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.
There are several alternatives to getting a 2nd mortgage for homeowners who need cash. Whether a borrower wants to put their assets on the line as collateral and has good credit, there are options. A home equity line of credit is one main alternative to a 2nd mortgage. This line of credit would equal the value of the property minus the amount due on the original mortgage. 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
- What Lenders Don't Reveal About Home Equity Loans
- Short Selling a Rental Property
- Should You Refinance? Make Sure the Timing is Right
- 3 Reasons Banks Reject Short Sales
- FHA Eligibility with Bankruptcy and Foreclosure
- Low Down Payment Loan Qualification
- FHA Loans for a First-Time Home Buyer
- How to Get Approved for an FHA Loan despite Bad Credit
- Home Equity Loans for People with Bad Credit
- 3 Warning Signs of Loan Modification Scams
- 3 Factors that Can Negatively Affect Your Mortgage Application
- 3 Common Short Sale Mistakes
- Second Mortgages: Advantages and Disadvantages
- Appraisal Basics
The Mortgage101 Blog
Improving economic and housing market conditions led to the third consecutive month of increases in the availability of mortgage credit in June, according to the Mortgage Bankers Association. The MBA’s Mortgage Credit Availability Index (MCAI) rose 0.5 percent in July to 116.4, up from 115.8 in June. Increases in the MCAI point to a loosening of credit standards, while a decrease indicates the drying up of credit. The baseline of 100 was set in March 2012. During the height of the housing bubble the Index reached levels of 800. “The main driver in the MCAI’s increase was a rise in the number of jumbo Adjustable Rate Mortgage (ARM) programs,” according to a statement from the MBA. Lenders increased their availability of several types of ARM programs for jumbo loan clients, those taking out loans over the conventional standard of $417,000. Yet lenders were loosening their requirements not only for the wealthiest and those in the priciest areas, but also for those in the lowest borrowing brackets: Federal Housing Administration or FHA loans and Department of Veterans Affairs or VA loans. These government backed mortgages do not typically require large down payments or stellar credit. And after years of a mortgage credit drought, three months of increases are welcome news for lower-to middle-price borrowers. With the unemployment scene making slow but steady progress and job creation growing, potential mortgage borrowers in general are having a better time managing their finances, making them more attractive to lenders. And of course, the fact the refinance market has been hit hard since interest rates spiked last year has lenders competing with each other to curry the favor of homebuyers. If rates rise throughout 2014 and into next year as they are predicted to, that competition will only increase, hopefully bring credit availability back to where the majority of qualified buyers can obtain the funding the seek. more