| 550 Maguire Refinance Funds
LOS ANGELES-Maguire Properties has completed a $550 million refinancing of its Wells Fargo Tower in Downtown Los Angeles that will provide $225 million in funding toward Maguire's $3 billion purchase of a portfolio of Southern California office buildings from Equity Office Properties. The new loan on the 1.4-million-sf Wells Fargo Tower is a 10-year fixed rate, interest-only financing at a rate of 5.68%. Maguire will realize net proceeds of the refinancing after repayment of an existing $250 million mortgage loan and payment of defeasance costs on the Wells Fargo Tower. Closing costs and loan reserves total approximately $290 million in the deal. .
Mortgage Tips: Pros And Cons Of Refinance Loans For People With ...
If you're stuck under some high credit card bills and your credit rating is slipping, one of the best ways to immediately improve your credit is a home equity loan. When the loan closes, home owners have cash-on-hand to pay off bills. The result: their credit rating starts to improve immediately. Banking executive Dan Ambrose refers to those as the “band-aid loan", also known as the 2/28 in mortgage lingo. “Most sub-time loans are short term loans, not A paper market, which means a fixed rate for two years then the loan adjusts." He's talking about 30 year refinancing mortgages for people with less than stellar credit. Lenders offer a home-equity loan at a set interest rate for two years, and then the loan converts to a variable rate loan, where the interest rate fluctuates with the prime rate at the time.
30-Year Fixed Rate Mortgage Rises as Fed Discusses Inflation
Bankrate Inc.'s national weekly mortgage survey of large lenders has concluded that The Federal Reserve Board's concerns over a possible recession have prompted the 30-year fixed mortgage rate to jump from 6.19 percent to 6.22 percent this week. Meanwhile, the 15-year fixed rate mortgage dropped from 5.93 percent to 5.92 percent, and the 5/1 adjustable-rate mortgage fell from 6.08 percent to 6.05 percent.According to Bankrate, fixed-rate mortgages, which are popular refinancing models for borrowers, remain lower than last summer when the Fed raised interest rates.In its latest report, Bankrate offered a market comparison, which shows a $165,000 home loan with a 30-year fixed-rate mortgage would cost a borrower $1,090.00 per month under last summer's rates. Under the current interest rate of 6.22 percent, the buyer's monthly mortgage payments would drop to $1,012.72 per month.Bankrate's news of the increasing 30-year fixed-rate mortgage comes on the heels of Federal Reserve Chairman Ben Bernanke's testimony in front of the Congressional Joint Economic Committee.
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