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
A real estate short sale can be a win-win situation for everyone involved, but there are common short sale mistakes to avoid if you want to close the deal. more
Deciding whether or not you should refinance depends on your personal financial situation. If interest rates are lower today than they were when you first took out your mortgage, refinancing makes sense. more
- Appraisal Basics
- Low Down Payment Loan Qualification
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Alternatives to Getting a 2nd Mortgage
- What Lenders Don't Reveal About Home Equity Loans
- 3 Warning Signs of Loan Modification Scams
- How to Get Approved for an FHA Loan despite Bad Credit
- 3 Reasons Banks Reject Short Sales
- What To Do When Mortgages Default
- FHA Loans for a First-Time Home Buyer
- Short Selling a Rental Property
- Second Mortgages: Advantages and Disadvantages
- FHA Eligibility with Bankruptcy and Foreclosure
- Home Equity Loans for People with Bad Credit
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.
Improving economic and housing market conditions led to the third consecutive month of increases in the availability of mortgage credit in June, according to the Mortgage Bankers Association. The MBA’s Mortgage Credit Availability Index (MCAI) rose 0.5 percent in July to 116.4, up from 115.8 in June. Increases in the MCAI point to a loosening of credit standards, while a decrease indicates the drying up of credit. The baseline of 100 was set in March 2012. During the height of the housing bubble the Index reached levels of 800. “The main driver in the MCAI’s increase was a rise in the number of jumbo Adjustable Rate Mortgage (ARM) programs,” according to a statement from the MBA. Lenders increased their availability of several types of ARM programs for jumbo loan clients, those taking out loans over the conventional standard of $417,000. Yet lenders were loosening their requirements not only for the wealthiest and those in the priciest areas, but also for those in the lowest borrowing brackets: Federal Housing Administration or FHA loans and Department of Veterans Affairs or VA loans. These government backed mortgages do not typically require large down payments or stellar credit. And after years of a mortgage credit drought, three months of increases are welcome news for lower-to middle-price borrowers. With the unemployment scene making slow but steady progress and job creation growing, potential mortgage borrowers in general are having a better time managing their finances, making them more attractive to lenders. And of course, the fact the refinance market has been hit hard since interest rates spiked last year has lenders competing with each other to curry the favor of homebuyers. If rates rise throughout 2014 and into next year as they are predicted to, that competition will only increase, hopefully bring credit availability back to where the majority of qualified buyers can obtain the funding the seek. more