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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.

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.


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.


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

Short Selling a Rental Property

If you intend to sell a rental property, you will need to understand how the short selling works, what it means for your mortgage and how it affects your taxes. more

The Mortgage101 Blog


Millennials More Likely than Gen Xers to Be Saving, But Not For Down Payments

The country’s youngest adult generation, those aged 18 to 34, otherwise known as Millennials are more likely than both Generation Xers and Baby Boomers to be saving for short and long term financial goals, but saving a for a house is low on the priority list. The latest quarterly renters survey from mortgage giant Freddie Mac found that 92 percent of Millennials are saving for a major purchase (not necessarily a house though) and 94 percent are saving for a vacation. Those rates among Boomers (aged 51+) are 82 percent and 81 percent, respectively while Generation Xers (ages 34-51) are even less likely to be saving for those things with 77 percent and 75 percent respectively. At the same time, renters as a whole are feeling stretched financially with 66 percent of them carrying debt each month. When saving is occurring, emergencies or other unexpected expenses are the top priority for renters with 59 percent. Another 51 percent say retirement is high on the savings list, and 50 percent say they are saving for their children’s college education. Only 39 percent of all renters say they are saving for a mortgage down payment. And most of those are Generation Xers, the most likely group to buy houses in the next three years. Generation X renters are the most likely to be renting single-family homes and 58 percent of Xers plan to purchase their own home within three years. Only 42 percent of Millennials expect to do that and just 33 percent of Boomers are planning on buying a home soon. For renters life continues to get more expensive. “We know rents are rising faster than incomes and now we have data to show that many renters don’t have enough to pay all their debts each month, which is forcing them to make tradeoffs, such as cutting spending on other items,” said David Brickman, Freddie Mac executive vice president of Multifamily. In order to pay for rising rents 51 percent of renters are spending less on essentials, 52 percent say they are also delaying home buying, 35 percent are thinking of getting a roommate and 26 percent they plan to move to a more affordable rental. more