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Applying for a Mortgage after a Bankruptcy

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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Mortgages

In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.

Rates

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.

Home Buying

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.

Loans

There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.

Moving

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.

MORE MORTGAGE ARTICLES

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 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

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

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Mortgage Rates Remain at Yearly Low For Second Straight Week

Long-term mortgage interest rates were unchanged for the second week, resting at their lowest level this year, according to data from Freddie Mac. In fact, rates have made almost no movement for the past two months. The average interest rate on a 30-year fixed-rate mortgage (FRM) stayed at 4.10 percent, excluding fees, during the week ended August 28, 2014. Since the last week in June, the average rate has bounced around in a very tight range between 4.10 percent and 4.15 percent. A period of such little movement has not been seen in years. Rates are down noticeably however, from a year ago when the average was 4.51 percent. The 15-year FRM carried an average rate of 3.25 percent, up from 3.23 percent the week before but down from 3.54 percent the previous year. The one-year adjustable rate mortgage average inched up to 2.39 percent from 2.38 percent. Compared with last year, the rate is much lower than the average of 2.64 percent. Freddie Mac vice president and chief economist Frank Nothaft said this week’s immobility was due to conflicting economic reports. “Mortgage rates were little changed following mixed housing news. Existing home sales rose for the fourth consecutive month to an annualized pace of 5.15 million, the highest of the year. On the other hand, new home sales fell for the third consecutive month to an annualized rate of 412,000 units. Also, the S&P/Case-Shiller national home price index confirmed the slowing in national house-price appreciation that has occurred in other metrics, with the seasonally-adjusted national index down 0.1 percent in June but on a year-over-year basis up a solid 6.2 percent.” Even as home sales have picked up in the past few months and the Federal Reserve has cut back on its rate-reducing stimulus program, mortgage rates have refused to move higher. It will likely take more improvements in the job market and overall economy before much upward rate movement takes place in the mortgage industry. more