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
Many factors can affect your mortgage application and get you denied. Know what factors will hurt you and plan ahead so you can present the best financial picture to the lender. 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
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- FHA Loans for a First-Time Home Buyer
- What Lenders Don't Reveal About Home Equity Loans
- How to Get Approved for an FHA Loan despite Bad Credit
- Short Selling a Rental Property
- Appraisal Basics
- 3 Common Short Sale Mistakes
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- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Reasons Banks Reject Short Sales
- Alternatives to Getting a 2nd Mortgage
- Second Mortgages: Advantages and Disadvantages
- Low Down Payment Loan Qualification
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 U.S. mortgage rates shot up in the latest week as better-than-expected economic data helped pushed bond yields lower, according to Freddie Mac. The average rate on a 30-year year conventional fixed rate mortgage (FRM) jumped to 4.46 percent, excluding points during the week ended Dec. 5, up from 4.29 percent. Rates have not been that high since the week ended Sept. 19 when they reached 4.50 percent. One year ago it was 3.34 percent. The average on a 15-year FRM climbed to 3.47 percent from 3.30 percent, a high also not seen since that week of September. The year before, the rate was just 2.67 percent. The one-year adjustable-rate mortgage was almost unchanged at 2.59 percent from 2.60 percent the week before. Freddie Mac cited a uptick in jobs as the main reason for the rate increase. “Fixed mortgage rates increased this week following stronger than expected economic data releases,” said Frank Nothaft, Freddie Mac vice president and chief economist in a statement. “Private companies added 215,000 new jobs in November according to the ADP employment report, well above the consensus. In addition, revisions added 54,000 jobs in the prior month. Lastly, new home sales rose 25 percent in the month of October to a seasonally adjusted 444,000 annual pace, though this followed a weaker than expected September report and downward revisions over the summer months.” And as unemployment inches down and other economic indicators come in positive, the likelihood of the Fed tapering its bond-buying program increases and investors will pull out of bonds and into more profitable ventures. That will push bond yields down and mortgage rates higher. So barring any major trauma to the economy, interest rates will probably continue to rise through the end of the year and into 2014. more