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
There are many reasons why banks reject short sales. The three most common reasons a property does not qualify for a short sale are: the offer price is too low, the buyer does not qualify, or the seller does not qualify for the short sale. 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
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Low Down Payment Loan Qualification
- What Lenders Don't Reveal About Home Equity Loans
- 3 Common Short Sale Mistakes
- How to Get Approved for an FHA Loan despite Bad Credit
- What To Do When Mortgages Default
- Alternatives to Getting a 2nd Mortgage
- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Warning Signs of Loan Modification Scams
- Should You Refinance? Make Sure the Timing is Right
- Home Equity Loans for People with Bad Credit
- Appraisal Basics
- Second Mortgages: Advantages and Disadvantages
- FHA Loans for a First-Time Home Buyer
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.
Sales of existing U.S. homes rose for the third month in a row in June, accompanied by increases in both price and inventory, according to the National Association of Realtors, as low interest rates continued to boost affordability. Total existing-home sales grew 2.6 percent in June to a seasonally adjusted annual rate of 5.04 million, up from 4.91 million in May, but the new pace is down 2.3 percent from the previous year. Inventory climbed 2.2 percent in June to a total of 2.30 million existing homes for sale, a 5.5-month supply at the current sales pace. That’s a 6.5 percent increase from June 2013. Prices made significant upward progress last month, with the median existing-home price rising 4.3 percent to $223,300 from the year before. Prices have grown on a yearly basis for 28 straight months now. “Inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country. This bodes well for rising home sales in the upcoming months as consumers are provided with more choices,” said NAR chief economist Lawrence Yun. “On the contrary, new home construction needs to rise by at least 50 percent for a complete return to a balanced market because supply shortages – particularly in the West – are still putting upward pressure on prices.” Mortgage interest rates remained at historically low levels in June, with the average rate on a 30-year conventional fixed rate mortgage falling to 4.16 percent, excluding points, down from an average of 4.19 percent in May. The percentage of distressed property sales continued to tumble, with foreclosures and short sales making up just 11 percent of all June sales, down from 15 percent a year earlier. The one negative to last month’s report is the lack of first-time buyers in the market. In June, first-timers made up 28 percent of all buyers, barely changed from May’s 27 percent, a level is that is below the historical averages. “Access to affordable credit continues to hamper young, prospective first-time buyers,” said NAR President Steve Brown. “NAR recommends that FHA reduce high annual mortgage insurance premiums for all qualified homebuyers and eliminate the insurance requirement for the life of the loan.” more