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.
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.
FHA (Federal Housing Administration) loans are very flexible, and you may qualify for an FHA loan with bad credit. more
Mortgages default every day in the world and they are just a normal part of the business for mortgage lenders. There are a certain number of mortgages that will default every year and it is planned for accordingly. While it is common business practice for lenders, it can be devastating for you individually. If you default on a mortgage, it can ruin your credit and your financial outlook for the future. Mortgage default is a major setback for you, but it is not the end of the road. If you are faced with a default on your home, you can take measures to get back in good standing with the lender. more
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- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Common Short Sale Mistakes
- 3 Reasons Banks Reject Short Sales
- What Lenders Don't Reveal About Home Equity Loans
- FHA Loans for a First-Time Home Buyer
- Second Mortgages: Advantages and Disadvantages
- Short Selling a Rental Property
- Should You Refinance? Make Sure the Timing is Right
- Alternatives to Getting a 2nd Mortgage
- 3 Warning Signs of Loan Modification Scams
- Appraisal Basics
- Low Down Payment Loan Qualification
- 3 Factors that Can Negatively Affect Your Mortgage Application
The Mortgage101 Blog
Sales of existing U.S. homes dropped in January, according to the National Association of Realtors, a product of both seasonal and unique market factors. Total sales fell 4.9 percent to a seasonally adjusted annual rate of 4.82 million in January, down from December’s 5.07 million. Even though sales decreased to their lowest rate in nine month, they were still 3.2 percent higher than the previous year. “January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales despite interest rates remaining near historic lows,” said NAR chief economist Lawrence Yun. “Realtors are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.” The median existing-home price rose to a national average of $199,600, a 6.2 percent increase from January 2014 and the 35th straight month over year-over-year price gains. Meanwhile, total inventory of existing-homes edged up 0.5 percent from December to 1.87 million available properties, but it remains 0.5 percent below the year-ago level. At the current sales pace, there is a 4.-7-month supply of homes on the market. And mortgage interest rates fell during January, with Freddie Mac reporting that the monthly average on a 30-year fixed rate mortgage slipped to 3.67 percent, a 20-month low, down from 3.86 percent in December. “Although sales cooled in January, home prices continued solid year-over-year growth,” Yun commented. “The labor market and economy are markedly improved compared to a year ago, which supports stronger buyer demand. The big test for housing will be the impact on affordability once rates rise.” more