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.
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
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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Sales of existing U.S. homes rose for the second month in a row, according to the National Association of Realtors, aided by super low interest rates and a stronger economy. Total existing-home sales increased 1.5 percent to a seasonally adjusted annual rate of 5.26 million last month, up from 5.18 million in September and up 2.5 percent from one year ago. Sales have reached their highest pace since September 2013. At the same time, the number of existing-homes on the market fell 2.6 percent from last month to 2.22 million units. At the current sales pace, that represents a 5.1-month supply, the lowest since March. Still compared with October 2013, inventory is up 5.2 percent. The median price rose 5.5 percent from the previous year, increasing to $208,300. That marks 32 straight months of year-over-year price gains. “Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth,” said NAR chief economist Lawrence Yun. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.” Mortgage interest rates fell to their lowest levels in more than a year, according to Freddie Mac. The average rate on a 30-year fixed-rate conventional mortgage dropped to 4.03 percent in October, down from 4.16 percent in September and the lowest average since June 2013. More good news for the housing market: the percentage of distressed home sales fell into single-digit territory in October. Foreclosures and short sales made up just 9 percent of all sales, down from 10 percent in September and down from 14 percent a year earlier. more