Wholesale Mortgage Rates the Truth

Enlightenme.com

Wholesale mortgage prices are those rates quoted by wholesale lenders to mortgage bankers and other, smaller, lenders. These rates are not available to the general public, and are available only to those clients whom the lender has approved.

The Borrowing Public

The mortgage rates the general public pays are determined by combining the rate charged by wholesale lenders with any markups charged by bankers or other lenders. These markups include any or all combinations of the borrower’s:

• Down payment
• Credit score
• Loan size

Data from these categories are used to determine the minimum interest rate a borrower will be assessed for a home mortgage.

Brokers and Lenders

Other markups to cover expenses and operating costs are also added to wholesale mortgage prices by bankers, mortgage brokers and lenders. Common markups include:

• Marketing costs
• Counseling and advising for borrowers
• Application processing fees
• Verification services
• Arranging for third party services (title insurance, mortgage insurance, flood and homeowner insurance, and closing services)

Can you get it for me wholesale?

Wholesale rates are not available to the public, even though brokers and lenders may advertise “wholesale mortgage rates.” However, learning about and knowing what the wholesale rates are, which can fluctuate daily, provides the borrowing public with a good deal of leverage when shopping for low interest rates on loans. It also provides protection as well.

Borrower Leverage

If you know what the wholes sale rate is at the time you begin negotiating for a loan, you can easily figure what the retail markup is – just subtract the wholesale from the retail and you have the information. Because mortgage bankers, brokers, and lenders compete for business, the retail markup is a negotiating point. If competition is strong enough, and you can generate competition by getting bids from several lenders, you stand a good chance of bargaining for an excellent rate.

Consumer Protection

Knowing the wholesale mortgage rate also provides protection for borrowers. Because the wholesale rate goes up and down, even on a daily basis, there may be a change in percentage from the day the rate is quoted to the day the contract is signed and the rate is locked in. If the wholesale price goes down, the rate will remain the same (it is doubtful it will go down for the borrower); if the wholesale price goes up, the retail price will rise. Knowing the wholesale rate can protect the borrower from being exploited because of a lack of information.

Finding Wholesale Rates

Here is the problem: Wholesale mortgage rates are not readily available to the public, and few, if any lenders will provide that information. Finding them takes a little work but it is doable. Several websites have sprung up and keep track of the numbers, it just takes a little bit of time to find them. Also, they may be highly technical in their explanation of wholesale mortgage rates and require some patience to decode the data.

Beyonce and Jay Z May Have Bought a Home in an Old New Orleans Church

BY MELISSA ALLISON
ZILLOW
The mansion has hosted weddings and major recording artists, and sits one house off the main Mardi Gras parade route.

Are the queen and king of hip hop settling down in jazz territory? Beyonce and Jay Z are rumored to have bought a home in an old church in New Orleans’ Garden District,  Curbed reports.

The 1925 home, built as a Presbyterian church, was also a ballet school and now is a 13,292-square-foot home with 26-foot ceilings and three 1,000-square-foot apartments.

A light-filled great room serves as a hub for lots of nooks and crannies, including a step-up dining room, a loft-style sitting room and a library with floor-to-ceiling bookshelves. The master suite, which manages to be cozy while also exuding a royal vibe, adjoins a walk-in closet and a bathroom that’s decked out with a massive, old-style wooden vanity, a large antique bathtub and a separate shower.

Just one house off the main Mardi Gras parade route, the home has hosted weddings and major recording stars. According to the former listing, one Grammy winner said the “acoustics and vibes are great. I did my best writing ever, while watching the sunset from the rooftop garden.”

In January, a company with ties to Beyonce took ownership of the home. It had been listed for $2.6 million. Her sister, Solange Knowles, co-owns a clothing boutique called Exodus Goods in the French Quarter.

Tip for a Weed Free Yard - Should I Use Landscape Fabric Under Mulch?

From the FamilyHandyman.com

Use fabric only under stones and gravel. It'll keep the rocks from sinking into the soil and make removal much easier if you want to change it later. The fabric will also slow down weeds that have rooted in the soil. Choose a fabric that allows water and air to pass through. Avoid using impermeable plastic, especially if you have trees, shrubs or other plants nearby.

