Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
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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.
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
It is possible, although difficult, to obtain home equity loans for people with bad credit. The tightening of credit requirements in the wake of the banking and credit crisis have made banks less willing to extend credit terms to borrowers with bad credit. A homeowner who has a bad credit rating will need to do a lot of work to convince a lender that he/she is creditworthy and responsible enough to obtain that loan. more
- Second Mortgages: Advantages and Disadvantages
- Short Selling a Rental Property
- What To Do When Mortgages Default
- How to Get Approved for an FHA Loan despite Bad Credit
- Should You Refinance? Make Sure the Timing is Right
- 3 Reasons Banks Reject Short Sales
- 3 Warning Signs of Loan Modification Scams
- Low Down Payment Loan Qualification
- What Lenders Don't Reveal About Home Equity Loans
- FHA Loans for a First-Time Home Buyer
- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Common Short Sale Mistakes
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Alternatives to Getting a 2nd Mortgage
The Mortgage101 Blog
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