Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
Explore the Mortgage101 Library
Check Local Mortgage Rates
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
Learn More About...
In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.
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.
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.
There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.
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.
A second mortgage is a loan taken out against the value of your property, in addition to your primary mortgage. These loans can offer great benefits, but they certainly come attached with some large risks as well. more
There are many reasons why banks reject short sales. The three most common reasons a property does not qualify for a short sale are: the offer price is too low, the buyer does not qualify, or the seller does not qualify for the short sale. more
- Short Selling a Rental Property
- Appraisal Basics
- Low Down Payment Loan Qualification
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Alternatives to Getting a 2nd Mortgage
- FHA Eligibility with Bankruptcy and Foreclosure
- Should You Refinance? Make Sure the Timing is Right
- FHA Loans for a First-Time Home Buyer
- Home Equity Loans for People with Bad Credit
- How to Get Approved for an FHA Loan despite Bad Credit
- 3 Common Short Sale Mistakes
- What To Do When Mortgages Default
- What Lenders Don't Reveal About Home Equity Loans
- 3 Warning Signs of Loan Modification Scams
The Mortgage101 Blog
After remaining almost stationary for the past two months, long-term mortgage interest rates jumped the most of any one week this year, according to mortgage giant Freddie Mac, a product of market speculation about the Federal Reserve’s actions. “Fixed-rate mortgage rates rose this week following the increase in 10-year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance,” commented Freddie mac vice president and chief economist Frank Nothaft in a statement . The average rate on a 30-year fixed rate mortgage leaped to 4.23 percent, excluding points, during the week ended September 18, up from 4.12 percent the week before. Even with this week’s jump, rates are still considerably lower than one year ago when the average was 4.50 percent. Before this week, the average rate has stayed in a very tight range between 4.10 percent and 4.14 percent since the middle of July. Even though it plans to hold its target interest rate near zero for a “considerable time,” the Federal Reserve announced Wednesday that it will keep its October deadline for ending its stimulus program. It has been tapering the program by $10 billion every six weeks for most of the year so far. That message from the Fed as well as several positive signs from the greater economy encouraged investors to leave the security of bonds, pushing rates higher finally. Rates on 15-year fixed rate loans also skyrocketed in the latest week, with the average climbing to 3.37 percent, up from 3.26 percent. Compared with the previous year, rates are down from 3.54 percent. The one-year adjustable rate mortgage carried an average rate of 2.43 percent, falling from 2.45 percent the week before and down from last year’s 2.65 percent. more