The labor market improved in December, with the addition of 157,000 payroll jobs. Coupled with the upward revision of 34,000 jobs for the prior two months, 2.2 million jobs were created during 2004 – the most in a single year since 1999. The manufacturing sector also added jobs in December, consistent with late 2004 reports of a pickup in factory orders during the fourth quarter. The decline in the foreign exchange value of the dollar is likely to support additional manufacturing gains in coming months.
The minutes of the Federal Open Market Committee's (FOMC) December meeting confirm that the Fed views monetary policy as accommodative and this accommodation could be removed at a “measured” pace. In plain English, this means that the Fed is very likely to continue the course it started on last June—that is, quarter-percentage point increases in the Federal Funds target, announced at FOMC meetings, but not necessarily at every FOMC meeting. The FOMC is likely to nudge the Federal Funds target up to 2.5% at its next meeting (February 1-2), with further increases later in the year. We anticipate that the Federal Funds target will be set at 3.0% by midyear and at 3.5% by year-end. With inflation remaining tame (between 2% and 2.25% in 2005), the outlook for long-term interest rates, such as on fixed-rate mortgages, also remains very good, with fixed-rate mortgages up only about one-half of a percentage point over the year. Thus, the yield curve should continue to flatten over 2005, as it did over the second half of last year.
Higher, but still modest, mortgage rates means that the housing market should have another splendid year in 2005. Housing starts and home sales should fall short of the record pace of last year, but only by 1% to 2%. House price appreciation should also moderate, but come in at a brisk 7% appreciation pace for the average single-family house.
The flatter yield curve will likely entice lenders to increase the size of interest-rate discounts that they offer on ARM products in order to maintain ARM volume. Initial-rate discounts increased from 0.4 percentage points at the beginning of 2004 to 1.3 percentage points at the beginning of this year for the 1-year, Treasury-indexed product. The flatter yield curve will likely increase consumer interest in hybrid ARMs; the 5/1 hybrid is already the most popular ARM product, accounting for two-in-five ARM loans made last year. Higher mortgage rates will further reduce refinance originations as the year unfolds. Homeowners are likely to resort to HELOCs and other second-lien products to convert home equity into cash; over the year ended September 30, 2004, HELOCs and seconds accounted for almost 20% of single-family debt growth, and should contribute significantly to debt growth in 2005.
Showing posts with label Mortgage Finance. Show all posts
Showing posts with label Mortgage Finance. Show all posts
Sunday, October 4, 2009
Thursday, September 24, 2009
Mortgage Finance
Ever since the inception of life, shelter has been rated among the primary needs of mankind. Owning a home for oneself still remains an exclusive dream for many. Askari Bank has made the realization of your dream to have a house of your very own possible. Whether you plan to build a house, tailor made to your requirements or buy a constructed house, Askari mortgage finance enables you to pursue your goal without any problems.
Product Featuring
Borrower: Resident Pakistani Nationals.Financing Limits: Maximum upto Rs. 30 Million.
Tenor: Maximum upto 20 years.
Repayment: Monthly Installments.
Prime Security: Mortgage of property.
Markup Rates: Competitive
Servicing: Available at all Askari Bank Branches
Balance Transfer Facility: Available
Balance Transfer Facility: Available.
Eligibility Criteria
Age: Between 21 to 65 years.Income:
a) Salaried: Minimum gross monthly income of Rs.20,000/- only and a permanent employee with atleast 2 years of service including present employer.
b) Self Employed: Minimum length of 1 years in business.
Charges/Fees: As per current schedule of charges.
Further Information
If you need any further information / assistance, please contact your nearest Askari Bank branch or call at 0800-00078Home Mortgage Loan
Home owner loans are available for remodeling, maintenance or other needs and come with various terms and amounts. If equity has built up in the property, many home owner loan options are available. Because such financing can be found in abundance, especially on the Internet, seek to find one that meets specific needs and fits into a budget as well.
Most people use their equity for remodeling projects or maintenance concerns, such as a needed new roof or additional rooms onto the house. Taking out a home owner loan may be a viable option if the cash is not readily on hand. Some people may find it less expensive to remodel or update their house rather than move to a new one, or they may want to stay in their current neighborhood or city. In these cases taking out home owner loans can facilitate the changes that the owner wants to make to their house without having to relocate.
Home equity loans and equity lines of credit are two popular variations of financing personal property. With both, the homeowner can tap into the equity they have built up in their house. An equity loan is a type of home owner loan that offers a fixed amount of money over a set amount of years with the interest being tax-deductible. On the other hand, a home equity line of credit pre-approves a set amount of credit, based on the amount of equity in the property. Amounts can then be drawn from the line of credit as needed. Both home owner loans can be used as the owner chooses.
Because there are so many different options for refinanced property, the borrower will need to take some time to compare what is available for each situation. These agreements will vary in the terms they offer, as well as in their interest rates. One way to find the right one for each circumstance is to submit an application with a lender online, who will in turn, make an offer for a home owner loan. While there are many lenders available on the Internet, it is much easier to submit several applications electronically than to spend excessive time on the phone.
The decision to secure a property refinance is an important one that should be wisely considered. Home owner loans will take borrowers further into debt, so weigh whether the cost will pay off in the value of the house and whether paying off that debt can be done in a timely manner. Because God's Word says "Owe no man any thing, but to love one another," (Romans 13:8) seek to be prudent in the debt incurred.
Most people use their equity for remodeling projects or maintenance concerns, such as a needed new roof or additional rooms onto the house. Taking out a home owner loan may be a viable option if the cash is not readily on hand. Some people may find it less expensive to remodel or update their house rather than move to a new one, or they may want to stay in their current neighborhood or city. In these cases taking out home owner loans can facilitate the changes that the owner wants to make to their house without having to relocate.
Home equity loans and equity lines of credit are two popular variations of financing personal property. With both, the homeowner can tap into the equity they have built up in their house. An equity loan is a type of home owner loan that offers a fixed amount of money over a set amount of years with the interest being tax-deductible. On the other hand, a home equity line of credit pre-approves a set amount of credit, based on the amount of equity in the property. Amounts can then be drawn from the line of credit as needed. Both home owner loans can be used as the owner chooses.
Because there are so many different options for refinanced property, the borrower will need to take some time to compare what is available for each situation. These agreements will vary in the terms they offer, as well as in their interest rates. One way to find the right one for each circumstance is to submit an application with a lender online, who will in turn, make an offer for a home owner loan. While there are many lenders available on the Internet, it is much easier to submit several applications electronically than to spend excessive time on the phone.
The decision to secure a property refinance is an important one that should be wisely considered. Home owner loans will take borrowers further into debt, so weigh whether the cost will pay off in the value of the house and whether paying off that debt can be done in a timely manner. Because God's Word says "Owe no man any thing, but to love one another," (Romans 13:8) seek to be prudent in the debt incurred.
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