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How To Dodge Mortgage Insurance Fees When Applying For A Home Loan [Infographic]


How To Dodge Mortgage Insurance Fees When Applying For A Home Loan [Infographic]

Today 2:30 PM Discuss Bookmark

Lenders Mortgage Insurance (LMI) is a one-off fee payable when borrowing more than 80 per cent of a property’s value. It’s yet another expense that can make life difficult for cash-strapped home buyers; even for a modestly priced property. This “hustler’s guide” from Home Loan Experts outlines the various ways you can reduce — or completely avoid — your LMI fee.

Australian house picture from Shutterstock

LMI can be a pain in the butt. It’s designed to protect the bank’s interests and can result in serious money woes if you default on your mortgage. As Home Loan Experts explains on its blog, if you borrowed $510,000 for a property worth $550,000, you could be paying over $23,000 upfront just to get your loan settled: not exactly small change.

The below infographic explains how to reduce or even avoid mortgage insurance altogether. Some of the advice will be unfeasible to most readers (you’re probably not going to become a doctor just to avoid an LMI fee) but there are also some viable tips that could save you a bunch of money. See for yourself!

[Home Loan Experts]

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Outflows From Leveraged Loan Funds Deepen For 22nd Consecutive Withdrawal


Cash outflows from bank loan funds deepened to $1.05 billion for the week ended Dec. 10, from $511 million in the previous week, according to Lipper. The latest reading represents the 22nd consecutive weekly withdrawal and the 33nd outflow in the past 35 weeks, for a net redemption of $20.1 billion over that span.

The current reading reflects mutual fund outflows of $952 million, plus a $94 million outflow from exchange-traded funds. The influence of ETFs represents 9% of the outflow for the week, up from 1% last week but down from 11% the prior week. The current reading is the largest ETF outflow in seven weeks.

The trailing four-week average is now negative $586 million, compared to negative $424 million last week. The current observation is the deepest in four weeks.

The year-to-date fund-flow reading pushes deeper into negative territory, at roughly $13.2 billion, and it’s mostly mutual funds, with ETFs slightly negative at $204 million for the year, or just 2%. In the comparable year-ago period, inflows totaled $51.1 billion, with 10% tied to ETFs, or roughly $5.3 billion.

The change due to market conditions was negative $368 million, or a decline of nearly 1% against total assets of $93.4 billion at the end of the observation period. The ETF segment comprises $7.8 billion of the total, or approximately 8%. – Matt Fuller

Follow Matthew on Twitter @mfuller2009 for leveraged debt deal-flow, fund-flow, trading news, and more.


Payday loan adverts could be banned on television before 9pm …

Payday loan commercials could be banned from TV before the 9pm watershed, under proposals being considered by the UK advertising regulator.

The Broadcast Committee of Advertising Practice (Bcap), the body responsible for writing the rules for TV ads, is already looking at the content of payday loan commercials.

The government has now asked Bcap to extend the scope of its review to look at the scheduling of payday loans ads and a potential pre-watershed ban.

This extension of the investigation was revealed by Baroness Jolly, a Liberal Democrat peer, in a session in the Lords discussing the report stage of the consumer rights bill on Wednesday.

“Treasury ministers have asked Bcap to broaden the remit of its review to ensure that it also considers the appropriateness of its scheduling rules, as well as those around content,” she said. “Treasury ministers are writing to Bcap formally to set out this request. Bcap has agreed to this and will expand its review with a view to publication of its findings, in full, in the new year.”

The extension of the review will push back publication deadline of Bcap’s investigation into payday loan ads, which began in June and was due imminently.

The Advertising Standards Authority said it has banned 25 payday loan ads since April 2013.

The existing advertising code already prohibits payday loan ads from encouraging under 18s to either take out a loan or pester others to do so for them. The rules also require that ads must be socially responsible.

According to research by the media regulator Ofcom children on average see around 1.3 payday loan ads on television per week, out of around 17 hours of weekly TV viewing.

Payday loans ads comprised a relatively small 0.6% of TV ads seen by children aged four to fifteen, according to Ofcom.

The Consumer Finance Association, which represents payday lenders making up 60% of the multibillion pound a year UK industry, and Wonga have explicit policies not to advertise on children’s TV.

“We are pleased to see the government recognise that this is a problem,” said Joanna Elson, chief executive of the Money Advice Trust, the charity that runs the National Debtline.

“On the debt advice frontline we have become increasingly concerned that high cost credit is in danger of becoming normalised amongst young people. Restrictions on payday loan advertising before the watershed, on the same basis as those already in place for gambling and alcohol, would be a very welcome step.”

