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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

Second Mortgages: Advantages and Disadvantages

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

Short Selling a Rental Property

If you intend to sell a rental property, you will need to understand how the short selling works, what it means for your mortgage and how it affects your taxes. more

FHA Loans

These loans are insured by government-backed companies and make it more affordable for first-time homebuyers and lower income families to get into the housing market.

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

Rising Prices Help Home Equity Loans Make A Comeback

Many U.S. homeowners finally have a good chunk of equity in their homes again. And they are ready to put it to use. During the first quarter, the number of new home-equity lines of credit (HELOC) rose to 230,200, a nine percent increase from the year before, according to credit reporting company Equifax. With the average HELOC growing to $100,207, those loans meant that homeowners had the potential to use up to $23.4 billion, a level not seen in over six years, since 2008. HELOCs allow homeowners to have an open, accessible line of credit that they can make withdrawals from as needed and only have to pay the interest owed for an initial period. Home equity loans, on the other hand are like standard loans where the borrower starts out with a lump sum and payments plus interest begin immediately. These loans are popular with homeowners who want to do some home improvement, pay off other debts, or need to pay for a financial emergency. HELOCs were very popular during the housing boom when everyone had plenty of equity to tap, but after the mortgage meltdown new loans all but disappeared. Yet now after home prices jumped dramatically last year and continue to rise, lenders are willing to increase their home equity volume again. Historically low mortgage interest rates are aiding the pick-up in HELOCs, as the average rate fell to 5.01 percent in June, a decrease from 5.16 percent the previous year, according to mortgage data website HSH.com. As home equity lending has grown, so have the default rates on older HELOCs. Equifax reported that the delinquency rate on loans originated in 2004, whose interest-only periods ended this year have grown to 5.3 percent as of June, up from 4.0 percent last December. Unfortunately, home equity lines and HELOCs can be dangerous since they use the actual home as collateral. That is the risk borrowers must face to enjoy the use of their equity. more

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