Home Mortgage Financing

How Do Down Payments Vary from State to State?

Saving up enough cash to cover the down payment is consistently cited by hopeful home buyers as one of the greatest impediments to buying a home. The exact dollar amount required up front by the lender depends on numerous factors, but buyers generally need to come up with several tens of thousands of dollars in order to take out their home loan. Of course, borrower-specific details such as the type of mortgage and credit score are major factors in determining a particular loan's terms, but have you ever considered how average down payments vary from state to state? To answer this question, LendingTree examined down payment data from across the 50 states (and D.C.) to learn which state's mortgage borrowers were offering up the largest and smallest down payments in Q3 2018. 

A Higher Credit Score Could Save You $45,000

Everyone knows that a higher credit score is better, but how much does it really matter? LendingTree decided to prove the value of a great credit score by quantifying the money that someone with a "very good" score would save over the life of various loans compared to someone with a "fair" score. You might think that increasing this abstract number by a few points can't really make all that much of a difference, but you'd be wrong! In fact, they found that a score of "very good" would save you over $29,000 on mortgage debt alone!

Mortgage Applications Increased Last Week, Despite Harvey

After several recent weekly decreases, the number of people applying for a mortgage rose by 3.3% last week, according to the Mortgage Bankers Association. Although mortgages for a home purchase rose slightly, most of the gains came from homeowners looking to take advantage of falling interest rates by refinancing their existing mortgage. The increases would have likely been larger if not for Hurricane Harvey's significant toll on the Texas housing market, one of the largest in the nation.