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0 Percent Car Financing Could Save You Thousands


It’s car-buying season and if you read this column often, you know that when it comes to vehicles, I’m a fan of buying used and paying cash. But I’m also a realist. I know many of you are fans of buying new and taking out a loan. Here’s how you can save even if you disagree with my approach: 0 percent financing.

Shoppers Have a New Way to Save Money at WalmartHow to Get Half a Million More From Uncle Sam for Your Retirement

As a consumer reporter, I was skeptical of free auto financing, at first. After all in other businesses “0 Percent Interest!” is a come-on with potentially dangerous consequences. Take the furniture industry. Typically, if you sign up for zero percent interest on furniture, you have a year to pay off the loan in full. If you don’t, then not only are you charged interest, the interest is retroactive to the date of your purchase. Ugh. I’m happy to say that is not the case in the auto industry.

Zero percent loans are a good deal for car dealers, because cars are such a huge purchase that it’s a way to get people to buy. And they’re a good deal for customers because they can save you money, according to auto website

“I think people don’t realize how much you save by getting a lower interest rate,” said Edmunds Senior Consumer Advice Editor Philip Reed. “If people took the time to calculate it they would be stunned by how much they’re paying in interest and that’s money that’s lost forever.”

Actually, you don’t have to calculate it yourself. A new analysis by Edmunds says a zero percent loan can save you as much as $3,554 compared with a typical auto financing deal! To give you an idea, the website did the math using a $28,000 loan at 4.31 percent for 67 months.

Understanding the potential savings means you should actually factor zero percent financing into your car shopping. If you’re trying to choose between two different makes and models, perhaps you can break the tie by going with the one that has a free financing deal. Edmunds lists these deals on the Incentives and Rebates page of its site.

A few things to know:

•Free financing is only offered to people with tip-top credit.

•Most zero loans are shorter, like three years long.

•Incentives such as zero percent financing are often regional. Be sure to plug your zip code into Edmunds to find the offers for your area.

•Zero percent financing is most common for vans, followed by non-luxury cars and non-luxury SUVs.

And one final warning from your humble columnist who’d rather see you buy used and pay cash: don’t let a zero percent financing deal lure you into buying a more expensive car than you can really afford. And keep that car as long as you can stand it to save the most money of all.

Opinions expressed in this column are solely those of the author.

Elisabeth Leamy is a 20-year consumer advocate for programs such as “Good Morning America” and “The Dr. Oz Show.” She is the author of Save BIG and The Savvy Consumer. Elisabeth is also a professional speaker, delivering talks nationwide on saving money, media relations, and career success. Elisabeth receives her best story tips from readers, so please connect with her via Facebook, Twitter or her website, to share your ideas.


US Leveraged Loan Fund Outflows Quadruple, To $1.5B; ETF Influence Grows


Cash outflows from bank loan funds nearly quadrupled this week, rising to $1.5 billion in the week ended Aug. 6, from just $406 million the prior week, according to Lipper. And the influence of bank-loan ETFs grew during the week, to 14% of the outflow, or negative $211 million, from essentially nil the prior week.

There have now been 15 weeks of outflows over the past 17 weeks, for a combined negative $8.5 billion over that span, which follows a record-shattering 95-week inflow streak totaling $66.7 billion.

The trailing four-week average deepened to negative $689 million per week on average, from negative $302 million last week. This measure remains just under a recent peak, at $858 million in the week ended June 11.

Year-to-date flows pushed deeper into negative territory, at $1.6 billion, based on a net withdrawal of $2.1 million from mutual funds set against a net inflow of $550 million to ETFs. In the comparable year-ago period, inflows were $35.3 billion, with 11% tied to ETFs.

The change due to market conditions was negative $100 million this week compared to total assets of $105.7 billion at the end of the observation period, so the change is essentially nil. The ETF segment comprises $7.9 billion of the total, or approximately 7%. – Matt Fuller

Follow Matthew on Twitter @mfuller2009 for leveraged debt deal-flow, fund-flow, trading news, and more.


Leveraged Loan Funds See 14th Outflow In Last 16 Weeks; Year-To-Date Sum Falls Into The Red


Cash outflows from bank loan funds totaled $406 million for the week ended July 30, according to Lipper. The outflow is on spot with $413 million last week, and once again, there was essentially no influence on the ETF front.

There have now been 14 weeks of outflows over the past 16 weeks, for a combined negative $7 billion over that span, which follows a record-shattering 95-week inflow streak totaling $66.7 billion.

The trailing four-week average also held relatively steady, at negative $302 million per week on average, from negative $315 million last week. However, this measure remains much narrower than a peak at $858 million in the week ended June 11.

