Interest Rates

NEW -> Contingent Buyer Assistance Program
Are you looking for the history of the <a href="http://www.moneycafe.com/library/fedfunds.htm">Federal Funds rate</a>?





Check out <a href="http://library.hsh.com/?row_id=91">this one</a>.
 
<p>No, I'll re-explain. Someone was asking if a given rate they were quoted was "good" and where to find the best rates. Naturally, a couple regulars posted mortagecapital or something like that for typically having good low rates but little hand holding and someone else posted a link (maybe IPO, Zovall, LM) a link to a site that provided something similar to the underlying FHA conforming rate that FHA takes it from the bank for. Hence, anything over that is gravy for the mortgage broker/bank and it was kind of a floor for the best a rate would get. </p>

<p>I'm 90% certain I put a thankyou on it, but have discovered I can't search for notes I've 'thankyou'd"</p>
 
Was it a link to the rates at PenFed?


<a href="https://www.penfed.org/productsAndRates/mortgages/mortgageCenter.asp" target="_blank">www.penfed.org/productsAndRates/mortgages/mortgageCenter.asp</a>
 
<p>Re: leverage</p>

<p>I don't see a lot about leverage there. I do see business sense and a LOT of hard work though...</p>

<p>Millionaires tell how they did it</p>

<p>http://articles.moneycentral.msn.com/RetirementandWills/RetireInStyle/MillionairesTellHowTheyDidIt.aspx</p>
 
No such reality,





I'm not a mortgage person, so I may have this wrong but . . .





I think what FannieMae pays for a mortgage can be gleaned from <a href="https://www.efanniemae.com/sf/refmaterials/">this page</a>





Specifically, <a href="https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf">this document</a> shows the adjustment made to the underlying rate based upon the LTV (Loan to value) and credit score. They call this the LLPA (loan level pricing adjustment.) And <a href="https://www.efanniemae.com/sf/refmaterials/hrny/index.jsp">this page</a> links to documents that show the base rate.





Could someone who works in the field check my interpretation?
 
<i>"Thank you Irvine Renter. Are HELOC interest tax deductible assuming you qualify?"</i><p>

The interest on up to $100,000 of HELOC funds, but there are restrictions based on the basis of the property. And interest will not be fully deductible if the taxpayer is subject to AMT and some of the funds are used for other than purchase or improvement of the property.
 
Awgee,



Thank you. Does this mean that if you borrow $150k on a HELOC - only interest on the first $100k is tax deductible but the other $50k is not? I read elsewhere, that the IRS looks at it on an aggregate level 1st lien and HELOC - that tax is deductible for loan amounts totaling $1mm or less (not a worry for me - I am way below that).



Thanks again. Never purchased a house before so do not really know how this works.
 
eth - The maximum interest deductible on a first mortgage is $1,000,000, but it may be less depending on limitations and AMT.<p>

<i>"Does this mean that if you borrow $150k on a HELOC - only interest on the first $100k is tax deductible but the other $50k is not?"</i><p>

Yes, but $100k is the max. It may be less.<p>

The maximum total with a first and a HELOC is $1.1M, but most folks who can afford $1.1M for mortgage are limited in their deductions by high income thresholds or AMT.
 
All Home Loan Rates to Increase 2% Overnight Says MBA



http://originatortimes.com/content/templates/standard.aspx?articleid=2765&zoneid=1
 
SoCal,



It is pretty clear that allowing judges to unilaterally alter loan terms (the Democrats' plan btw), will not fly. Bush and the Republicans are firmly against granting any such authority.
 
Won't this hurt lending in the long run? They'd be setting precedent for changing the terms of contracts. Who the hell will want to lend money to people if the agreed upon contract can just be amended by a judge?
 
<em>>>They'd be setting precedent for changing the terms of contracts.</em>





As I understand it (check Calculated Risk to be sure b/c Tanta already discussed this), <em>Bankruptcy judges</em> can already change the terms of any other contract except a mortgage. Mortgages are the one exception in the Code. (Any BK lawyers out there to clarify?)
 
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