Unfortunately, landscape fabric also makes weeding extremely difficult; you can't get a shovel down through the rock and fabric. And it's tough to pull weeds that root into the fabric.

Don't use fabric under organic mulches. It's better to let them decompose and mix into the soil.

Miami Events - June 2015

Miami.com

What's going on in Miami in the month of June

Summer Shorts Festival 
June 4-28 
Where: Adrienne Arsht Center for the Performing Arts, 1300 Biscayne Blvd., Miami

www.arshtcenter.org

The annual kick-off of the summer theatre season features the nation’s best new 10-minute plays in one hilarious and thought-provoking evening from City Theatre.

Cam Con
June 4-7
Where: SLS South Beach, 1701 Collins Ave., Miami Beach
camcon.com

When an industry gets big enough to have its own conventions, then you know business is booming. Such is the case with camming, where webcams link voyeurs with models willing to do all manner of naughtiness for a private audience. The camming industry brings the models, fans, hosting websites, studio partners and all overlapping businesses together to talk shop.

Coral Gables Restaurant Week 
June 8-28 
Where: Various participating restaurants throughout Coral Gables. 
For complete list visit coralgablesrestaurantweek.com.

Revisit old favorites and discover new ones during Coral Gables Restaurant Week (actually more like three weeks) with participating restaurants offering a three-course fixed-price lunch and/or dinner menus at discounted prices.

Taste of the Caribbean 
June 12-14 
Where: Hyatt Regency Miami, 400 SE Second Ave., Miami
www.caribbeanhotelandtourism.com

Culinary teams from all over the Caribbean go head to head to see who can prepare the tastiest dishes, cocktails and pastries, plus the industry trade show provides a forum for food and beverage suppliers to showcase the latest novelties and innovations.

Redland Summer Fruit Festival 
June 13-14 
Where: Redlands Fruit & Spice Park, 24801 SW 187th Ave., Homestead

www.fruitandspicepark.org
Enjoy the fruits of summer at Fruit & Spice Park's showcase of local agriculture and tropical fruits. Vendor booths will feature local wines, yummy foods, and rare fruit samplings.

Miami Underwater Festival 
June 13-14 
Where: Patricia and Phillip Frost Museum of Science, 3280 S. Miami Ave., Miami

www.miamisci.org

Visitors can see beautiful underwater films and photography, learn how to build their own aquarium, explore (and even touch some) sea creatures, and discover how the ocean provides a unique habitat for all kinds of life. The festival is being held in celebration of the global World Oceans Day, which honors the bodies of water that link us all.

Irie Weekend 
June 18-20 
Where: Various locations throughout Miami
www.irieweekend.com

Celebs and pro athletes invade Miami for Irie Weekend, a nonstop lineup of events including celebrity golf tournament, a VIP Welcome Reception and parties aplenty throughout the weekend. The event is to raise funds for the IRIE Foundation, an organization that helps at-risk youth.

Ultimate Miami
June 19-27 
Where: Magic City Casino, 450 NW 37th Ave., Miami
www.theultimatemiami.com 
 
The Ultimate Miami series is a platform which allows local singers, drag divas, bartenders, pastry chefs and comedians to compete for a cash prizes of $5,000 while sharing the stage with nationally recognized performers. The voice competition features shows by George LaMond and Judy Torres. The drag contest features pro divas Adore Delano and Courtney Act. The culinary show features TKA and The Cover Girls and the comedy contest is headlined by Carlos Mencia.

Colors of the Caribbean
June 20
Where: Hollywood ArtsPark at Young Circle, 1 N. Young Cir., Hollywood,
www.colorsofthecaribbean.com

Colors of the Caribbean celebrates Caribbean American Heritage Month with music and flavors of the islands featuring live performances by Inner Circle, Rikki Jai,  Ricardo Dru, Kevin Lyttle and many more.

'Gotham' Star Ben McKenzie Asking $1.9M for LA Home

BY MELISSA ALLISON
ZILLOW
The actor recently remodeled the home, which is surrounded by tranquil outdoor living areas.

