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.
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
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The Mortgage101 Blog
Long-term U.S. mortgage rates shot up in the latest week as better-than-expected economic data helped pushed bond yields lower, according to Freddie Mac. The average rate on a 30-year year conventional fixed rate mortgage (FRM) jumped to 4.46 percent, excluding points during the week ended Dec. 5, up from 4.29 percent. Rates have not been that high since the week ended Sept. 19 when they reached 4.50 percent. One year ago it was 3.34 percent. The average on a 15-year FRM climbed to 3.47 percent from 3.30 percent, a high also not seen since that week of September. The year before, the rate was just 2.67 percent. The one-year adjustable-rate mortgage was almost unchanged at 2.59 percent from 2.60 percent the week before. Freddie Mac cited a uptick in jobs as the main reason for the rate increase. “Fixed mortgage rates increased this week following stronger than expected economic data releases,” said Frank Nothaft, Freddie Mac vice president and chief economist in a statement. “Private companies added 215,000 new jobs in November according to the ADP employment report, well above the consensus. In addition, revisions added 54,000 jobs in the prior month. Lastly, new home sales rose 25 percent in the month of October to a seasonally adjusted 444,000 annual pace, though this followed a weaker than expected September report and downward revisions over the summer months.” And as unemployment inches down and other economic indicators come in positive, the likelihood of the Fed tapering its bond-buying program increases and investors will pull out of bonds and into more profitable ventures. That will push bond yields down and mortgage rates higher. So barring any major trauma to the economy, interest rates will probably continue to rise through the end of the year and into 2014. more