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Mortgages

In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.

Rates

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.

Home Buying

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.

Loans

There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.

Moving

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.

MORE MORTGAGE ARTICLES

What Are Typical Mortgage Down Payments?

Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more

Appraisal Basics

A real estate appraisal is an evaluation that determines the value of a property. There can be many different reasons for having an appraisal conducted, but one of the most common purposes is to determine the market value of a house before a mortgage transaction. more

What Lenders Don't Reveal About Home Equity Loans

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

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Rising Prices Help Home Equity Loans Make A Comeback

Many U.S. homeowners finally have a good chunk of equity in their homes again. And they are ready to put it to use. During the first quarter, the number of new home-equity lines of credit (HELOC) rose to 230,200, a nine percent increase from the year before, according to credit reporting company Equifax. With the average HELOC growing to $100,207, those loans meant that homeowners had the potential to use up to $23.4 billion, a level not seen in over six years, since 2008. HELOCs allow homeowners to have an open, accessible line of credit that they can make withdrawals from as needed and only have to pay the interest owed for an initial period. Home equity loans, on the other hand are like standard loans where the borrower starts out with a lump sum and payments plus interest begin immediately. These loans are popular with homeowners who want to do some home improvement, pay off other debts, or need to pay for a financial emergency. HELOCs were very popular during the housing boom when everyone had plenty of equity to tap, but after the mortgage meltdown new loans all but disappeared. Yet now after home prices jumped dramatically last year and continue to rise, lenders are willing to increase their home equity volume again. Historically low mortgage interest rates are aiding the pick-up in HELOCs, as the average rate fell to 5.01 percent in June, a decrease from 5.16 percent the previous year, according to mortgage data website HSH.com. As home equity lending has grown, so have the default rates on older HELOCs. Equifax reported that the delinquency rate on loans originated in 2004, whose interest-only periods ended this year have grown to 5.3 percent as of June, up from 4.0 percent last December. Unfortunately, home equity lines and HELOCs can be dangerous since they use the actual home as collateral. That is the risk borrowers must face to enjoy the use of their equity. more