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.
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
Loan modification has become very popular in recent years with mortgage lenders. It has been used in a variety of different ways to change the existing terms of mortgages that they hold. While sometimes loan modification can be to your advantage, many times it is not. There are many loan modification scams out there that you should be aware of. Here are a few warning signs to watch out for with loan modification. more
- 3 Reasons Banks Reject Short Sales
- Second Mortgages: Advantages and Disadvantages
- Appraisal Basics
- Alternatives to Getting a 2nd Mortgage
- Home Equity Loans for People with Bad Credit
- Low Down Payment Loan Qualification
- What To Do When Mortgages Default
- Should You Refinance? Make Sure the Timing is Right
- FHA Eligibility with Bankruptcy and Foreclosure
- Short Selling a Rental Property
- How to Get Approved for an FHA Loan despite Bad Credit
- What Lenders Don't Reveal About Home Equity Loans
- FHA Loans for a First-Time Home Buyer
- 3 Common Short Sale Mistakes
The Mortgage101 Blog
There was more money available for borrowing in November, according to the Mortgage Bankers Association, but Americans did not take advantage of it to buy new homes, with the number of new home loan applications tanking during the same time. “Credit availability increased in November, largely due to the addition of jumbo loan programs that permit cash-out refinancing,” said Mike Fratantoni, MBA’s Chief Economist in a statement. “Home price appreciation and larger equity cushions have likely made some lenders more willing to allow certain borrowers to take cash out, while still low mortgage rates may make this a more attractive opportunity for some.” The MBA’s Mortgage Credit Availability Index rose 1.2 percent to 114.6 in November, a sign that lending standards were easing. The index was benchmarked in March 2012 at 100. At the same time, the number of home buyers applying for loans to buy brand-new homes plummeted down 22 percent from October, according to the MBA’s Builder Application Survey. “Following strong new home sales in October, our data shows November sales volume dropped significantly,” said Mike Fratantoni, MBA’s Chief Economist. “Average loan size increased to almost $307,000 in November from roughly $300,000 in October, indicating that builders are having greater success with higher priced homes and difficulty at the entry level, as first-time buyers continued to face tight credit conditions.” Sales of new single-family homes fell to a seasonally adjusted annual rate of 401,000 units in November, down 13 percent from October’s 461,000 home sales pace. Even though credit standards have loosened for borrowers in general, until mortgage credit becomes more widely available for first-time home buyers again, home sales will likely continue to drag and the housing recovery will lack full momentum. more