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[ad_1] Buying a house involves a huge amount of money. So, very few people have the capacity to buy one outright using their own funds, while the majority of people need to take out a home loan to buy their dream home. As a home loan provides capital to buy a long-term asset, helps in saving rents by moving to own house and also provides tax benefits on interest payment and principal repayment, people intending to buy their own house prefer to avail the loan. “Buying a home is one of the top financial goals for many of us. However, because of the high cost of real estate, it becomes challenging for people to purchase a home out of their own pocket. Therefore, a home loan is a practical choice for many people to buy their ideal home. However, taking out a home loan necessitates a sizable shift in the spending strategy to pay the EMI. As a result, the home loan should be affordable and appropriate for you. This is where a home loan EMI calculator comes into the picture to help you figure out how much EMI you’d have to pay each month to repay your loan in a specific amount of time,” said Pramod Kathuria, Founder & CEO, Easiloan. Real Estate Investment: Residential Vs Commercial – which will fetch you more rent? Talking about what a home loan EMI calculator does, Kathuria said, “The Home Loan EMI Calculator is an online tool that helps you to calculate your monthly home loan EMI. The user-friendly design of the online calculator tools enables you to quickly toggle between your selected interest rate, loan amount, and loan tenure, providing you with various repayment options based on your preference.” Kathuria explains how calculating home loan EMI can make financial planning easy for you: It helps you choose the right lender and the right loan amount With several lenders offering easy home loans, it becomes challenging to choose the right one. In this case, you can use the EMI calculator to analyse the total cost of various loans and decide which offers the best value for your money. Additionally, it is wise to avail a loan amount that you can comfortably repay without putting further strain on your finances. Hence, you can use the home loan EMI calculator to get a better idea of how much home loan amount you can afford. This will make repayment easier and reduce the likelihood of default. It helps you choose the suitable tenure The tenure of the loan is crucial in determining the monthly instalment amount. Your house loan EMI will be less if you have a longer tenure, whereas a shorter term would result in a larger EMI. Therefore, select a loan term that makes your EMIs manageable based on your income and spending. You can find a suitable tenure with the EMI calculator. It simplifies planning for prepayment of the loan Having an idea about the expected EMI makes planning for the home loan prepayment smooth. This can lower your interest payment and hasten the repayment of your debt. For example, if you are aware of your EMI, you may easily arrange part-prepayments and plan the timing of your investments. Borrowing mistakes that may leave you bankrupt It’s easy to use There are no difficult calculations involved in using a home loan calculator. All you have to do is enter the principal amount, interest rate, and loan term, and in a matter of seconds, accurate computation of your EMI will appear on your computer screen. “The home loan calculator is one of the most valuable tools, which makes the process of availing and repaying a home loan simple and convenient. So, calculate your home loan EMI and get a home loan today to buy the house of your dreams. However, do your homework on the lender before applying for a home loan to avoid any inconveniences later,” said Kathuria. [ad_2] Source link

