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.
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.
Many factors can affect your mortgage application and get you denied. Know what factors will hurt you and plan ahead so you can present the best financial picture to the lender. more
There are many reasons why banks reject short sales. The three most common reasons a property does not qualify for a short sale are: the offer price is too low, the buyer does not qualify, or the seller does not qualify for the short sale. more
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Sales of existing U.S. homes in March reached their highest annual pace since September 2013, buoyed by continued low mortgate interest rates and a firming employment scene, according to the National Association of Realtors. Total existing-home sales rose 6.1 percent to a seasonally adjusted annual rate of 5.19 million in March, up from 4.89 million the month before. Compared with a year ago, sales are up 10.4 percent with year-over-year sales having increased now for the past six straight months. “After a quiet start to the year, sales activity picked up greatly throughout the country in March,” said NAR chief economist Lawrence Yun. “The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.” Long-term mortgage interest rates did rise slightly in March, climbing to an average of 3.77 percent, excluding fees, on a 30-year fixed rate mortgage, up from 3.71 percent in February. Yet compared with historical averages, mortgage rates still rest close to all-time lows, making getting in mortgage loan extremely attractive to potential buyers. Prices and inventory increased in March as well. The national median existing-home price grew to $212,100, a 7.8 percent jump from the year before. Prices have now risen on a year-over-year basis for the last 37 consecutive months. The number of previously-owned homes for sale increased 5.3 percent by the end of March to 2.00 million homes, representing a 4.6-month supply of homes at the current sales pace. Distressed properties continue to dwindle in market presence. They made up just 10 percent of sales in March, down from 11 percent in February and 14 percent from March 2014. As these sales decline, home prices in general are able to make a solid recovery. more