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Advice Corner

Banks Announced Temporarily Halt to Mortgage Foreclosures
Fannie Mae and Freddie Mac as well as JPMorgan Chase, Citigroup, Bank of America and Morgan Stanley said they were halting foreclosures for at least a month, pending the US Government passage of the stimulus plan that includes $50 billion to stem foreclosure. Florida-based BankUnited and BankAtlantic as well as other regional banks around the country followed suit, saying they hoped to learn more about the Government's $50 billion plan to keep more people from losing their homes.
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Mortgage Rate Calculator

The Mortgage Rate Calculator computes the Annual Percentage Rate (APR) or mortgage rate for your Adjustable Rate Mortgage (ARM). Knowing your APR (Annual Percentage Rate) can help you compare different Adjustable Rate Mortgages (ARMs) with different fees and terms.

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Mortgage Rate Calculator for Adjustable Rate Mortgage - Definitions

This APR Mortgage Calculator for Adjustable Rate Mortgage (ARM) generates a fully amortizing mortgage table. The monthly mortgage payment is calculated to payoff the entire Adjustable Rate Mortgage (ARM) balance by the end of the term. The term for the Adjustable Rate Mortgage (ARM) is typically 30 years. At the end of the fixed interest rate period, the interest rate and payment adjust at the frequency specified in the Adjustable Rate Mortgage (ARM) agreement. A Fully Amortizing Adjustable Rate Mortgage (ARM) will also have a maximum rate, often referred to a as a cap, that it will not exceed.

The most common types of Fully Amortizing Adjustable Rate Mortgages (ARMs) are:

10/1 Adjustable Rate Mortgage (ARM)


7/1 Adjustable Rate Mortgage (ARM)


5/1 Adjustable Rate Mortgage (ARM)


3/1 Adjustable Rate Mortgage (ARM)



Mortgage amount - Original or expected balance for your Adjustable Rate Mortgage (ARM) loan.
Term in years - The number of years over which you will repay this loan. The most common Adjustable Rate Mortgage (ARM) terms are 15 years and 30 years.
Starting interest rate - Initial annual interest rate for this Adjustable Rate Mortgage (ARM).
Current index - The current interest rate of the index used to calculate the interest rate on this Adjustable Rate mortgage (ARM). The current index rate plus the margin on that rate produces the Fully Indexed Rate that is used to calculate the APR for this Adjustable Rate Mortgage (ARM).
Margin - The interest rate percentage above the index, or the 'margin', used to calculate the Fully Indexed Rate.
Starting monthly payment - Monthly principal and interest payment (PI) based on your beginning balance and starting interest rate.
Months before first adjustment - This is the number of months that the interest rate is fixed for the Adjustable Rate Mortgage (ARM). After this period, the interest rate will be subject to rate adjustments. If you enter zero in this field, we assume that the rate will begin making adjustments after initial period of time between adjustments has passed. If any number other than zero is entered, the first adjustment will take place at that time, and adjustments will happen at the frequency entered in the "months between adjustments" field.
Months between adjustments - The number of payment periods between potential adjustments to your interest rate. The most common is 12 months, which means your payment could change at most once per year.
Expected adjustment - The amount you believe that your Adjustable Rate Mortgage (ARM) interest rate will change. This amount will be added to or subtracted from your interest rate.
Interest rate cap - This is the highest interest rate allowed by your Adjustable Rate Mortgage (ARM). Your actual interest rate will not be adjusted above this rate.
Loan origination percent - The percent of your loan charged as a loan origination fee. For example, a 1% fee on a $120,000 loan would cost $1,200.
Points paid - Total number of "points" purchased to reduce your Adjustable Rate Mortgage (ARM) interest rate. Each "point" costs 1% of your loan amount.
Other fees to include - Any other fees that should be included in the APR calculation. These fees can vary by lender, but at a minimum usually includes prepaid interest.

FORECLOSURE COUNSELING RESOURCES

If a homeowner is at risk of default and foreclosure, call or visit one of the many foreclosure counseling organizations available to help.



HOPE FOR HOMEOWNERS PROGRAM

November 2008 – HUD approved changes to the HOPE for Homeowners (H4H) program to help more distressed borrowers refinance into affordable, government-back mortgages. The changes will reduce the program costs for consumers and lenders alike while also expanding eligibility by driving down the borrower's monthly mortgage payments.

Modifications to HOPE for Homeowners include:

- Increasing the loan to value ratio (LTV) to 96.5 percent for some H4H loans;
- Simplifying the process to remove subordinate liens by permitting upfront payments to lienholders; and
- Allowing lenders to extend mortgage terms from 30 to 40 years.

These changes are intended to further encourage lenders to take a hard look at this program before heading down the path to foreclosure and to provide families with another resource to refinance into a loan they can afford. You can learn more about the HOPE for Homeowners (H4H) program as well as use CalculatorPlus.com’s Mortgage Loan Calculator to make smart personal finance decisions.




In July 2008, the U.S. Congress created the HOPE for Homeowners (H4H) program, which is designed to help homeowners at risk of default and foreclosure on their mortgage refinance into more affordable mortgage loans. Find out more about the program and whether you qualify for a HOPE for Homeowners refinance mortgage.



The FDIC's Loan Modification Program Guide provides an overview of the FDIC's loan modification program. The FDIC developed "a systematic and streamlined loan modification program" at IndyMac Federal Bank for delinquent borrowers who occupy their home. The FDIC believes it's IndyMac program "offers insight into the specific portfolio characteristics that drive modification modeling", and provides a framework for developing and implementing similar loan modification programs for bankers, servicers, and investors.




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