Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
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Qualifying for a home mortgage with a bankruptcy on your credit history requires time and money. Yet 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.
Your Credit Score
The three main U.S. credit bureaus--Equifax, Experian and TransUnion--maintain your credit history. Using that history, plus its own proprietary equation, the Fair Isaac Corp. calculates your FICO credit score somewhere between 850 and 300 points. Anything above 700 points is good to excellent, with... more
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In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.
Mortgage interest rates are determined by credit history strength, the number of points you pay, the size of your down payment and the type of loan program you choose.
Obtaining funding is crucial to buying a home. This requires applying for a mortgage, choosing a house that meets the appraisal standards, and determining the amount of the down payment.
There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.
When making a big move, it's essential to find out as much as possible about the schools, the neighborhoods, the housing costs and the community resources.
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
FHA (Federal Housing Administration) loans are popular with first-time home buyers. FHA loans are easier to get and have some advantages over conventional mortgages. more
- Alternatives to Getting a 2nd Mortgage
- What To Do When Mortgages Default
- How to Get Approved for an FHA Loan despite Bad Credit
- What Lenders Don't Reveal About Home Equity Loans
- 3 Reasons Banks Reject Short Sales
- Appraisal Basics
- FHA Eligibility with Bankruptcy and Foreclosure
- Home Equity Loans for People with Bad Credit
- Should You Refinance? Make Sure the Timing is Right
- 3 Factors that Can Negatively Affect Your Mortgage Application
- Short Selling a Rental Property
- Low Down Payment Loan Qualification
- 3 Common Short Sale Mistakes
- 3 Warning Signs of Loan Modification Scams
The Mortgage101 Blog
Total U.S. foreclosures fell last month to the lowest point in seven years, according to foreclosure data market RealtyTrac, a sign that a slowly healing economy is also resolving the foreclosure crisis. There were 113,454 foreclosure filings – including default notices, auctions and bank repossessions – in November, a 15 percent decrease from October and a 37 percent drop from November 2012.That represents the largest monthly decline since November 2010, when the “robo-signing” scandal forced many banks to halt foreclosure processing. Overall, foreclosure filings are at their lowest level since December 2006 and while they are much lower than peak of the crisis when foreclosures averaged 300,000 a month, they are still significantly above the pre-mortgage meltdown average of 86,000 a month. “While some of the decrease in November can be attributed to seasonality, the depth and breadth of the decrease provides strong evidence that we are entering the ninth inning of this foreclosure crisis with the outcome all but guaranteed,” said Daren Blomquist, vice president at RealtyTrac in a statement. “While foreclosures will likely continue to stage a weak rally in certain markets next year as the last of the distress left over from the Great Recession is dealt with, it is highly unlikely that there will be a foreclosure comeback that poses any major threat to the solid housing recovery that has now taken hold.” The national foreclosure rate in November fell to one foreclosure action out of every 1,155 U.S. housing units. And problems are not uniform across the country. Certain states, especially those with judicial review of every foreclosure, are still struggling. Florida had the highest rate of foreclosure, followed by Delaware, Maryland, South Carolina and Illinois. more