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
Loan modification has become very popular in recent years with mortgage lenders. It has been used in a variety of different ways to change the existing terms of mortgages that they hold. While sometimes loan modification can be to your advantage, many times it is not. There are many loan modification scams out there that you should be aware of. Here are a few warning signs to watch out for with loan modification. more
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Existing U.S. home sales made a small gain in February, according to the National Association of Realtors, but were held back by limited inventory even as mortgage interest rates rose slightly. Total sales of existing homes rose 1.2 percent to a seasonally adjusted annual rate of 4.88 million in February, up from 4.82 million in January. Compared with the previous year, sales are up 4.7 percent. At the same time, the median existing home price rose 7.5 percent from February 2014 to $202,600. Prices have now risen on a year-over-year basis for 36 straight months. “Insufficient supply appears to be hampering prospective buyers in several areas of the country and is hiking prices to near unsuitable levels,” said NAR chief economist Lawrence Yun. “Stronger price growth is a boon for homeowners looking to build additional equity, but it continues to be an obstacle for current buyers looking to close before rates rise.” Inventory grew just 1.6 percent in February to 1.89 million existing homes for sale, a 0.5 percent decline from one year ago. At the current sales pace, there is a 4.6-month supply of homes, below what the 6-month mark the NAR considers a balanced market between buyers and sellers. Mortgage interest rates could play into the coming months of home sales. The average rate on a 30-year fixed rate mortgage rose to 3.71 percent in February, up from 3.67 percent in January. Yun cautioned, “with all indications pointing to a rate increase from the Federal Reserve this year – perhaps as early as this summer – affordability concerns could heighten as home prices and rents both continue to exceed wages.” more