Americans now love 15-year fixed mortgages

Rates on a 15-year fixed mortgage are so low that many homeowners can afford the higher payment, which allows them to pay off their mortgage in 15 years instead of the standard 30.

By G. Jeffrey MacDonald,?Correspondent / January 28, 2013

By refinancing their 30-year home loan into a 15-year fixed mortgage, one couple from Washington State expect to save $70,000 in interest charges.

Michael Sloan

Enlarge

Move over, 30-year fixed-rate mortgage. A shorter-term loan is enticing scores of home-owners to switch, now that they can finally afford to do so.

Skip to next paragraph

' + google_ads[0].line2 + '
' + google_ads[0].line3 + '

'; } else if (google_ads.length > 1) { ad_unit += ''; } } document.getElementById("ad_unit").innerHTML += ad_unit; google_adnum += google_ads.length; return; } var google_adnum = 0; google_ad_client = "pub-6743622525202572"; google_ad_output = 'js'; google_max_num_ads = '1'; google_feedback = "on"; google_ad_type = "text"; google_adtest = "on"; google_image_size = '230x105'; google_skip = '0'; // -->

Subscribe Today to the Monitor

Click Here for your FREE 30 DAYS of
The Christian Science Monitor
Weekly Digital Edition

Record-low rates are helping transform the 15-year mortgage from a rarely used instrument into a popular option, especially for refinancers. In November, 23 percent of refinance applications were for 15-year loans, according to the Mortgage Bankers Association. That's up 51 percent from a year earlier.

The trend has gained steam since the economic slowdown led consumers to start slashing their debts. Fifteen-year mortgages made up just 8.5 percent of all refinance loans in 2007, but they made up 35 percent of the total last year, according to CoreLogic, a consumer research firm based in Irvine, Calif. One reason: Paying off the note in half the time means huge long-term savings in interest payments.

"Consumers are financially savvy, and they recognize 30-year fixed mortgages are a bargain," says Frank Nothaft, chief economist at Freddie Mac, a major provider of mortgage capital based in McLean, Va. "But then they say, 'Gosh, a 15-year fixed is three-quarters of a percentage point even lower'.... You can lock that in and never have to worry about refinancing again."

While 15-year loans have always been an interest-saving option, they usually come with a trade-off: higher monthly payments. That's because 15-year loans are structured to pay down principal more aggressively each month.

But today's extraordinary rates are changing the calculus. Interest on a 15-year loan hasn't been this low since at least the 1940s. Seldom have 15-year loans been so much cheaper than 30-year loans, according to Mr. Nothaft.

Until mid-December, Jeffrey and Amber DeGraaf of Kennewick, Wash., were paying 5.75 percent on a 30-year adjustable-rate mortgage that they took out in 2005 for $149,000. Their monthly payment was $1,097.

When they refinanced in December into a 15-year fixed at 3 percent, their monthly payment rose by only $123. The benefits far outweighed the $3,600 in refinance charges, Mr. DeGraaf says. The family expects to save around $70,000 in long-term interest. Plus they'll own their three-bedroom home free and clear eight years sooner.

"A lot of people would say, 'Another $120 a month? I don't know if I've got that'," says DeGraaf, a government contractor. "But to me, if you can afford it, it's worth it. You have your house paid off sooner. And you think about all the interest that you now won't be paying."

The DeGraafs have plenty of company, especially in regions where home prices aren't so high that a larger monthly payment would be out of the question. In five Midwestern states with relatively strong economies and low home prices, 30 to 40 percent of all refinanced loans are for 15-year terms.

The trend has followers on the coasts, too. Gesa Credit Union, based in Richland, Wash., which refinanced the DeGraafs, authorized 330 new 15-year refinance loans in 2012, up from 200 in 2010.

"In the second year of [a 15-year] loan, more than half of your payment is going towards principal," Randy Wacker, Gesa's vice president of mortgage lending, says via e-mail. "On a 30-year loan, that doesn't happen until year 11!"

The 15-year loan isn't for everyone. More than 80 percent of loans for new home purchases still utilize the 30-year fixed. For first-time buyers, the 30-year's low payments can be critical to home-ownership's success, Nothaft says.

Yet for those who can afford a higher payment, there's no reason to wait to refinance, he says. "We're not anticipating further substantial declines in mortgage rates from these very, very low levels. So since they're at pretty much the low right now, why delay?"

