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 second mortgage is a loan taken out against the value of your property, in addition to your primary mortgage. These loans can offer great benefits, but they certainly come attached with some large risks as well. 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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Breaking a four-month streak of increases, existing U.S. home sales reversed course in August, according to the National Association of Realtors, even as mortgage interest rates and total inventory fell. Sales of existing homes, including single family homes, townhomes, condos and co-ops, fell 1.8 percent in August to a seasonally adjusted annual pace of 5.05 million, down from July’s 5.14 million rate. Compared with August 2013, sales are down 5.3 percent from the 5.33 million level. “There was a marked decline in all-cash sales from investors,” said NAR chief economist Lawrence Yun in a statement. “On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.” Housing inventory dropped 1.7 percent to 2.31 million existing homes for sale, a 5.5-month supply at the current sales rate. And although inventory declined in August, the number of homes for sale was still up 4.5 percent from last year where there were only2.21 million available properties. Home prices fell for the second month in a row, declining to a median price of $219,800, down from July’s $221,600, but the median is 4.8 percent above the year before. August is the 30th straight month of year-over-year price increases. All-cash sales (typically made by investors) fell to 23 percent of all sales in August, down from 29 percent in July and falling to the lowest percentage since December 2009. Meanwhile, Freddie Mac reported that the average interest rate on a 30-year fixed rate mortgage decreased to 4.12 percent from 4.13 percent in July. Rates have jumped slightly since August, but probably not enough to have a significant effect on September home sales. more