[ad_1] Timothy J. Forrester, chief financial officer at wholesale lender United Wholesale Mortgage (UWM), died Sunday, following a cancer diagnosis and monthslong illness. He was 55. Forrester, of Bloomfield Hills, Michigan, died “following a valiant battle against cancer,” according to an online obituary by the A.J. Desmond & Sons Funeral Home. “He died surrounded by the love of family and friends across the world.” Timothy Forrester Forrester, who served as UWM’s CFO for 10 years, oversaw all financial aspects of the organization, from financial reporting to liquidity management, according to the company’s website. The executive had more than 30 years of experience including client service, auditing, accounting, financial reporting and hedging. “Tim was an amazing CFO, leader and friend to so many,” UWM CEO Mat Ishbia wrote in a Tuesday LinkedIn post. “He made me a better CEO and helped build this company with me for the last 10 years. Tim made such a positive impact on everyone he met, and I was proud to call him a friend. He will be greatly missed.” A UWM spokeswoman provided a company statement when asked for additional details of Forrester’s achievements. “Tim was a friend to everyone, and he was always willing to share his knowledge and insight to make UWM and our team members better,” the spokeswoman wrote in a Wednesday morning email. “Over his 10 years at UWM, he made us laugh, he educated us and he helped to cultivate a one-of-a-kind work family.” Before joining UWM in 2012, Forrester was a partner in the capital markets group at Deloitte & Touche for more than 18 years.  He also was a longtime member of the Mortgage Bankers Association (MBA), serving on its finance committee, according to UWM. He was elected as a member of the MBA’s Commercial Mortgage Board of Governors, serving as the lone “Big 4” representative. In 2021, Forrester was named as one of HousingWire’s finance leaders. Forrester was well-liked by his colleagues, who described him as positive and optimistic, with a tremendous sense of humor.  “When he told the team about his diagnosis, we were devastated for him; but he remained poised with confidence and positivity,” Darin Sitto, director of accounting policy at UWM, wrote in a comment under Isbia’s LinkedIn post.  “He stood up in the middle of our huddle and was certain he was going to fight like hell to beat it. That moment will live in my mind forever,” said Sitto, who joined the team just 1.5 years ago.  Brinda Jaikumar, a director of financial compliance at UWM, said Forrester was one of the “sharpest and wittiest people,” yet showed “so much humility, kindness and compassion in such an effortless way.”  She added: “He was a remarkable man and he showed what positivity and strength is through the most difficult fight of his life over the last many months.” A memorial for Forrester will be held at 5:30 p.m. July 21 at A.J. Desmond & Sons Funeral Home, 32515 Woodward Ave. in Royal Oak, Michigan.  Andrew Hubacker, senior vice president and chief accounting officer, will serve as the interim principal financial officer, according to the firm’s 8-K current report filing. The post United Wholesale Mortgage mourns death of 55-year-old CFO Timothy Forrester appeared first on HousingWire. [ad_2] Source link

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[ad_1] U.S. annual consumer inflation posts largest increase since 1981  Reuters Inflation surges 9.1% in June, accelerating more than expected to new 40-year high  Fox Business Inflation rose 9.1% in June, even more than expected, as consumer pressures intensify  CNBC US inflation surge signals tough times ahead  Financial Times Hot U.S. June inflation turns up pressure on the Fed  Reuters View Full Coverage on Google News [ad_2]

[ad_1] The euro dropped below parity against the dollar on Wednesday for the first time in almost two decades, as a hawkish U.S. Federal Reserve and growing concern about rising recession risks in the euro area continued to batter the currency. The latest slide came after another hot set of U.S. inflation data. Europe’s single currency started this year on a strong note given a post-pandemic economic recovery. But Russia’s invasion of Ukraine, surging European gas prices and fears that Moscow could cut off supplies further has raised the spectre of recession and hurt the euro. Heightened global uncertainty and an aggressive Fed monetary policy stance meanwhile have benefited the safe-haven dollar. The euro tanked as much as 0.4% to a low of $0.9998 at 1245 GMT, its lowest level since December 2002. It was last down 0.1% on the day at $1.005 and has lost more than 10% so far this year. “Gas rationing, stagflation, an expected recession, they are all good reasons to be bearish on the euro,” said Stuart Cole, head macro economist at Equiti Capital in London before the euro crossed that threshold. He add that these factors will make it harder for the European Central Bank to hike interest rates, further widening the interest-rate differential with the United States. Since becoming available freely in 1999, the single currency has spent very little time below parity. In fact, the last time it did so was between 1999 and 2002, when it sank to a record low of $0.82 in October 2000. Within its relatively short two-decade history, the euro is the second most sought after currency in global foreign exchange reserves and daily turnover in the euro/dollar is the highest among currencies in the global $6.6 trillion-per-day market. The euro’s slide is a headache for the ECB. Allowing the currency to fall only fuels the record-high inflation the ECB is battling to contain. But trying to shore it up with higher interest rates could exacerbate recession risks. The ECB has so far played down the issue, arguing that it has no exchange rate target, even if the currency does matter. Also on a trade-weighted basis — against its trade partners’ currencies — the euro is down only 3.6% this year. [ad_2] Source link