It doesn't help the economy in the short run to have consumers steering disposable income into larger monthly loan payments, according to Mike Fratantoni, vice president of research and economics for the Mortgage Bankers Association in Washington, D.C. But long term, "households have been saving more and accumulating less debt. That's going to build a more sustainable framework for [economic] growth going forward because people are living a little farther from the edge" of insolvency.

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/_pV83DzhJS0/Americans-now-love-15-year-fixed-mortgages

sandusky Sam Champion Hulk Hogan sex tape orioles venezuela Sarah Jones chicago marathon

The Yeshiva World Decision Made Regarding Next Mayor of Bnei ...

With Rav Yaakov Asher?s successful election to Knesset, the seventh seat on the Yahadut Hatorah lineup, the post of Bnei Brak mayor became vacant. It has been decided the position will go to Rabbi Avrohom Rubinstein, who is close to HaGaon HaRav Chaim Kanievsky Shlita.

Rubinstein arrived at the home of HaGaon HaRav Aaron Yehuda Leib Shteinman Shlita on motzei Shabbos with a letter of endorsement from Rav Kanievsky to hear the rav?s decision. After Rav Shteinman approved the appointment, Rav Rubinstein received a bracha. The rav also met with Av Beis Din HaGaon HaRav Nissim Karelitz Shlita and Rosh Yeshivas Ponevezh Rav Gershon Edelstein Shlita.

Rav Rubinstein has been the secretary of the Degel Hatorah Moetzas Gedolei Hatorah.

Others considered for the post included Mordechai Karelitz, Yaakov Gutterman and Reuven Korlensky.

It appears once Rav Chaim gave his letter of endorsement (click on image to enlarge), the issue was closed.

Have you checked out?YWN Radio?yet? Click?HERE?to listen!

(YWN ? Israel Desk, Jerusalem)

Add your comment
Subscribe to RSS Feed For This Article

Source: http://www.theyeshivaworld.com/?p=154363

soa andy williams andy williams Lady Gaga New Girl Avalanna Gigi Chao

Egyptian youths, police clash in fourth day of street violence

CAIRO (Reuters) - Police fired tear gas at dozens of stone-throwing protesters in Cairo on Sunday in a fourth day of street violence that has killed at least 41 people and compounded the political challenges facing President Mohamed Mursi.

The most deadly clashes flared up in Port Said where 32 people were killed on Saturday alone. That violence was provoked by a court verdict sentencing 21 people, mostly from the city, to death for their role in a deadly stadium disaster last year.

But protests have been going in cities across Egypt since Thursday led by opponents of Mursi and his Islamist allies. Demonstrations were initially timed to mark Friday's second anniversary of the uprising that overthrew Hosni Mubarak.

Opponents say Mursi has betrayed the goals of the revolt.

The army, Egypt's interim rulers until Mursi's election June, were sent back onto the streets to restore order in Port Said and Suez, another port city on the Suez Canal where at least eight people have been killed in clashes with police.

Although scuffles continued on Sunday morning in Cairo, there was no immediate sign of the kind of deadly escalation of previous days in the capital or elsewhere.

The spasm of violence adds to the daunting task facing Mursi as he tries to fix a beleaguered economy and cool tempers before a parliamentary election expected in the next few months which is supposed to cement Egypt's transition to democracy.

It has also exposed a deep rift in the nation. Liberals and other opponents accuse Mursi of failing to deliver on economic promises and say he has not lived up to pledges to represent all Egyptians. His backers say the opposition is seeking to topple Egypt's first freely elected leader by undemocratic means.

"Till now, none of the revolution's goals have been realized," said Mohamed Sami, a protester in Tahrir Square. "Prices are going up. The blood of Egyptians is being spilt in the streets because of neglect and corruption and because the Muslim Brotherhood is ruling Egypt for their own interests."

On a bridge close to Tahrir Square, youths were hurling stones at police in riot gear who fired tear gas to push them back towards the square which was the cauldron of the uprising that erupted on January 25, 2011 and toppled Mubarak 18 days later.

The U.S. embassy in Cairo, which is near Tahrir Square, said it was suspending public services on Sunday "due to the security situation in the vicinity" of the mission.

Many Egyptians are frustrated by the regular escalations that have hurt the economy and their livelihoods.

"They are not revolutionaries protesting," said taxi driver Kamal Hassan, 30. "They are thugs destroying the country."

CALL FOR DIALOGUE

The National Defense Council, headed by Mursi and including top army and other officials, has called for a national dialogue to discuss political differences.

That offer has been cautiously welcomed by the opposition National Salvation Front. But the organization has demanded a clear agenda and guarantees that any agreements will be implemented.

