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Applying for a Mortgage after a Bankruptcy

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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What Are Typical Mortgage Down Payments?

Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more

What To Do When Mortgages Default

Mortgages default every day in the world and they are just a normal part of the business for mortgage lenders. There are a certain number of mortgages that will default every year and it is planned for accordingly. While it is common business practice for lenders, it can be devastating for you individually. If you default on a mortgage, it can ruin your credit and your financial outlook for the future. Mortgage default is a major setback for you, but it is not the end of the road. If you are faced with a default on your home, you can take measures to get back in good standing with the lender. more

Alternatives to Getting a 2nd Mortgage

There are several alternatives to getting a 2nd mortgage for homeowners who need cash. Whether a borrower wants to put their assets on the line as collateral and has good credit, there are options. A home equity line of credit is one main alternative to a 2nd mortgage. This line of credit would equal the value of the property minus the amount due on the original mortgage. more

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.

Fixed Rate Mortgage - A loan with a constant interest rate that does not change throughout the duration of the loan.

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.

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Financial Firms Offer CashOut Loans Without Debt

In a new type of home equity loan, two California-based financial companies are allowing homeowners to cash out their home’s equity without the burden of debt or interest fee of traditional loans. EquityKey  and FirstREX  both offer these types of mortgage loans in exchange for a portion of the future equity of the home. The way it works is that when a homeowner wants a loan, they receive a large lump sum of money to be used any way they want. In return the homeowner sell a percentage of their home’s future appreciation value. For example, you might take out about $50,000 in equity and agree to turn over 50 percent of your equity appreciation when you sell your home. If you sell in 15 years and the home has gained $200,000, you have to give the lender $100,000 at the close of the sale. “We refer to it as a real estate participation agreement, because the key difference between debt and equity is while we will participate in the upside, we have no absolute right of getting paid back the initial principle investment,” said Jeff Nash, co-founder of EquityKey in a Forbes interview. “If initial prices go lower, we reduce the amount we are owed, until we owe nothing.” This type of equity loan can also be used as a down payment for some buyers. They sell a portion of future equity to one of these financial firms and they receive a chunk of money to contribute to a down payment on a mortgage with a different lender. There may be some cases where the borrower would owe money out-of-pocket to the equity loan lender. If they sell within a few years of the agreement when there has been little or no appreciation, the borrower may be required to repay some of the cash. The EquityKey and FirstREX models can be a good fit for those who plan to stay a long time in their homes but do not expect the market to appreciate substantially. It can also be good for first-time buyers looking for down payment help. “Their prospects in the future may be wonderful, but their cold cash on the spot is not wonderful,” said David Blitzer of S&P Dow Jones Indices. “So if you can do things like let them monetize in advance some of the future value of the house, that’s big plus.” more

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