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Figure out your estimated monthly mortgage payment by estimating your loan amount, interest rate, and time period.


Applying for a Mortgage after a Bankruptcy

By understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home.


What Are Typical Mortgage Down Payments?

Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more

3 Warning Signs of Loan Modification Scams

Loan modification has become very popular in recent years with mortgage lenders. It has been used in a variety of different ways to change the existing terms of mortgages that they hold. While sometimes loan modification can be to your advantage, many times it is not. There are many loan modification scams out there that you should be aware of. Here are a few warning signs to watch out for with loan modification. more

Appraisal Basics

A real estate appraisal is an evaluation that determines the value of a property. There can be many different reasons for having an appraisal conducted, but one of the most common purposes is to determine the market value of a house before a mortgage transaction. more

Adjustable Rate Mortgages

These mortgage loans, often referred to as ARMs, have interest rates that periodically adjust based on a variety of indices. ARMs usually allow borrowers to lower their initial payments, in exchange for assuming the risk of interest rate changes.

Mortgage Loan Types

Select a loan type best suited to your needs.

Fixed Rate Mortgage - A loan with a constant interest rate that does not change throughout the duration of the loan.

Adjustable Rate Mortgage - A loan with a floating interest rate, determined by a set of indices.

FHA Loan - A loan guaranteed by the Federal Housing Authority.

VA Loan - A loan offered to American veterans by the U.S. Department of Veteran Affairs.

The Mortgage101 Blog


Low Inventory, Market Volatility Hold Back Existing-Home Sales

Sales of existing U.S. homes declined in October, stymied by a lack of affordable inventory as well as consumer concern about the economy, according to the National Association of Realtors. On the bright side, mortgage rates remained low and distressed sales made up the lowest share over seven years. Total existing-home sales fell 3.4 percent to a seasonally adjusted rate of 5.36 million in October, down 5.55 million in September. Compared with one year ago, sales are up however, with a 3.9 percent gain from 5.16 million in October 2014. The number of homes for sale dropped 2.3 percent from September to 2.14 million existing properties, and even fell 4.5 percent from the year before. At the current sales pace there is 4.8-month supply of homes. Realtors consider the market balanced between buyers and sellers when there is a 6-month supply. “New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets,” said NAR chief economist Lawrence Yun. “Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales.” Yun was hopeful for the future though. “As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago,” he said. During the month, long-term mortgage interest rates fell, keeping mortgage loans affordable for those who could qualify. The average rate on a 30-year fixed rate mortgage fell to 3.80 percent in October from 3.89 percent the month before. The median home price rose to $219,600, up 5.8 percent from the previous year, and the 44th straight month of year-over-year increases. One of the highlights of the sales report was the decline in the share of distressed properties – short sales and foreclosures – fell to its lowest level since the NAR started tracking in October 2008. Distressed sales fell to just 6 percent, down from 9 percent in October 2014, a sign of renewed market health as fewer and fewer homeowners are falling into foreclosure and lenders have worked through a majority of their distressed inventory. more

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