The Front, formed late last year when Mursi provoked protests and violence by expanding his powers and driving through an Islamist-tinged constitution, has threatened to boycott the parliamentary poll and to call for more protests if a list of demands is not met, including having an early presidential vote.

Egypt's transition has been blighted from the outset by political rows and street violence that have driven investors out and kept many tourists away, starving the economy of vital sources of hard currency.

Clashes in Port Said erupted after a judge sentenced 21 men to die for involvement in the deaths at a soccer match on February 1, 2012 between Cairo's Al Ahly club and the local al-Masri team. Many of the victims were fans of the visiting team.

There were 73 defendants in the case. Those not sentenced on Saturday will face a verdict on March 9, the judge said.

Al Ahly fans cheered the verdict after threatening action if the death penalty was not meted out. But Port Said residents were furious that people from their city were held responsible, triggering wild rampages through the streets.

A security source in Port Said said 32 people were killed, many from gunshot wounds. More than 300 were injured in one of the most deadly eruptions of violence during the past two years.

Clashes have also flared in Cairo, Alexandria and Port Said. Eight people died in Suez on Friday and police clashed with protesters again on Saturday.

Officers fired teargas when protesters angry at Friday's deaths hurled petrol bombs and stormed a police post and other government buildings. Around 18 prisoners escaped from police stations and stole some weapons, a security source said.

Reflecting international concern, British Foreign Office Minister for the Middle East Alistair Burt said: "This cannot help the process of dialogue which we encourage as vital for Egypt today, and we must condemn the violence in the strongest terms."

European Union foreign policy chief Catherine Ashton urged the Egyptian authorities to restore calm and order and called on all sides to show restraint, her spokesperson said.

(Editing by Andrew Heavens)

Source: http://news.yahoo.com/riots-over-egyptian-death-sentences-kill-least-32-005245042.html

google drive pilar sanders andrew young real life barbie zipper armenian genocide asteroid mining

Harry's Afghan downtime: movies, candy trades

LONDON (AP) ? Prince Harry's off-duty time in Afghanistan appeared to be full of war movies, board games and elaborate candy trades.

The 28-year-old helicopter pilot and fellow members of his squad swapped Kit Kats and Rice Krispies Squares for American soldiers' M&Ms, according to a British media pool report released Sunday.

Harry himself outlined one of his less-prestigious duties. The third-in-line to the U.K. throne said anyone who lost at Uckers ? a military game similar to Ludo or Parcheesi ? had to then wait on his comrades like a Buckingham Palace butler, ready with a fresh cup of tea whenever anyone rang their bell.

"Whoever loses ... then you have to make brews for everybody all day," Harry told journalists ahead of his return to Britain this week.

He also denied rumors that he was far better at PlayStation than at traditional board games.

"I don't know who told you that," he told reporters. "I lost two days ago, and yesterday, so since you guys have been here I've only lost."

Harry returned to Britain on Wednesday after a 20-week deployment in Afghanistan in which he acknowledged that he had targeted Taliban fighters from the cockpit of his Apache attack helicopter.

Asked in an earlier round of interviews whether he had killed anyone, Harry said: "Yeah, so, lots of people have." That admission disturbed some Britons and led to front-page headlines like the one in The Daily Mail that read: "Harry: I Have Killed."

This latest round of interviews, focusing on Harry's daily life at Britain's Camp Bastion military base in Afghanistan, is not likely to draw the same kind of headlines.

The report mainly carried glimpses of the prince's daily routine, including his favorite foods ? chicken and broccoli ? and his favorite movies ? "Full Metal Jacket," ''Apocalypse Now," and "Platoon."

In an interesting twist for an Apache pilot, "Black Hawk Down," the Ridley Scott film about a helicopter raid gone wrong in Somalia, was among the movies spotted in Harry's communal tent.

Source: http://news.yahoo.com/harrys-afghan-downtime-movies-candy-trades-090928405.html

michael beasley jermaine jones hbo luck unc asheville stephen jackson nba trade deadline ncaa tournament

Huawei MediaPad 10 Link hits the FCC looking worse for wear

Huawei's MediaPad 10 Link clearly didn't know what it was getting itself into when it traveled to the FCC. The Android tablet, which made a brief appearance at CES a few weeks back, took quite a few hits to its 10.1-inch display, now that Wolverine is apparently handling electronics for the commission. According to notes from CES, the tablet's running Ice Cream Sandwich on a 1.2GHz quad-core processor and 1GB of RAM. No word yet on how soon the newest member of the MediaPad family will be riding FCC approval onto our shores -- or if the name signals some new Hyrulian tie-in for the company.

