Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
Explore the Mortgage101 Library
Check Local Mortgage Rates
- Issues After Filing Bankruptcy
- About The Bankruptcy Process
- Bankruptcy and Bills
- Who Can Help Me With Bankruptcy?
- Alternatives to Filing Bankruptcy
- Bankruptcy and Bill Collectors
- Your House and Car
- Chapter 7 Bankruptcy
- Do I Have To Go To Court?
- How to Avoid Foreclosure
- Questions and Answers
- How to Avoid Foreclosure
- Your Property and Assets
Learn More About...
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.
Loan modification has become very popular in recent years with mortgage lenders. It has been used in a variety of different ways to change the existing terms of mortgages that they hold. While sometimes loan modification can be to your advantage, many times it is not. There are many loan modification scams out there that you should be aware of. Here are a few warning signs to watch out for with loan modification. more
It is important to understand the truth about home equity loans so that you don't run into future problems. Lenders may not tell you the entire story when you seek to borrow on the equity of your home. Before you consider taking this step, consider the following information about home equity loans. more
- Second Mortgages: Advantages and Disadvantages
- Low Down Payment Loan Qualification
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Short Selling a Rental Property
- Should You Refinance? Make Sure the Timing is Right
- FHA Loans for a First-Time Home Buyer
- What To Do When Mortgages Default
- 3 Reasons Banks Reject Short Sales
- Appraisal Basics
- Home Equity Loans for People with Bad Credit
- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Common Short Sale Mistakes
- Alternatives to Getting a 2nd Mortgage
- How to Get Approved for an FHA Loan despite Bad Credit
The Mortgage101 Blog
Breaking a four-month streak of increases, existing U.S. home sales reversed course in August, according to the National Association of Realtors, even as mortgage interest rates and total inventory fell. Sales of existing homes, including single family homes, townhomes, condos and co-ops, fell 1.8 percent in August to a seasonally adjusted annual pace of 5.05 million, down from July’s 5.14 million rate. Compared with August 2013, sales are down 5.3 percent from the 5.33 million level. “There was a marked decline in all-cash sales from investors,” said NAR chief economist Lawrence Yun in a statement. “On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.” Housing inventory dropped 1.7 percent to 2.31 million existing homes for sale, a 5.5-month supply at the current sales rate. And although inventory declined in August, the number of homes for sale was still up 4.5 percent from last year where there were only2.21 million available properties. Home prices fell for the second month in a row, declining to a median price of $219,800, down from July’s $221,600, but the median is 4.8 percent above the year before. August is the 30th straight month of year-over-year price increases. All-cash sales (typically made by investors) fell to 23 percent of all sales in August, down from 29 percent in July and falling to the lowest percentage since December 2009. Meanwhile, Freddie Mac reported that the average interest rate on a 30-year fixed rate mortgage decreased to 4.12 percent from 4.13 percent in July. Rates have jumped slightly since August, but probably not enough to have a significant effect on September home sales. more