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.
In order to qualify for a low down payment loan, you typically must have a good credit history, sufficient income for the monthly mortgage payments, and enough money for closing costs, among other things. more
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
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Having hovered at yearly lows for over a month, long-term mortgage interest rates took a new dive in the latest week as fears about foreign economic woes spooked investors and weaker-than-expected domestic reports pointed to slower growth. The average rate on a 30-year fixed rate mortgage (FRM) sank to 3.80 percent, excluding fees, during the week ended December 18, according to data from Freddie Mac, down from 3.93 percent the week before. One a year ago the average rate was 4.47 percent and the 30-year rate has not been this low in 17-months, since the week of May 23, 2013 when it averaged 3.59 percent. “The 30-year fixed mortgage rate dropped to its lowest point of 2014 this week. Mortgage rates fell along with 10-year Treasury yields, which closed at their lowest level since May 2013,” commented Freddie Mac vice president and chief economist Frank Nothaft. He noted that housing and inflation reports were less robust than expected. “November housing starts came in at a seasonally adjusted annual rate of 1.028 million starts, down 1.6 percent from an upwardly-revised October value. Housing starts for the calendar year will likely come in around 1.0 million, above the 2013 pace but lower than forecasters had expected at the start of 2014. Consumer prices declined more than expected in November, with CPI contracting 0.3 percent.” The Mortgage Bankers Association pointed out that the turmoil in the Russian economy and elsewhere also played a part in pushing investors to the safety of Treasury bonds. “Amid plummeting oil prices and heightened concerns regarding global economic growth, interest rates dropped sharply through the course of the week, with longer-term Treasury yields falling more than 10 basis points,” Mike Fratantoni, MBA’s chief economist, said in a statement. Other interest rates also fell last week. The 15-year FRM rate declined to an average of 3.09 percent, down from 3.20 percent and the one-year adjustable rate mortgage carried an average rate of 2.38 percent, down slightly from 2.40 percent the week before. more