Filed under: Tablets

Comments

Source: FCC

Source: http://feeds.engadget.com/~r/weblogsinc/engadget/~3/S3bqb-kudP0/

sacha baron cohen ryan seacrest octavia spencer meryl streep oscars school shooting ohio billy crystal oscar winners 2012 billy crystal oscars 2012

Daily Kos: Teachers' Lounge: You want to go to grad school?

First off, I loved graduate school, but not everyone is like me. ?Some of my students think grad school is a way of extending undergrad experiences. ?I have sat down with students several times to tell them I don't think they are good fits for an academic grad program (sometimes these are people who are good fits for professional programs, as they are ones who are interested in the utility of their studies, and want to have a job coming out of it -- I teach art history, and these students are sometimes the ones who should go into museum education or arts administration programs -- using their knowledge and learning how to apply it in a clear way along with apprenticeships/internships built into the program). ?Sometimes I think they might be but their undergraduate grades are not high enough for easy admission. ?In this case, I advise them to get some other experience (other than school) under their belts. ?Someone who has either worked at or volunteered at (in a substantial way) a museum or an arts organization has characteristics and a track record that makes her or him stand out when applying to graduate school, and getting a letter of recommendation from someone other than a professor who can speak to responsibility, reliability, drive, and interest can help a great deal to offset academic concerns. ?

That being said, undergraduate grades can at times be a predictor for graduate performance. ?These grades (particularly in the major) indicate knowledge in the field, dedication to research and writing components required in a discipline, time management abilities, and wiilingness to push through in the hoop-jumping that is a clear part of graduate school as in any job. ?And a letter from a professor who has had you in multiple classes is a good component of your application portfolio.

I write letters for anywhere between three and ten students a year. ?And I am lucky that there aren't more. ?I can thus talk about individual characteristics of a student. ?I don't have a generic letter -- each student gets a base letter that is specific to the skills and desires and strengths and concerns I have for him or her. ?If those concerns are so great that they prevent me from writing a strong letter, I will not agree to write one. ?I have only once told a student after having written several letters that I would not write another one -- that was someone who seemed to suddenly find it difficult to complete assignments in a timely manner (as far as I could tell this was a response to stress, and that is a problem in grad school -- you have to be able to handle adversity and stress that is potentially beyond anything you experience in undergrad). ?There was nothing I was able to find out by asking what was causing it (everything was fine, I was told) -- so I had to respond to what was in front of me.

So if I say I will write one, I will write a good one. ?I will be positive but honest. ?If you have a B average in my classes, I will not say you are the top student I have ever taught. ?It is my word and my university's reputation on the line; if I misrepresent you, it is every student who applies to that university in the future that my recommendation affects. ?I will, however, talk about specific details (papers, projects, interaction with other students, internships, research experiences) that make you particularly desirable as a graduate student in that program. ?

To help me do this, I ask for at least one month's warning for any letter, and preferably a listing of all the graduate schools to which you are applying, organized by deadline, and a brief description of why you want to apply to a specific school, what program you are applying to, and information about a link or a method of submission of the letter. ?I strongly prefer an on-line submission, and if necessary I will send a hard-copy one. ?I will almost never agree to give you a copy of the letter to send yourself. ?This is because I did that for students early on in my teaching, and one decided not to apply to one of the universities but did need a letter for a different one, and she told me about that by taking the letter out of the (sealed, signed across the seal) envelope, and attaching the open letter to my bulletin board along with a note saying "in case you forgot what you wrote, this will help you write me a letter to X university". ?It was a confidential letter (positive, but confidential), and I was furious. ?I wrote the letter, but since then have been really hesitant about handing a sealed letter to a student.

If the letters are to be submitted online, you need to get your application submitted a bit before the deadline because the online submission for letters of recommendation will often not be available to me until after your application is complete. ?And there will often be technical difficulties. ?This fall I did not get a letter submitted by the deadline because of this; I hope it is not held against the student. ?She was annoyed with me (or at least that is the way I read her last email, and she never let me know that the application was complete or anything about how it had been received, and she did not ask for any other letters of recommendation). ?I am sorry for the difficulty, but I didn't see it as my fault (nor was it hers), and I hope I do hear back from her eventually.

If I ask for a copy of your personal statement it means I want to see your personal statement. ?It may be because you are applying to do something that is not a clear outgrowth of your undergraduate work, or it may be because I want to be able to write a letter that supports you in a way that builds off your stated interests. ?What it doesn't mean is that you should send me a copy of your statement a month after the first letter deadlines. ?The letters I have written by that point are of necessity going to be a bit more generic. ?

