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Buying a Home and Committing to a Mortgage can be very scary. A home mortgage loan is the largest debt that most Americans will take on in their ...

Low mortgage rates spur gain in July's existing home sales

The median price for an existing-home price was $280,800, a gain of 4.3% from last July’s rate of $269,300. This marks the 89th straight month of year-over-year gains.

NAR Chief Economist Lawrence Yun said falling mortgage rates are improving housing affordability and nudging buyers into the market.

However, Yun warns that the supply of affordable housing is severely low, and the shortage of lower-priced homes have pushed up home prices.

“Clearly, the inventory of moderately-priced homes is inadequate, and more home building is needed ,” Yun said. “Some new apartments could be converted into condominiums thereby helping with the supply, especially in light of new federal rules permitting a wider use of Federal Housing Administration mortgages to buy condo properties.”

Total homes available for sale decreased from June, falling from 1.92 million existing homes on the market to 1.89 million in July. This level is down 1.6% from last year’s rate.

US home mortgage debt surges past pre-recession record

Home mortgage debt surged to a new high in the second quarter, leaving the pre-recession 2008 peak in the dust.

The total mortgage balance grew during the second quarter by $162 billion to $9.406 trillion, according to the Federal Reserve Bank of New York, the Wall Street Journal reported on Tuesday. That’s more than the 2008 record of $9.294 trillion.

Mortgage debt has been climbing since 2013, when it fell by 15 percent in the wake of the recession. Continuing 20 straight quarters of increase, total household debt also grew by 1.4 percent to $13.9 trillion. But today’s context is markedly different from 2008: lending standards aren’t as loose as they were leading up to the recession and debt is not as delinquent.

But the housing market has been strained by low inventory and high prices, while homeowners are increasingly dipping into home equity to refinance. According to mortgage-finance company Freddie Mac, borrowers took out $17.5 billion in equity from their homes during the second quarter of the year, a $2.1 billion increase from the same time last year. Still, it’s much less than the 2006 peak of $84 billion cashed out in just the second quarter of 2016.

Whats the total mortgage payment for a 105k home?

I want to know what would be a mortgage payment with everything included like taxes and etc. for a 105k home. I am looking to buy my first home and my credit score is 730. Our total take home money a month is $3600.

What is the term of the loan and what is the interest rate.

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