Now that he’s starring in the New York-based TV series “Gotham,” “The O.C.” alum Ben McKenzie has listed his longtime home on the West Coast. He’s priced his 3-bedroom, 2.5-bath Hollywood Hills home at $1.895 million.

“The home is surrounded by a tranquil outdoor living space that can be enjoyed from both the front of the house as well as two outdoor patios,” according to the listing by Kimberly Green of Keller Williams Realty.

The master suite is a soothing oasis of its own, with a private master bathroom that features a separate steam shower and tub, large walk-in closet and access to the patio. A detached guest suite with a private bathroom could be turned into an office or gym.

10 Things Every Homeowner Must Know - 9

From theFamilyHandyman.com

Synthetic Soap Makes Less Scum

Synthetic soaps make cleaning your shower or bath easier because they don't contain the ingredients that create tough soap scum. Any liquid or gel soap is synthetic. Most bar soaps are standard soaps. But a few, including Zest and Ivory, are synthetic.

Mortgage Loan Basics

Enlightenme.com

Understanding mortgage loan basics is essential when you are considering buying a home. Mortgage loan basics include an understanding of what a mortgage is, how it differs from standard loans, and the types of mortgage loans available. In America, the vast majority of homeowners buy their homes with a mortgage, and there are numerous different options and lenders, so getting an understanding of mortgage loan basics is crucial.

Mortgage Loan Basics

The first thing most homeowners need to understand about a mortgage is how it differs from other traditional loans. A mortgage loan differs from other debt, such as credit card debt or personal loans, because it is a secured loan. This means there is collateral that backs up the loan, or an asset that the lender can seize if you do not pay. In a mortgage loan, the home serves as collateral. This means the lender holds title to the property and has primary rights to it. A lender can foreclose or take possession of the property if you fail to pay, just as a lender can repossess your car if you fail to pay your car loan.

Mortgage loans are used to purchase existing homes or properties. A mortgage can be used by individuals to buy a home, condominium or co-op. Businesses and not-for-profit organizations can also use mortgage loans to purchase commercial or industrial buildings. Generally, mortgages are only available for properties that already exist. Mortgages are not available for the construction of a new home or for the development of land, which are usually covered by new construction loans and land loan programs.

Types of Mortgage Loans

A fixed rate term mortgage has long been the standard type of mortgage loan. Under a fixed rate, you agree to pay a certain amount per month for a set period of time, until your loan is paid off. The interest you are charged for the duration is fixed at the beginning, and your payments do not change for the entire term unless you refinance or pay off the loan early. Ten year, fifteen year, twenty-five year, and thirty year terms are common. In recent years, forty and fifty year terms have also been made available to allow people to purchase homes with lower monthly payments.

Other financing structures exist and are often considered alternative financing. These payment structures include adjustable rate mortgages, hybrid mortgages, interest only mortgages, balloon payments, or hybrid mortgages. Adjustable rate mortgages do not offer a set interest rate, but instead the interest rate is tied to an index- such as the LIBOR index- and adjusts periodically. Hybrid mortgages are a cross between a fixed rate and an adjustable rate mortgage; they offer a low fixed rate for a set period, after which the interest rate converts to an adjustable rate for the duration of the loan. Balloon payments offer you a set interest rate for a term, usually five to seven years, after which the full balance of the mortgage becomes due and you are expected to refinance to pay off the balance. Finally, under an interest only mortgage, you pay interest payments only for a set period of time and your principle does not get reduced.

Most buyers select alternative financing if they anticipate moving in a short period of time, if they believe interest rates will go down, or if they want to get into a house that they can’t quite afford at the time. Alternative financing can provide you with a good opportunity to get into a home for less, but can be risky if property values fall.

Other Mortgage Loan Basics

Mortgage interest rates vary greatly based on down payment amount, credit rating, lending institution, and broker or agent judgment. A traditional mortgage requires the buyer to put at least twenty percent of the purchase price down at the time of closing. If the buyer puts less than twenty percent down on the property, additional fees called private mortgage insurance may be assessed.

While these mortgage loan basics provide a brief overview of mortgages, it is essential that you do proper research before agreeing to a mortgage. Comparison shop for lenders, read contracts fully, and ensure that you have fully evaluated the mortgage loan basics associated with your particular loan before committing to a mortgage.