As letters are written individually, the chance is that if you blow off the semester (usually the first semester senior year) it may be reflected in letters I write for you. ?As you ignore deadlines, stop coming to class, and don't come to meetings that are scheduled, these things reflect on you and may lead me to adjust my evaluation in such categories as "maturity" or "dedication to the field" -- if you show me that you are mature and dedicated to the field, chances are those ratings will be high; if you lead me to question such things, the ratings are almost certain to go down. ?Sometimes there are extenuating circumstances (health or yourself and your family, financial issues, etc.) but I can only evaluate what is before me, and that is what I base my recommendations on. ?

Finally, I would like some acknowledgement of my writing the letters. ?Thank you notes are nice, but not necessary. ?What is really necessary, however, is an indication of where you got in (or didn't) and what, if any, financial/scholarship/assistantship offers were made. ?It helps me to know where you go and why. ?If you decide to not take any graduate school place, even though you have been admitted, I do need to know that, and why you made that decision. ?If I have written 10-15 letters for you and you don't go to any grad school, then you come back to me the next year with a request for more letters, I need to know what is going on. ?That you have decided one year not to go to grad school is fine, and it doesn't prevent me from writing letters. ?But if you can't tell me a reason, it comes across as rather mercurial. ?It may not be, but again, I can only evaluate you by the information that is in front of me. ?And that evaluation is what grad schools are asking me to do in my letters of recommendation.

Oh, and one final final thing. ?If you choose to complain in a letter to the university (such as to the dean, or in the equivalent of an exit interview) how the class you took with me was the worst experience you had as a university student, do not expect that I will not hear about it, or remember it three years later when you want a letter of recommendation to a graduate program. ?And yes, that has happened. ?I chose not to write a letter or recommendation for this student, who had only had the one class with me. ?I said I did not remember her well enough to write that letter of recommendation. ?I figured it was much better for both of us to leave it at that. ?In other words, I was lying. ?I do that, sometimes. ?But I don't do it in letters of recommendation; in those I stand behind what I write.

Source: http://www.dailykos.com/story/2013/01/26/1182314/-Teachers-Lounge-You-want-to-go-to-grad-school

alshon jeffery miami heat bulls california earthquake california earthquake tyson chandler tyson chandler

The Elder Scrolls Online Beta Testing Starts - Video Games Blogger

Bethesda & ZeniMax Online Studios have announced The Elder Scrolls Online beta testing starts with beta program sign-ups this week!

When will the first round of the beta begin? The answer doesn?t confirm a date. To quote:

?If selected, you will be one of the first people to embark upon the newest Elder Scrolls adventure, and help us beta test The Elder Scrolls Online. Please be aware that this is just beta sign-ups. The first beta test will begin soon?watch our official website, Facebook, and Twitter for an announcement about the first round of invites.?

What can you do in the beta? Here?s what it is about:

?Tamriel is at war. Three alliances ? the Aldmeri Dominion, Daggerfall Covenant, and Ebonheart Pact ? square off for control of The Imperial City.
The time to vow your allegiance is swiftly approaching, as the official sign-up for The Elder Scrolls Online beta program begins today. If selected, you will be one of the first people to embark upon the newest Elder Scrolls adventure, and help us beta test The Elder Scrolls Online.
Now is the time for future members of the Aldmeri Dominion, Daggerfall Covenant, and Ebonheart Pact to rally and show your support!?

To celebrate the opening of the beta sign-ups, an The Elder Scrolls Online ?The Alliances? cinematic trailer has been released. Watch it here:

Next, we have the first video of The Elder Scrolls Online ? a documentary-style introduction to the game, presented by members of The Elder Scrolls Online Development Team. This video covers the basics of ESO, including a first look at the game?s Elder Scrolls-style combat system, massive PvP battles, Megaserver technology, exploration-based content, and much more.

An introduction to The Elder Scrolls Online:

The Elder Scrolls Online is set for release sometime in 2013 for PC and Mac.

Are you first in line to try out for The Elder Scrolls Online Beta?

About the author

By Ferry Groenendijk: He is the founder and editor of Video Games Blogger. He loved gaming from the moment he got a Nintendo with Super Mario Bros. on his 8th birthday. Learn more about him here and connect with him on Twitter, Facebook and at Google+.

Source: http://www.videogamesblogger.com/2013/01/25/the-elder-scrolls-online-beta-testing-starts.htm

lamichael james lamichael james derrick rose acl earthquake los angeles unemployment