By understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home.
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Figure out your estimated monthly mortgage payment by estimating your loan amount, interest rate, and time period.
Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
If you intend to sell a rental property, you will need to understand how the short selling works, what it means for your mortgage and how it affects your taxes. more
It is possible, although difficult, to obtain home equity loans for people with bad credit. The tightening of credit requirements in the wake of the banking and credit crisis have made banks less willing to extend credit terms to borrowers with bad credit. A homeowner who has a bad credit rating will need to do a lot of work to convince a lender that he/she is creditworthy and responsible enough to obtain that loan. more
- 3 Reasons Banks Reject Short Sales
- 3 Warning Signs of Loan Modification Scams
- 3 Common Short Sale Mistakes
- Alternatives to Getting a 2nd Mortgage
- What To Do When Mortgages Default
- How to Get Approved for an FHA Loan despite Bad Credit
- Low Down Payment Loan Qualification
- FHA Loans for a First-Time Home Buyer
- Should You Refinance? Make Sure the Timing is Right
- What Lenders Don't Reveal About Home Equity Loans
- FHA Eligibility with Bankruptcy and Foreclosure
- Appraisal Basics
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Second Mortgages: Advantages and Disadvantages
Adjustable Rate Mortgages
These mortgage loans, often referred to as ARMs, have interest rates that periodically adjust based on a variety of indices. ARMs usually allow borrowers to lower their initial payments, in exchange for assuming the risk of interest rate changes.
Mortgage Loan Types
Select a loan type best suited to your needs.
Adjustable Rate Mortgage - A loan with a floating interest rate, determined by a set of indices.
FHA Loan - A loan guaranteed by the Federal Housing Authority.
VA Loan - A loan offered to American veterans by the U.S. Department of Veteran Affairs.
Long-term mortgage interest rates plummeted to their lowest point in 16 months, falling below 4.0 percent for the first time this year, according to data from mortgage giant Freddie Mac. The average rate on a 30-year conventional fixed rate mortgage sank to 3.97 percent, excluding fees, during the week ended October 16, 2014. That’s down from 4.12 percent the week before and down from 4.28 percent the year before. That is the lowest the 30-year rate has been since the week of June 20, 2013. “Mortgage rates were down sharply following the decline in the 10-year Treasury yield for the second straight week,” said Freddie Mac vice president and chief economist Frank Nothaft in a statement. “Rates are at their lowest levels since June 2013 amidst continued investor skepticism regarding the precarious economic situation in Europe.” Investors were specifically troubled by reports this week from Germany and China showing weaker-than-expected financial progress. That information, combined with fears about the spread of the Ebola virus and the turmoil in the Middle East caused investor to pull out of the stock market and flee to the safety of Treasury bonds. Other interest rates fell as well this week. The 15-year fixed rate mortgage carried an average rate of 3.18 percent, down from 3.30 percent the week before and 3.33 percent the previous year. The one-year adjustable rate mortgage average fell to 2.38 percent from 2.42 percent last week and down from 2.63 percent one year ago. The downward tumble in mortgage rates is great news for homebuyers and those looking to refinance. While troubles and financial woes abound internationally, fundamentals at home have not changed much, making it a great time to get into the housing market at near-rock bottom rates again. more