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.
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
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
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- Home Equity Loans for People with Bad Credit
- How to Get Approved for an FHA Loan despite Bad Credit
- Low Down Payment Loan Qualification
- Short Selling a Rental Property
- 3 Warning Signs of Loan Modification Scams
- What Lenders Don't Reveal About Home Equity Loans
- FHA Loans for a First-Time Home Buyer
- Appraisal Basics
- Alternatives to Getting a 2nd Mortgage
The Mortgage101 Blog
Long-term mortgage interest rates made little movement in the latest week, according to data from mortgage giant Freddie Mac, even though foreign markets continued to scare investors, a condition that typically pushes rate down. The average rate on a 30-year fixed-rate mortgage slipped to 3.85 percent, excluding fees, during the week ended October 1, 2015, down from 3.86 percent the previous week. Compared with the year earlier, rates were down from 4.19 percent. Fifteen-year fixed-rate mortgages carried an average rate of 3.07 percent, down from 3.08 percent the week before and were down from 3.36 percent during the same week of 2014. “In contrast to the volatility in equity markets, the 10-year Treasury rate — a key driver of mortgage rates — varied just a little more than 10 basis points over the last week,” said Freddie Mac chief economist Sean Becketti. “As a result, the 30-year mortgage rate remained virtually unchanged, dropping 1 basis point to 3.85 percent. This marks the tenth consecutive week of a sub-4-percent mortgage rate. Despite persistently low mortgage rates, the pending home sales index dropped 1.4 percent in August, suggesting possible tempering in existing home sales in September.” A recent report from the National Association of Realtors showed existing homes sales fell 4.8 percent in August, the month that usually marks the end of the real estate busy season. If sales already started cooling that much in August and low rates are not a motivating factor anymore, there is certainly reason to believe sales will slow even more in September. Adjustable rate mortgages (ARMs) were completely unchanged in the latest week. Rates on 5-year Treasury-indexed hybrid ARMs held steady at 2.91 percent and one-year ARMs carried an average rate of 2.53 percent, unmoved from the previous week. more