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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

What To Do When Mortgages Default

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

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

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Mortgage Rates Drop to 7-Week Low

After a two-month rest above 4 percent, long-term mortgage rates have dipped back into more familiar territory this week, according to mortgage backer Freddie Mac, being pulled down by overseas stock troubles. The average rate on a 30-year fixed rate conventional mortgage declined to 3.98 percent, excluding fees during the week ended July 30, 2015, down from 4.04 percent the week before. The 30-year rate is also down from one year earlier when it averaged 4.12 percent. “Monday’s 8 percent decline in Chinese stock prices triggered similar — though smaller — sell-offs in global equity markets,” said Freddie Mac chief economist Sean Becketti. “The associated flight to quality drove U.S. Treasury yields down nearly 5 basis points. … With no clear direction coming from the Fed this afternoon, we expect more of the same in coming weeks.” Foreign economic distress was not the only contributing factor this week, Becketti said. “Recent housing data exhibited the same good news/bad news pattern as overseas developments. Coming into this week, existing home sales for June and the latest FHFA house pricemeasures both suggested a stronger tone in the housing market,” he commented. “However this week brought nothing but bad — or at least weaker-than-expected — news. New homes sales and pending home salesboth weakened and the Case-Shiller house price indices , while positive, fell below the lower end of expectations. Finally, the inadvertent release of Fed staff projections increased uncertainty over the timing of future Fed rate moves.” The 15-year fixed rate mortgage also carried a lower rate this week, falling to 3.17 percent, down from 3.21 percent the previous week and from 3.23 percent during the same week of 2014. Rates on one-year adjustable rate mortgage also slipped, decreasing to an average of 2.52 percent from 2.54 percent the week before. The rate is still higher than last year’s 2.38 percent. more

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