Year-to-date flows turn into negative territory, at $54 million, based on a net withdrawal of $815 million from mutual funds set against a net inflow of $761 million to ETFs. In the comparable year-ago period, inflows were $33.4 billion, with 12% tied to ETFs.

The change due to market conditions was negative $145 million this week compared to total assets of $107.3 billion at the end of the observation period, so the change is essentially nil. The ETF segment comprises $8.2 billion of the total, or approximately 8%.

Matt Fuller

Follow Matthew on Twitter @mfuller2009 for leveraged debt deal-flow, fund-flow, trading news, and more.


Did Google Really Push Out The Pay Day Loan Algorithm Or Was It …

Image google-payday-loans-1402921894.gif

As I reported from the airport Thursday night at Search Engine Land, Google’s Matt Cutts said the Payday Loan Algorithm was rolling out but truth is, I haven’t seen signs of it.

In fact, I’ve asked many folks in the black hat and spammy categories about this and they’ve seen nothing. There is only one site I see reporting any changes and even there I am not convinced.

As you know, the Google Payday Loan 3.0 algorithm was released, targeting spammy queries over spammy sites – whatever that means. But even though it began rolling out Thursday night, as Matt Cutts said on Twitter – I do not see reports from within the community about it.

What I do see are sites not in the spammy category reporting major changes in their rankings. The ongoing WebmasterWorld thread has folks complaining of major shifts starting Thursday night/Friday – but they are not in the spammy categories.

Here are some complaints:

I’m not in a spammy category (consumer electronics) and my site was pushed down for no apparent reason with this update. Seems Google messed something up.
I’m not in a spammy category. I’ve been decimated sad We can’t pay our bills now.

Meanwhile the site that never gets updated, that rips off other content got a nice boost. Way to go.

Some benefited, as you would imagine:

We don’t know what Google classifies as “spammy”. But I’d say consumer electronics queries might indeed fall into that category. Take a look how many (legit and automated) sites are out there.

I had a nice boost on June 12th. Consumer electronics too, with high quality indepth (often 6000+ words) articles.

A senior member I think has it right, saying this was a slight modification to the Panda 4 algorithm:

I’ve noticed a slight drop in traffic since Thursday.

I’ve compared my (low level) bing and yahoo traffic to google and as best I can tell it seems just related to google.

I benefited from the recent Panda 4.0. A couple of other people posting here have have mentioned slight drops in traffic and a positive Panda 4 effect.

I’d bet that Google has tweaked the Panda 4 algo.

In regard to the PayDay algo, I don’t think that would much apply to my content.

Scanning the Black Hat World forums, there is very little chatter there. Most of the chatter is asking, did you see anything? Where most people are saying, “I saw some minor fluctuations for a few of my sites but really nothing major” and the like.

I asked Matt Cutts on Twitter if there really was a PayDay Loan 3.0 and didn’t get a response:

I suspect what most of you are seeing is a small update to Panda 4.0 and not Pay Day Loan specific. But I am not Google and I do not have inside information.

Forum discussion at Twitter, Cre8asite Forums, WebmasterWorld and Black Hat World .


Google Spam Algorithm Version 3.0 Launches Today

As I reported last night out of the SMX Advanced keynote with Matt Cutts – the third version of the Google Spam Algorithm, also known as the PayDay Loan algorithm, is launching today.

Didn’t we just have version 2.0 a couple weeks ago? Yes we did.

Matt Cutts explained that 2.0 was targeting specifically spammy sites, while 3.0 targets more spammy queries. So the algorithm looks more at the query versus looking at the site. You are smart SEOs, so you can figure out what that means.

Matt also explained that version 2.0 also added some negative SEO factors, to reduce the amount of negative SEO that can happen. If you believe that.

I do not believe this launched just yet, it may launch today sometime, or maybe tomorrow – but likely today, Matt Cutts said. Based on the lack of complaints in the black hat forums, I do not think it launched at the time I am writing this.

Reminder, this will look specifically spammy queries, such as terms like [payday loans], [casinos], [viagra] and other forms of highly spammy queries.

Forum discussion at WebmasterWorld, Twitter and Google+.

Update: It began rolling out 4:40pm EST:


Katie Hopkins sparks backlash after branding payday lending 'a …

The controversial star took part in a heated TV debate about debt last night in which she also criticised teenage mothers and slammed people for spending too much money on Christmas.

Hundreds of people took to Twitter to condemn her views but today she remained defiant in the face of mounting anger.

Ms Hopkins made her comments on Channel Five’s The Big ‘Can’t Pay’ Debt Debate: Live, which was hosted by Nick Ferarri.

