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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

Second Mortgages: Advantages and Disadvantages

A second mortgage is a loan taken out against the value of your property, in addition to your primary mortgage. These loans can offer great benefits, but they certainly come attached with some large risks as well. more

Low Down Payment Loan Qualification

In order to qualify for a low down payment loan, you typically must have a good credit history, sufficient income for the monthly mortgage payments, and enough money for closing costs, among other things. 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

Mortgage Rates Top 9-Month High

As the unemployment rate has declined and the housing market has shown solid growth, long-term mortgage interest rates have made a steady climb, reaching an almost 9-month high in the latest week, according to data from mortgage guarantor Freddie Mac. In its Primary Mortgage Market Survey, Freddie Mac found that the average rate on a 30-year fixed rate mortgage (FRM) jumped to 4.08 percent, excluding fees, during the week ended July2, 2015, up from 4.02 percent week before. That is the highest level since the week of October 9, 2014 when the rate was 4.12 percent. Last year at this time, the average was also 4.12 percent. “Overseas events are generating significant day-to-day volatility in interest rates. Nonetheless, the week-to-week impact on most rates was modest — the 30-year mortgage rate increased just 6 bps, to 4.08 percent,” said Freddie Mac chief economist Sean Becketti. “The MBA composite index of mortgage applications fell 4.7 percent in response to what is now three consecutive weeks of mortgage rates over 4 percent. Other measures, however, confirmed continued strength in housing — pending home sales rose 0.9 percent, exceeding expectations, and the Case-Shiller house price index recorded another solid increase.” The Case-Shiller report showed that home prices continue to grow, with Denver and San Francisco leading the nation with double-digit gains. The increases in most parts of the country seems to be at a more sustainable and affordable trajectory than they have been recently, a fact that could help more potential homeowners buy into the market. Other rates also jumped in the past week. The 15-year FRM carried an average rate of 3.24 percent, up from 3.21 percent the week before. One year ago, the average was 3.22 percent. The one-year adjustable rate mortgage (ARM) rate rose to 2.52 percent, up from 2.50 percent the previous week. A year earlier, the average was just 2.38 percent. more

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