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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

3 Factors that Can Negatively Affect Your Mortgage Application

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

Home Equity Loans for People with Bad Credit

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

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 Make Largest Weekly Gain of 2014

After remaining almost stationary for the past two months, long-term mortgage interest rates jumped the most of any one week this year, according to mortgage giant Freddie Mac, a product of market speculation about the Federal Reserve’s actions. “Fixed-rate mortgage rates rose this week following the increase in 10-year Treasury yields being partially fueled by market speculation the Federal Reserve might change its interest rate guidance,” commented Freddie mac vice president and chief economist Frank Nothaft in a statement . The average rate on a 30-year fixed rate mortgage leaped to 4.23 percent, excluding points, during the week ended September 18, up from 4.12 percent the week before. Even with this week’s jump, rates are still considerably lower than one year ago when the average was 4.50 percent. Before this week, the average rate has stayed in a very tight range between 4.10 percent and 4.14 percent since the middle of July. Even though it plans to hold its target interest rate near zero for a “considerable time,” the Federal Reserve announced Wednesday that it will keep its October deadline for ending its stimulus program. It has been tapering the program by $10 billion every six weeks for most of the year so far. That message from the Fed as well as several positive signs from the greater economy encouraged investors to leave the security of bonds, pushing rates higher finally. Rates on 15-year fixed rate loans also skyrocketed in the latest week, with the average climbing to 3.37 percent, up from 3.26 percent. Compared with the previous year, rates are down from 3.54 percent. The one-year adjustable rate mortgage carried an average rate of 2.43 percent, falling from 2.45 percent the week before and down from last year’s 2.65 percent. more

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