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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

Appraisal Basics

A real estate appraisal is an evaluation that determines the value of a property. There can be many different reasons for having an appraisal conducted, but one of the most common purposes is to determine the market value of a house before a mortgage transaction. 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

Cash-out Refis Hit Highest Rate in 8 Years

American homeowners are tapping their home equity again, with the cash-out share of refinances rising to its highest rate since 2008, according to data from Black Knight Financial Services. According to its Mortgage Monitor Report, Black Knight found that 42 percent or 300,000 of all first lien refinances in the 2015 third quarter involved taking cash out of borrowers’ equity, the highest share in 8 years. On average, cash-out borrowers took out an average of $60,000, the greatest average sum since 2007. For all of 2015, there were about 1 million cash-out refinances, totaling roughly $64 billion in tapped equity, another 8-year record. Yet even though more people are feeling confident enough to pull money out of their homes again, they are still be cautious. Black Knight reported that less than 2 percent of all available equity was tapped last year, a percentage that is still below the “post-crisis norm and 80 percent below the equity pulled out during the peak housing bubble years of 2005- 2006. The average cash-out refi borrower has a very high credit score of 748 and they are still leaving a lot of equity in their homes. The average loan-to-value (LTV) ratio for borrowers after tapping their equity in 2015 was 67 percent, the lowest ratio to date. Separate data revealed that home affordability remains good by historical averages. “The data shows that it currently takes 21 percent of the median monthly household income to purchase the national median-priced home using a 30-year fixed rate mortgage,” said Black Knight Data & Analytics Senior Vice President Ben Graboske. “That’s down significantly from 33 percent back at the top of the market in 2006, and is still below the average of 26 percent we saw in the more stable years before the housing bubble.” Graboske warned that affordability could go down soon though as home prices continue to appreciate and mortgage interest rates start an upward climb. “Right now, both Hawaii and Washington D.C. are already less affordable than they were during the pre-bubble era,” he commented.” And within two years, if prices continue to grow and rate rise by at least 50 basis points, another 8 states would be less affordable than before the bubble within 12 months. There is some reason to believe home prices will not continue to appreciate at their current rate. As rates rise, many buyers will be priced out of the market unless prices make a slower climb. more

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