[ad_1] High lumber prices are often blamed for high home prices. I recently saw a $60k home price reduction offered by a builder because “lumber prices have fallen…we are passing that savings to you.” That just doesn’t add up. In a blog post from January 4, the National Association of Home Builders said that the 167% rise from last summer’s low lumber prices to over $1,000 per thousand board feet (mbf) added only about $18,600 to the cost of a home. Nevertheless, can today’s falling lumber prices possibly bring back demand for housing? Lumber math If the lumber price was around $400/mbf last summer, then a 167% increase is equivalent to $1,070 in January. That’s a reasonable range for this analysis. That means a $670/mbf move in lumber prices is equivalent to $18,600 in additional cost. Therefore, every $1/mbf of lumber pricing costs the homebuyer about $28 in lumber ($18,600 / $670). Keeping the figures simple, here is some math tied to the NAHB blog: If lumber in 2019 was $400/mbf, lumber cost was $11,200 per home If lumber in 2020 was $1070/mbf, lumber cost was $29,800 per home If lumber in 2022 is $400/mbf, lumber cost is back to $11,200 per home Over the same time period, here is what happened to 30-year mortgage interest rates: 4% in 2019 3% in 2021 6% in 2022 What is the impact of lumber relative to interest rates? In January 2020, Carmel Ford of the NAHB Economics and Housing Policy Group published a special study titled Cost of Constructing a Home. The home was 2,594 square feet for a total sale price of $485,000. This may not be the same home upon which NAHB based its Jan. 4 blog about lumber price increases, but it’s close enough for this purpose. Using a 30-year mortgage amortization assuming 80% loan to value financing on a $485,000 home and this calculator at Bankrate.com, here is a table showing the impact of lumber pricing and interest rate on a monthly house payment: From 2019 to 2021, increasing lumber prices added $63 to the 2021 mortgage payment and a 1% drop in interest rates saved $216 for a net savings of $153. From 2019 to 2022, interest rates added $474. In other words, a 1% move in interest rates has more than three times the impact of a 167% increase in lumber. Lumber price is always a follower, never a leader Lumber prices were driven higher by high demand and low availability of lumber. That’s the same factor that drove home prices higher — high demand relative to availability. What drove high demand for homes? Record low interest rates. Homebuilders were able to pass all rising costs on to homebuyers due to record low buyer borrowing costs. As borrowing power of the buyer decreases, home demand decreases, lumber demand decreases relative to supply, and lumber prices drop. Lumber never leads, it always follows. The NAHB and media can vilify commodity lumber markets for high prices during the unprecedented supply chain disruptions in 2020 and 2021, but falling lumber prices cannot overcome rising interest rates to bring back demand for housing. Matt Meyers is the founder and CEO of Yesler Marketplace. This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the author of this story:Matt Meyers at meyers@goyesler.com To contact the editor responsible for this story:Sarah Wheeler at sarah@hwmedia.com The post Opinion: Will lower lumber prices offset rising rates? appeared first on HousingWire. [ad_2] Source link

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[ad_1] Non-bank finance companies (NBFCs) are likely to rely more on banks for their funding requirements as interest rates are hardening in the capital market, says a report. As the sector moves towards banks for meeting its funding requirements, smaller NBFCs could witness a sharp increase in their funding costs, India Ratings and Research said in a report. “The borrowings of non-bank finance companies (NBFCs) could get skewed to banks in FY23, given the hardening of rates in the capital markets,” the agency said in a report on Wednesday. The shift in the NBFCs’ funding mix in FY23 will be driven by a rise in the proportion of short-term funding by way of commercial papers and debenture funding getting replaced by bank funding to a certain extent. A huge quantum of borrowings to be raised by large NBFCs would lead to a further increase in the banks’ exposure to the sector, and small NBFCs thus could face crowding out, the report said. The agency said with the rise in interest rates, following a 90 basis points (bps) increase in repo rate by RBI in two tranches, NBFCs would see a faster increase in the incremental funding cost than that for banks on account of their institutional funding.Around one-third of the NBFCs’ borrowings would come up for refinancing in FY23, it noted. Furthermore, bank funding on the NBFC balance sheet is mostly floating in nature and would also witness upward repricing.However, the agency said that the Marginal Cost of Funds based lending Rate (MCLR)-linked funding would see a lagged increase in cost compared to the borrowings linked to market benchmarks such as repo and T-Bill. The report said the increase in rates could lead to a 90-100 bps year-on-year rise in funding cost in FY23. There could be some pass on of the rise in select few segments. The agency said the prevailing uncertain operating environment has led NBFCs to maintain excess liquidity on the balance sheet in the range of 5-10 per cent of assets, which impacted the profitability due to the negative carry of excess liquidity. However, NBFCs would dilute the liquidity buffers to a certain extent to reduce the impact of negative carry with the improvement in the operating environment and increase in the funding cost, the agency said. [ad_2] Source link

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