| JD Power and Associates Reports: Wachovia Ranks Highest in ...
WESTLAKE VILLAGE, Calif., July 18 /PRNewswire/ -- For a second consecutive year, Wachovia ranks highest in satisfying customers who recently obtained a home equity loan or line of credit, according to the J.D. Power and Associates 2007 Home Equity Line/Loan Origination Study(SM) released today. (Logo: http://www.newscom.com/cgi-bin/prnh/20050527/LAF028LOGO-a) Now in its second year, the study measures customer satisfaction with home equity line/loan lenders. Three factors are examined to determine overall satisfaction. They are, in order of importance: closing process (36%), loan officer/representative or banker (34%) and application/approval process (31%).(1) The study finds that highly committed customers are four times more likely to stay with their current home equity lender and three times more likely to recommend their lender to friends and family than customers with moderate and low levels of commitment.
When Is An Auto Loan Actually Necessary?
I dont mean that you dont need the car. The choice is about auto loans, personal loans or home equity loans. Depending on the situation, you will find each one more interesting than the other. We wish to analyze the possibilities and open the stakes to options that not everybody takes their time to look into. Features Of An Auto Loan These are loans that are granted regardless of the credit scoring and the homeownership of the borrower. Although the credit rating will affect the interest rate in a way, it will not have any action on whether the loan is granted or not. The reason for this is the main feature of an auto loan, which is the usage of the car itself as collateral. Should a borrower not pay the monthly installments, the vehicle will eventually be repossessed to make up for the default.
Countrywide Reports Diluted EPS of $0.81 for Second Quarter of 2007
CALABASAS, Calif., July 24 /PRNewswire-FirstCall/ -- Countrywide Financial Corporation today announced results for the second quarter ended June 30, 2007. Key results include the following: "Countrywide's results for the second quarter of 2007 reflected strength in our core loan production business, but were adversely impacted by continued weakness in the housing market," said Angelo R. Mozilo, Chairman and Chief Executive Officer. "During the quarter, softening home prices continued to affect many areas of the country and delinquencies and defaults continued to rise across all mortgage product categories as a result. Due to these adverse conditions, the Company incurred increased credit-related costs in the quarter, primarily related to its investments in prime home equity loans." "Partly offsetting increased credit costs, our residential Loan Production sector delivered strong results during the quarter," said Mozilo.
Peter Boutell, Lending a Hand: This loan pays off sooner without ...
A new loan program introduced in the United States two years ago is revolutionizing the way homeowners are paying off their mortgages. It combines the flexibility of a home equity line of credit with the idle cash that sits in your checking account to pay off your loan sooner without changing your spending habits. The loan is called the "home ownership accelerator" As we all know, you can pay off your mortgage faster and save tens of thousands of dollars by simply increasing your payment each month with a conventional mortgage. However, that requires discipline and a tightening of your personal budget. Also on a conventional loan, once you have made extra payments your money is locked up permanently unless you refinance. By using the cash that sits in your checking account, the home ownership accelerator will automatically lower your principal due on your mortgage.
Before you start planning that mortgage-burning party . . .
WASHINGTON - In a recent promotion in Hollywood, Calif., nationwide lender Washington Mutual gave away $2,500 -- the first month's payment -- to the first 50 applicants who qualified for its new loan product that combines a first mortgage with a home-equity line of credit.
Then, in an interesting twist on an ages-old ritual, WaMu helped these customers set fire to their first month's payment (and then reimbursed them). Usually, people hold mortgage-burning ceremonies when they make their last payment, not their first, to celebrate the end of a long road.
These days, fewer people hold the same loan to maturity. But if you are a member of that fortunate minority, don't torch your mortgage documents when you make your last payment, at least not right away. There are several precautions you should take before lighting the match.
Loan In Storeys, A Good Investment
If you are thinking of a loan in stages, its not the idea at all. What Im talking about is a mortgage loan as an investment that can be harnessed even if you are not a constructor, contractor or a building tycoon. Its the building that you will construct in stages. Want to see how? The Starting Point The cornerstone is as usual a mortgage loan, which is what we use for purchasing property. We must start with the equity of a home or any other real estate. This will need to be harnessed for the purchase of land and the further construction of a house. What I am suggesting from these humble lines is that the plans and layout of the building should be in such a way that construction can be resumed upwards and strong enough to support more storeys on top. The Whole Plan Have a building designed for three or four storeys, according to the local regulations and then execute the construction in stages, one storey at a time.
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