Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
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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
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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 real estate short sale can be a win-win situation for everyone involved, but there are common short sale mistakes to avoid if you want to close the deal. more
- Second Mortgages: Advantages and Disadvantages
- Low Down Payment Loan Qualification
- Should You Refinance? Make Sure the Timing is Right
- Alternatives to Getting a 2nd Mortgage
- Home Equity Loans for People with Bad Credit
- What Lenders Don't Reveal About Home Equity Loans
- Short Selling a Rental Property
- Appraisal Basics
- 3 Reasons Banks Reject Short Sales
- 3 Warning Signs of Loan Modification Scams
- 3 Factors that Can Negatively Affect Your Mortgage Application
- FHA Eligibility with Bankruptcy and Foreclosure
- FHA Loans for a First-Time Home Buyer
- How to Get Approved for an FHA Loan despite Bad Credit
The Mortgage101 Blog
After rising the week before, long-term mortgage rates fell in the latest week on mixed economic data, a move that helped push applications for purchase mortgages higher. The average interest rate on a 30-year fixed rate mortgage sank to 4.34 percent, excluding fees, according to mortgage backer Freddie Mac, a three-week low, down from 4.41 percent the previous week. While still very historically low, rates have moved up considerably from a year ago when they averaged 3.43 percent. The drop in rates came in reaction to a mix of positive and negative market data, according to Freddie Mac. “Mortgage rates eased a bit following the decline in 10-year Treasury yields,” commented Freddie Mac vice president and chief economist Frank Nothaft in a statement. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.” Lower interest rates paved the way for more home purchases, as this week the Mortgage Bankers Association reported a three percent increase in its Purchase Index, a measure of total home purchase mortgage request volume. Part of that increase may simply be attributed to the beginning of the spring buying season, but lower rates certainly make purchases more enticing. At the same time however, the MBA’s Refinance Index declined five percent and has fallen to a low not seen since July 2009. Refinance requests made up 51 percent of all mortgage applications this week, down from 53 percent the week before and is down 14 percent from April 2013. Refinance loans have made up the bulk of mortgage applications since the Great Recession, but as the housing market recovers and rates are trending slowly upward, home purchase requests should start to balance out refinancing. more