Mortgage Information Center

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Mortgage Information Center

How much down payment?

One of the first questions that home buyers ask is "how much down payment are we going to need?" Unfortunately, there is no standard answer. Down payments will vary from 0% (with a VA--Veteran's Administration loan) to upwards of 25% (with certain "non-conforming" loans). As an average, most home buyers make down payments in the 5%-15% range, although your own personal situation may dictate more or less down payment. When you are factoring money for a downpayment, don't forget about closing costs, which will total in the 2-5% range, payable in cash at the time of closing.

What is Prequalification? Does it mean that the loan is approved?

Get The Mortgage Info You Need From Mortgage Information Center

Prequalification is the initial step in securing a mortgage. A lender will analyze your current income, debt and basic credit history situation in order to qualify you for a maximum loan amount. This gives you a clear picture of your financial parameters and a maximum housing price (the mortgage amount plus your down payment). With preapproval, the lender verifies your income, debt and financial picture, approving the loan subject to a favorable appraisal of the property you select. See the discussion on mortgage prequalification and preapproval for more information. Looking for a source for preapproval?

Finding a Mortgage

We have found a simple way to compare mortgage sources and offers. Lending Tree Mortgage loans allows you to submit your information and will, within 2 business days, respond with up to 4 loan offers. These are real offers--not leads or come-ons. Best of all, the service is free. You can do a loan request online in minutes, and if you need to return to add additional information, you can continue where you left off. There may be a simpler way of doing things, but we don't know what it is! If you would like more mortgage information including tips and additional calculators, visit Lending Tree Mortgage loans, available throughout the United States.

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Mortgage Glossary and Additional Information

If you want additional information on "Mortgage Speak", see our Mortgage Glossary for definitions of the most common Mortgage terms. If you want an excellent overview and gameplan for getting the best deal on a mortgage, get hold of Randy Johnson's best selling book How to Save Thousands of Dollars on Your Home Mortgageavailable at bookstores. Whether you know nothing, a little or a great deal about mortgages, this book will most likely save you money. We have reviewed it extensively and highly recommend it.

Credit Problems

There are options for those who have had credit problems and still want to own a home.

Mortgage Information Center