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Applying for a Mortgage after a Bankruptcy

Qualifying for a home mortgage with a bankruptcy on your credit history requires time and money. Yet 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. 
Your Credit Score
The three main U.S. credit bureaus--Equifax, Experian and TransUnion--maintain your credit history. Using that history, plus its own proprietary equation, the Fair Isaac Corp. calculates your FICO credit score somewhere between 850 and 300 points. Anything above 700 points is good to excellent, with... more

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Mortgages

In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.

Rates

Mortgage interest rates are determined by credit history strength, the number of points you pay, the size of your down payment and the type of loan program you choose.

Home Buying

Obtaining funding is crucial to buying a home. This requires applying for a mortgage, choosing a house that meets the appraisal standards, and determining the amount of the down payment.

Loans

There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.

Moving

When making a big move, it's essential to find out as much as possible about the schools, the neighborhoods, the housing costs and the community resources.

MORE MORTGAGE ARTICLES

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

Alternatives to Getting a 2nd Mortgage

There are several alternatives to getting a 2nd mortgage for homeowners who need cash. Whether a borrower wants to put their assets on the line as collateral and has good credit, there are options. A home equity line of credit is one main alternative to a 2nd mortgage. This line of credit would equal the value of the property minus the amount due on the original mortgage. more

3 Common Short Sale Mistakes

A real estate short sale can be a win-win situation for everyone involved, but there are common short sale mistakes to avoid if you want to close the deal. more

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

European Financial Worries Push Mortgage Rates to 16-Month Low

Long-term mortgage interest rates plummeted to their lowest point in 16 months, falling below 4.0 percent for the first time this year, according to data from mortgage giant Freddie Mac. The average rate on a 30-year conventional fixed rate mortgage sank to 3.97 percent, excluding fees, during the week ended October 16, 2014. That’s down from 4.12 percent the week before and down from 4.28 percent the year before. That is the lowest the 30-year rate has been since the week of June 20, 2013. “Mortgage rates were down sharply following the decline in the 10-year Treasury yield for the second straight week,” said Freddie Mac vice president and chief economist Frank Nothaft in a statement. “Rates are at their lowest levels since June 2013 amidst continued investor skepticism regarding the precarious economic situation in Europe.” Investors were specifically troubled by reports this week from Germany and China showing weaker-than-expected financial progress. That information, combined with fears about the spread of the Ebola virus and the turmoil in the Middle East caused investor to pull out of the stock market and flee to the safety of Treasury bonds. Other interest rates fell as well this week. The 15-year fixed rate mortgage carried an average rate of 3.18 percent, down from 3.30 percent the week before and 3.33 percent the previous year. The one-year adjustable rate mortgage average fell to 2.38 percent from 2.42 percent last week and down from 2.63 percent one year ago. The downward tumble in mortgage rates is great news for homebuyers and those looking to refinance. While troubles and financial woes abound internationally, fundamentals at home have not changed much, making it a great time to get into the housing market at near-rock bottom rates again. more