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Figure out your estimated monthly mortgage payment by estimating your loan amount, interest rate, and time period.

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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

Alternatives to Getting a 2nd Mortgage

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

Low Down Payment Loan Qualification

In order to qualify for a low down payment loan, you typically must have a good credit history, sufficient income for the monthly mortgage payments, and enough money for closing costs, among other things. 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

Mortgage Rates Tumble Making Way for More Home Sales

After rising the week before, long-term mortgage rates fell in the latest week on mixed economic data, a move that helped push applications for purchase mortgages higher. The average interest rate on a 30-year fixed rate mortgage sank to 4.34 percent, excluding fees, according to mortgage backer Freddie Mac, a three-week low, down from 4.41 percent the previous week. While still very historically low, rates have moved up considerably from a year ago when they averaged 3.43 percent. The drop in rates came in reaction to a mix of positive and negative market data, according to Freddie Mac. “Mortgage rates eased a bit following the decline in 10-year Treasury yields,” commented Freddie Mac vice president and chief economist Frank Nothaft in a statement. “Also, the economy added 192,000 jobs in March, which was below the market consensus forecast but followed an upward revision of 22,000 jobs in February. Meanwhile, the unemployment rate held steady at 6.7 percent.” Lower interest rates paved the way for more home purchases, as this week the Mortgage Bankers Association reported a three percent increase in its Purchase Index, a measure of total home purchase mortgage request volume. Part of that increase may simply be attributed to the beginning of the spring buying season, but lower rates certainly make purchases more enticing. At the same time however, the MBA’s Refinance Index declined five percent and has fallen to a low not seen since July 2009. Refinance requests made up 51 percent of all mortgage applications this week, down from 53 percent the week before and is down 14 percent from April 2013. Refinance loans have made up the bulk of mortgage applications since the Great Recession, but as the housing market recovers and rates are trending slowly upward, home purchase requests should start to balance out refinancing. more

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