She was was joined by panelists Jim Davidson who was declared bankrupt, former premier league footballer Lee Hendrie whose problems with debt drove him to attempt suicide, and Olympic legend Eddie ‘The Eagle’ Edwards who has also struggled with debt.

When the issue of payday loans with high interest rates was raised Ms Hopkins said : “I think it’s a decent business model.”

She slamed another woman, who had struggled with debt after spending £1,600 on Christmas presents, saying: “You have to save for Christmas.” She later questioned how anyone can spend that kind of figure on children’s gifts.

The 39-year-old’s appearance on the show sparked a fierce reaction on Twitter.

TV psychologist Jo Hemmings wrote: “Is @KTHopkins obligatory in every TV debate? If they can only find one gobby mare like her, it’s hardly representative.”

?Another, @MetalOllie, added: “Why do we need to hear from that vacuous, hate filled bag of spew. Katie Hopkins voice is of NO value to ANY serious debate

While ?@JoeyRymell posted: “@KTHopkins we don’t hate you because you’re famous, you’re famous because we hate you.

But Hopkins too took to the social media site to hit back at those criticising her.

She wrote: “I don’t worry about debt because I don’t buy things I can’t afford. We save for the future, insure against illness & tell kids ‘no’. Simple”

She also tweeted: “The only thing people in debt have in common other than bad money management, is an ability to blame anyone but themselves. #debtdebate”

The debate was held after research by Channel 5 discovered British families owe a record £1.4trillion, the equivalent of £54,000 for every home.

Nine million people are said to be struggling to pay their debts. Millions of Britons would have to borrow money to pay their bills within a month of losing their job.

Forty per cent would need a loan within three months, while one in 10 is so close to the financial abyss that they live week-to-week and would have to go cap in hand to friends or family to make ends meet.

Even when mortgages are taken out of the calculations, the average family still owes more than £8,000, according to the survey.

Christian Guy, director of the Centre for Social Justice, said: “Years of increased borrowing, rising living costs and struggling to save have forced many families into a debt trap that is very difficult to escape.

“Problem debt can have a corrosive impact on people and families. It can wreak havoc on mental health, relationships and wellbeing.

“People are awake until the early hours worrying about their finances and bills, while some of the poorest are cut off from mainstream banking and have no choice but to turn to loan sharks and high-cost lenders.”

The study also revealed a worrying lack of financial knowledge, with one in six borrowers having no idea what interest rates they are paying.


Mets get good news with loan, which means good news with payroll


View gallery.

Saul Katz and Fred Wilpon. (Getty)

The New York Mets biggest victory of 2014 has come long before opening day and happened nowhere near a Major League Baseball diamond. It has to do with a $250 million loan that owners Fred Wilpon and Saul Katz have hanging over them. The loan is going to be refinanced, which includes removal of restrictions on how much the team can add to payroll.

They finally can see light at the end of the tunnel and it’s not the No. 7 train.

Mets partners were among a long list victimized by Bernie Madoff’s ponzie scheme. Cash flow has been a problem ever since — with stopgap loans being required and many favors cashed in, putting current ownership in peril of losing the team. As a result, the team’s payroll, about $140 million in 2010, is going to be about $93 million in 2014 — which would rank 24th out of 30 teams.

The New York Post published details Thursday night about the loan refinancing that includes phrases one should never read in a baseball story. They include: “This will be oversubscribed,” and “The rate will likely end up at Libor, plus 300 basis points.”

So Libor is one of the guys competing for the starting shortstop job, or?

The Post writes:

Until recently, it wasn’t certain investors weren’t going to insist the team owners pay down some of the loan to get the refinancing done.

Wilpon and Katz will not be asked for any cash paydown, sources said.

Plus, interest payments are expected to stay about the same, a source with direct knowledge of the situation said.

The rate will likely end up at Libor, plus 300 basis points, or a shade under 4 percent, a source said.

The seven-year re-fi will give Wilpon and Katz much- desired financial breathing room, sources said.

For the longtime friends and team owners, it is perhaps the best outcome they could have hoped for.

For Mets fans hoping for new ownership to breathe new life — along with some power and pitching — into the line-up, perhaps the news is less thrilling.

So cynical, one paragraph at a time! Without the refinancing, a big cash payment on the principal — perhaps an “insurmountable” one — was coming in the spring. This gets Wilpon and Katz off the hook for that. It buys them more time to own the team and make it competitive again. That’s good news, unless you wanted them to have to sell the team. Are there people out there who want the Wilpons to sell the team?

– – – – – – –

David Brown


Big League Stew

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