 About Mortgages
You don't have $150,000 in cash laying around?
Then chances are your purchase of a home will depend on your ability to borrow 95% or more of the money you'll need.
Borrowing the norm
Before the 1929 stock market crash, cash purchases of homes were the norm. Or if money was borrowed, it was on a term that typically didn't last much more than five years. That made payments relatively steep, which is part of the reason so many homes were lost in the Great Depression. After World War II the U.S. government created a mortgage program that allowed veterans to make affordable payments over a 30-year period. Lots of choicesToday, the 30-year fixed-rate mortgage, while still the most common way to buy a home, is just one of many financing options available. Indeed, many mortgages today are almost custom-tailored to individual needs. Learn about the basic types of mortgages here.Mortgage lending is a highly competitive field. Information on mortgage rates, which can change daily, is available in local newspapers, through mortgage brokers, from individual lenders and at the Lending Center. When you're shopping for a loan, interest rates tell just part of the story. You'll also need to study the various fees lenders charge. Use our very easy mortgage calculator to estimate what your monthly payments will be. Your RE/MAX Valley Real Estate Professional can recommend lenders to pre-qualify you prior to any serious house hunting. It's important you know exactly what you can afford. See Also:Securing a Mortgage; Don't Bite Off More Than You Can Chew NAMB Releases Home Mortgage Survey Results on Broker Activity Real Estate Guide - Your Mortgage MBA - Home Loan Learning Center "Home Mortgages: Understanding the Process and Your Right to Fair Lending," Publications and Educational Resources, The Board of Governors, Federal Reserve System. "Looking for the Best Mortgage: Shop, Compare, Negotiate," Publications and Educational Resources, The Board of Governors, Federal Reserve System.. "Looking For The Best Mortgage," Federal Trade Commission "Consumer Handbook on Adjustable Rate Mortgages," Publications and Educational Resources, The Board of Governors, Federal Reserve System. Avoiding Mortgage Fraud - View a helpful video Freddie Mac posted on "YouTube" to help educate homeowners avoid mortgage fraud. Reverse Mortgage - A Retirement Planning Tool for Seniors [PDF, 76 KB] Your Mortgage - Assumable Loans Selling Your Home - Seller Financing Educational Brochures from National Association of REALTORS® and its Partners
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