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Bad Credit Advisor online magazine provides daily news about credit, debt and mortgage. We aren't paid to mention specific deals or products. We cover what we think is interesting as industry professionals ourselves.
NatWest has new fixed mortgage for UK consumers
Related entries: Mortgages | Mar-14-06
10 year fixed rate mortgage for UK borrowers was just introduced today by NatWest Mortgages. Fixed interest rate is at 4.99 per cent, borrowers can finance up 95 per cent. Another plus is that prepayments up to 10 per cent of the mortgage amount allowed each year with no prepayment penalties. UK mortgage consumers can prepay monthly or by lump sum. More from NatWest
Mortgage in Australia is not tax deductible
Related entries: Mortgages | Mar-13-06
Mortgage payments in Australia are not tax deductible. I didn't know about until stumbled upon no tax cuts for Australian mortgage payers article.
Mortgage calculator
Related entries: Mortgages | Mar-13-06
Mortgage calculator is very important, you can find them on the web. We put together few mortgage calculator links, that we think will help you:
Karl's mortgage calculator - uses Java, very interactive, nice charts, graphs foe amortization, prepayments, etc., can be slow to load especially if you don't have broadband connection
Mortgage-Calc -besides simple mortgage calculator, has debt consolidation calculator, mortgage refinancing calculators and others - nice site, quick and responsive
Loan lane mortgage calculator - our favorite, very simple and responsive has amortization calculator and prepayment calculator available after you calculate your payment
Payday cash loan - from North Carolina to South Carolina
Related entries: Payday Loans | Mar-13-06
Payday cash loans in North Carolina has come under scrutiny in the past, but now the laws regulating payday cash loan industry became so tough, many more are moving just south - to South Carolina, where payday loan regulations are not too stringent.
Payday cash loan companies from Georgia also moving to South Carolina. Now there are 1,100 stores there, 6 time as many as McDonald's. South Carolina allows annualized interest rate up to 391 percent and every payday cash loan company takes full advantage of this, lending total 4.4 million loans for $150 million in fees - and that in the 12 months ending August 2004. Should McDonald's owners open a little payday cash loan stand inside?
Debt collection agencies are hired by IRS
Related entries: Debt Relief | Mar-13-06
Debt collection agency is at Internal Revenue Service's disposal. The IRS outsourced debt collection services to three agencies awarding them with initial 2 year contracts.
This is the first phase of debt collection outsourcing, the second one is planned for 2008, with 10 more contacts for grabs.
Here are consumer safeguards that IRS put in place and any debt collection agency must comply with.
New fixed rate mortgage for UK consumers
Related entries: Mortgages | Mar-10-06
New mortgage is introduced for UK borrowers by KENT Reliance Building Society. 25-year fixed rate mortgage offers 2 interest rates that depend on how much you borrow, among other things.
The rate is 4.98 per cent (5.2 per cent APR) if you borrow up to 75 per cent of the property’s value, and 5.5 per cent (5.9 per cent APR) if you borrow up to 95 per cent. More on fees and features of this UK mortgage ...
Manhattan condo prices up 20 percent
Related entries: Real Estate | Mar-10-06
Can you believe this? A square foot in Manhattan now goes for $951 green American dollars. Wait, may be it isn't that bad, it is under a million bucks for 1000 square foot condo with a view, hopefully, and Manhattan zip code ..., is there such a thing as Manhattan zip code? Must be, otherwise how would people know that you own condo in Manhattan, not Bronx thank you very much ... nothing against Bronx by the way. But can you really have a view for that little?
Twin Cities real estate sales keep falling
Related entries: Real Estate | Mar-10-06
February marks the fifth consecutive month with the Minneapolis - St. Paul real estate sales diving further. More worrisome is that February median home price was lower than January median price.
That is the trend seen in many Midwestern metro areas, including Chicago, Detroit, Milwaukee, St. Louis and others.
30 year mortgage jumps the highest in 2.5 years
Related entries: Mortgages | Mar-09-06
Don't tell us we didn't warn you, and this is just the beginning. 30 year fixed mortgage rate is at 6.37% according to Freddie Mac and some predicting 7.00% before year end. Afraid that may happen sooner.
Identity theft in Canada is growing
Related entries: Identity Theft | Mar-08-06
Canadians worry about identity theft. Poll conducted in Manitoba and Saskatchewan, shows that 25 percent of the population know someone who has been a victim of identity theft. In 2005 there were over $8.5 million Canadian dollars in losses, and 2006 threatens to break it with $2.2 millions in January alone. Majority didn't realize that they were taken advantage of until it was already well too late.
We recommend check is you can Freeze Credit Report in Canada and read our identity theft related pages:
Identiry Theft Protection, Social Security Protection, Computer Identity Theft.
10-Year Note yield is at the highest since June 2004
Related entries: Mortgages | Mar-06-06
The yield crossed 4.7% and currently is just under 4.74%. The interest rates will move accordingly - higher, but now much is not clear. The rates are still ridiculously low, Conforming 30 Year Fixed Rate Mortgage is around 6.250 - 6.375% and 15 Year Fixed Rate Mortgage is around 6.00%.
More telling is how close are the interest rates for Adjustable Rate Mortgages to the 30 year Fixed Rate Mortgage. The difference is about .250 - .375%. Rates on interest-only ARMs that are always higher, are pretty much the same as for 30 year Fixed.
Republic Bank will stop payday lending
Related entries: Payday Loans | Mar-03-06
Republic Bank decided to seize its payday loan activity, at the FDIC persuasion. It became the second significant player following First Bank of Delaware, to end payday loan lending.
Mortgage rates will go up as 10 Year Treasury Note broke 4.65% yield
Related entries: Mortgages | Mar-02-06
10 Year Treasury Note did it again with the yield standing at 4.66% at this very moment. Of course we shall see the closing price and yield. The question is if this price drop will be sustainable and it will become a support point. Then it will go even higher and if this happens, expect 30 year fixed rate mortgage be 7 percent.
According to Bloomberg, "U.S. 10-year Treasuries fell the most in five weeks on speculation international investors will demand higher yields after the European Central bank raised interest rates."
UK mortgage lending hits record for January
Related entries: Mortgages | Feb-27-06
As US real estate and mortgage market activity decreased significantly in January with a record number of unsold homes, UK lenders and banks enjoyed record high January in terms of mortgage origination.
Gross mortgage lending amount stood at £14.5 billion, the highest January figure on record and 25% increase compare with a year ago.
Arizona debt consolidation company hurt consumers
Related entries: Credit Counseling | Feb-25-06
Debt consolidation is not the best way of debt relief, by far. You consolidate the debt and then what? You end up paying high fees and ruin your credit even further. As we said before it is debt consolidation, period.
Now Arizona officials are after debt consolidation company MMG, which after many complaints is asked to refund money.
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