Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
Explore the Mortgage101 Library
Check Local Mortgage Rates
- Understanding Mortgage Trends
- Home Mortgage Rate Factors
- Home Mortgage Rate Factors
- Mortgage Market Information
- Annual Percentage Rate (APR)
- Pay Points For Lower Rate
- Bankruptcy and Interest Rates
- Positive and Negative Mortgage Points Explained
- 2 Ways to Find Low Rate Mortgage Loans
- Bad Credit Home Equity Loan Rate Fundamentals
- Foreclosure vs. Bankruptcy: Which is Worse?
- Find Better Bad Credit Home Equity Loan Rates
- Negative Amortization Explained
- Tax Break Criteria for Mortgage Points
- Guidelines to Negotiating ARM Mortgage Loan Rates
- Find the Best Home Improvement Loan Rates Online
- What Is a Floating Interest Rate?
- 3 Reasons for Floating Your Interest Rate
- How the Interest Rate on an ARM Is Determined
- How a Credit Card Can Help Rebuild Your Credit
- How Long Does an Inquiry Stay on Your Credit Report?
Learn More About...
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.
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
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
- Alternatives to Getting a 2nd Mortgage
- Second Mortgages: Advantages and Disadvantages
- 3 Reasons Banks Reject Short Sales
- Home Equity Loans for People with Bad Credit
- 3 Factors that Can Negatively Affect Your Mortgage Application
- 3 Common Short Sale Mistakes
- Appraisal Basics
- Short Selling a Rental Property
- FHA Loans for a First-Time Home Buyer
- FHA Eligibility with Bankruptcy and Foreclosure
- Should You Refinance? Make Sure the Timing is Right
- How to Get Approved for an FHA Loan despite Bad Credit
- What Lenders Don't Reveal About Home Equity Loans
- 3 Warning Signs of Loan Modification Scams
The Mortgage101 Blog
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