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 several alternatives to getting a 2nd mortgage for homeowners who need cash. Whether a borrower wants to put their assets on the line as collateral and has good credit, there are options. A home equity line of credit is one main alternative to a 2nd mortgage. This line of credit would equal the value of the property minus the amount due on the original mortgage. more
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
- 3 Reasons Banks Reject Short Sales
- Appraisal Basics
- 3 Warning Signs of Loan Modification Scams
- Second Mortgages: Advantages and Disadvantages
- Should You Refinance? Make Sure the Timing is Right
- Home Equity Loans for People with Bad Credit
- What To Do When Mortgages Default
- How to Get Approved for an FHA Loan despite Bad Credit
- 3 Factors that Can Negatively Affect Your Mortgage Application
- FHA Eligibility with Bankruptcy and Foreclosure
- Short Selling a Rental Property
- What Lenders Don't Reveal About Home Equity Loans
- FHA Loans for a First-Time Home Buyer
- Low Down Payment Loan Qualification
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 dropped in January, according to the National Association of Realtors, a product of both seasonal and unique market factors. Total sales fell 4.9 percent to a seasonally adjusted annual rate of 4.82 million in January, down from December’s 5.07 million. Even though sales decreased to their lowest rate in nine month, they were still 3.2 percent higher than the previous year. “January housing data can be volatile because of seasonal influences, but low housing supply and the ongoing rise in home prices above the pace of inflation appeared to slow sales despite interest rates remaining near historic lows,” said NAR chief economist Lawrence Yun. “Realtors are reporting that low rates are attracting potential buyers, but the lack of new and affordable listings is leading some to delay decisions.” The median existing-home price rose to a national average of $199,600, a 6.2 percent increase from January 2014 and the 35th straight month over year-over-year price gains. Meanwhile, total inventory of existing-homes edged up 0.5 percent from December to 1.87 million available properties, but it remains 0.5 percent below the year-ago level. At the current sales pace, there is a 4.-7-month supply of homes on the market. And mortgage interest rates fell during January, with Freddie Mac reporting that the monthly average on a 30-year fixed rate mortgage slipped to 3.67 percent, a 20-month low, down from 3.86 percent in December. “Although sales cooled in January, home prices continued solid year-over-year growth,” Yun commented. “The labor market and economy are markedly improved compared to a year ago, which supports stronger buyer demand. The big test for housing will be the impact on affordability once rates rise.” more