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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 Lenders Don't Reveal About Home Equity Loans

It is important to understand the truth about home equity loans so that you don't run into future problems. Lenders may not tell you the entire story when you seek to borrow on the equity of your home. Before you consider taking this step, consider the following information about home equity loans. 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

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

Existing Home Sales Soften in Response to Tight Inventory

Sales of existing U.S. home sales fell 3.3 percent in April, according to the National Association of Realtors, a product of tight inventory pushing home prices up, pricing many buyers out of the market. “April’s setback is the result of lagging supply relative to demand and the upward pressure it’s putting on prices,” said NAR chief economist Lawrence Yun. “However, the overall data and feedback we’re hearing from Realtors® continues to point to elevated levels of buying interest compared to a year ago. With low interest rates and job growth, more buyers will be encouraged to enter the market unless prices accelerate even higher in relation to incomes.” Total sales fell to a seasonally adjusted annual rate of 5.04 million in April, down from 5.21 million in March. Compared with one year earlier, sales were up 6.1 percent. And existing-homes sold at a record speed, selling in an average of 39 days on the market, the fastest pace in almost two years. “Housing inventory declined from last year and supply in many markets is very tight, which in turn is leading to bidding wars, faster price growth and properties selling at a quicker pace,” said Yun. “To put it in perspective, roughly 40 percent of properties sold last month went at or above asking price, the highest since NAR began tracking this monthly data in December 2012.” Inventory did rise in April, climbing 10.0 percent to 2.21 million existing properties for sale, which will likely help improve home sales in the current month. Inventory is still down 0.9 percent from the year before. At April’s sales pace, there was a 5.3-month supply of home on the market, up from 4.6-month supply in March. The median home price for existing-homes rose to $219,400, an increase of 8.9 percent from April 2014 and the 38th straight month of year-over-year price gains. Mortgage interest rates fell in April, according to Freddie Mac, with the average rate on a 30-year fixed rate conventional home loan dropping to 3.67 percent from 3.77 percent in March. Rates are expected to stay low through September, a condition that could aid home sales in the coming months if inventory continues to rise.   more

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