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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

Low Down Payment Loan Qualification

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

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

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Mortgage Rates Under 4 Percent for Second Straight Week

Long-term mortgage interest rates remained extremely affordable this week, according to mortgage giant Freddie Mac, slipping slightly from the previous week and staying under the 4 percent mark for two weeks in a row. The average interest rate on a 30-year fixed rate mortgage fell to 3.97 percent, excluding points, during the week ended November 26, 2014, down from 3.99 percent the week before and down from 4.29 percent a year ago. “Mortgage rates were little changed on the week with the 30-year fixed-rate mortgage declining to 3.97 percent,” commented Freddie Mac vice president and chief economist Frank Nothaft. “This comes during a week of uplifting economic news heading into the holiday; GDP growth was revised up in the third quarter from 3.5 percent to 3.9 percent, while existing homes sold at a 5.26 million unit pace in October, topping expectations of 5.15 million units.” Other rates showed no movement in the latest week. The 15-year fixed rate mortgage was unchanged at 3.17 percent from the previous week, although it was down from 3.30 percent the year before. The one-year adjustable rate mortgage was also unchanged in the past week at 2.44 percent. Compared with last year at this time, the rate was down from 2.60 percent. Historically low rates were not enough to increase mortgage applications during the same week, however. The Mortgage Bankers Association reported that its market composite index, a measure of total loan applications, dropped 4.3 percent in the latest week, with refinance requests falling by 4 percent and home purchase applications sinking 5 percent. Refinance requests made up 63 percent of all mortgage activity during the week. Going into a holiday weekend may have held some buyers and refinancers back, with Thanksgiving through Christmas being a traditionally slow period for mortgage applications. more