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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

3 Common Short Sale Mistakes

A real estate short sale can be a win-win situation for everyone involved, but there are common short sale mistakes to avoid if you want to close the deal. 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 Bounced Back in September

After falling in August, sales of existing U.S. homes rose to their highest level of 2014 in September, according to the National Association of Realtors. “Low interest rates and price gains holding steady led to September’s healthy increase, even with investor activity remaining on par with last month’s marked decline,” said NAR chief economist Lawrence Yun. “Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter.” Total existing-home sales rose 2.4 percent in September to a seasonally adjusted annual rate of 5.17 million homes, up from 5.05 million in August, but they are still down 1.7 percent from a year earlier. Home prices fell markedly on a monthly basis, dropping to a national median of $209,700, down from $218,400 in August. The price was up 5.6 percent however compared to September 2013, marking 31 straight months of year-over-year price gains. Foreclosures and short sales made up a slightly higher share of sales in September with 10 percent, up from 8 percent in August, but down from 14 percent a year ago. The falling percentage of distressed properties for sale has helped prices regain ground in the past year. At the same time long-term mortgage interest rates climbed to an average of 4.16 percent on a 30-year fixed-rate conventional mortgage, up from August’s average of 4.12 percent. Historically speaking, rates are still incredibly low. “Economic instability overseas is leading to volatility in the stock market and is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now,” said Yun. “This is welcoming news for consumers looking to buy, although they could temporarily become more cautious by less certain economic conditions.” more

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