting to save for their child’s future now, they can help avoid the struggles faced by the baby-boomer generation who regularly sacrifice their own dreams for those of their children.”
Those parents who have used credit cards to finance their childrens needs could consider consolidating these with a debt consolidation loan. A debt consolidation loan is one of many options to consolidate debt. As well as consolidating credit cards, a debt consolidation loan may also be used to consolidate hire purchase agreements, personal loans and store cards. If opting for a debt consolidation loan, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
Related posts:
- Children wear designer brands while parents trade down New research by Sheilas’ Wheels home insurance has revealed that...
- Over 25s still rely on pocket money from parents According to research conducted by Engage Mutual, over a quarter...
- Schooling creates £129 billion bill for today’s parents The latest "Schools Sums" index from the Norwich Union has...
For those who don’t know, stoozing (18) is the name for making free money from credit cards (see the stoozers guide). You may therefore be surprised at the title of this blog (7), as it’s something I’ve long been associated with: I was the first person to broadcast a system on how to do it [...]
Research from Tescocompare.com has shown that 14.6 million people have reduced spend by up to £100 per month on their credit cards. At the same time, 4.8 million individuals have increased their monthly spend on credit cards by an average of £412.
As almost half of UK credit card users are reducing their credit card spending by over £1,100 a year, one in three say they do not intend to reduce their credit card spending. Those reducing their spending have lowered their annual balances by £386 to £2,333. Reasons given for the reduction in spend include a desire to reduce debt, the wish to increase savings and lastly wanting to be less reliant on credit. 5.4 million say they intend to use their credit cards less in the future.
7 percent of those who have not made any cut backs say that they would not be able to live in the style to which they have become accustomed, and 11 per cent say that they would not be able to manage their finances without their credit cards.
Debra Williams, spokesperson for Tescocompare.com said: “In the current climate it’s encouraging to see so many consumers taking significant steps to reduce their reliance on credit. Even those who aren’t currently in a position to make cutbacks, could still save themselves some cash by shopping around for a better deal.
“Our research reveals only half of all credit card users ever having switched provider, therefore we’d urge anyone that uses a credit card to review their current card to check they’re on the best deal possible. Just switching to a card that pays a lower rate of interest or one which has an interest free repayment period could cut the cost of borrowing.”
Homeowners who have several credit cards could consider consolidating these with a debt consolidation loan. A debt consolidation loan is one of many options to consolidate debt and could put multiple debts in one place. Several monthly repayments for credit cards, store cards and hire purchase agreements will be replaced with one. If opting for a debt consolidation loan, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
Related posts:
- Credit card spending on the up in 2007 In the first three months of 2007 card spending is...
- Credit card spending set to soar as DIY fever hits With summer fast approaching and the belt-tightening first quarter of...
- Ways to eliminate credit card debt Credit cards are an undeniable part of most people's lives....
