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.
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
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
- How to Get Approved for an FHA Loan despite Bad Credit
- Short Selling a Rental Property
- 3 Common Short Sale Mistakes
- Appraisal Basics
- Second Mortgages: Advantages and Disadvantages
- What Lenders Don't Reveal About Home Equity Loans
- FHA Loans for a First-Time Home Buyer
- 3 Reasons Banks Reject Short Sales
- 3 Warning Signs of Loan Modification Scams
- Should You Refinance? Make Sure the Timing is Right
- Low Down Payment Loan Qualification
- 3 Factors that Can Negatively Affect Your Mortgage Application
- What To Do When Mortgages Default
- FHA Eligibility with Bankruptcy and Foreclosure
The Mortgage101 Blog
There was more money available for borrowing in November, according to the Mortgage Bankers Association, but Americans did not take advantage of it to buy new homes, with the number of new home loan applications tanking during the same time. “Credit availability increased in November, largely due to the addition of jumbo loan programs that permit cash-out refinancing,” said Mike Fratantoni, MBA’s Chief Economist in a statement. “Home price appreciation and larger equity cushions have likely made some lenders more willing to allow certain borrowers to take cash out, while still low mortgage rates may make this a more attractive opportunity for some.” The MBA’s Mortgage Credit Availability Index rose 1.2 percent to 114.6 in November, a sign that lending standards were easing. The index was benchmarked in March 2012 at 100. At the same time, the number of home buyers applying for loans to buy brand-new homes plummeted down 22 percent from October, according to the MBA’s Builder Application Survey. “Following strong new home sales in October, our data shows November sales volume dropped significantly,” said Mike Fratantoni, MBA’s Chief Economist. “Average loan size increased to almost $307,000 in November from roughly $300,000 in October, indicating that builders are having greater success with higher priced homes and difficulty at the entry level, as first-time buyers continued to face tight credit conditions.” Sales of new single-family homes fell to a seasonally adjusted annual rate of 401,000 units in November, down 13 percent from October’s 461,000 home sales pace. Even though credit standards have loosened for borrowers in general, until mortgage credit becomes more widely available for first-time home buyers again, home sales will likely continue to drag and the housing recovery will lack full momentum. more