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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

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

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 Credit Loosened, New Home Purchase Applications Sank in November

There was more money available for borrowing in November, according to the Mortgage Bankers Association, but Americans did not take advantage of it to buy new homes, with the number of new home loan applications tanking during the same time. “Credit availability increased in November, largely due to the addition of jumbo loan programs that permit cash-out refinancing,” said Mike Fratantoni, MBA’s Chief Economist in a statement. “Home price appreciation and larger equity cushions have likely made some lenders more willing to allow certain borrowers to take cash out, while still low mortgage rates may make this a more attractive opportunity for some.” The MBA’s Mortgage Credit Availability Index rose 1.2 percent to 114.6 in November, a sign that lending standards were easing. The index was benchmarked in March 2012 at 100. At the same time, the number of home buyers applying for loans to buy brand-new homes plummeted down 22 percent from October, according to the MBA’s Builder Application Survey. “Following strong new home sales in October, our data shows November sales volume dropped significantly,” said Mike Fratantoni, MBA’s Chief Economist. “Average loan size increased to almost $307,000 in November from roughly $300,000 in October, indicating that builders are having greater success with higher priced homes and difficulty at the entry level, as first-time buyers continued to face tight credit conditions.” Sales of new single-family homes fell to a seasonally adjusted annual rate of 401,000 units in November, down 13 percent from October’s 461,000 home sales pace. Even though credit standards have loosened for borrowers in general, until mortgage credit becomes more widely available for first-time home buyers again, home sales will likely continue to drag and the housing recovery will lack full momentum. more