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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

Home Equity Loans for People with Bad Credit

It is possible, although difficult, to obtain home equity loans for people with bad credit. The tightening of credit requirements in the wake of the banking and credit crisis have made banks less willing to extend credit terms to borrowers with bad credit. A homeowner who has a bad credit rating will need to do a lot of work to convince a lender that he/she is creditworthy and responsible enough to obtain that loan. more

3 Warning Signs of Loan Modification Scams

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

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 Top 9-Month High

As the unemployment rate has declined and the housing market has shown solid growth, long-term mortgage interest rates have made a steady climb, reaching an almost 9-month high in the latest week, according to data from mortgage guarantor Freddie Mac. In its Primary Mortgage Market Survey, Freddie Mac found that the average rate on a 30-year fixed rate mortgage (FRM) jumped to 4.08 percent, excluding fees, during the week ended July2, 2015, up from 4.02 percent week before. That is the highest level since the week of October 9, 2014 when the rate was 4.12 percent. Last year at this time, the average was also 4.12 percent. “Overseas events are generating significant day-to-day volatility in interest rates. Nonetheless, the week-to-week impact on most rates was modest — the 30-year mortgage rate increased just 6 bps, to 4.08 percent,” said Freddie Mac chief economist Sean Becketti. “The MBA composite index of mortgage applications fell 4.7 percent in response to what is now three consecutive weeks of mortgage rates over 4 percent. Other measures, however, confirmed continued strength in housing — pending home sales rose 0.9 percent, exceeding expectations, and the Case-Shiller house price index recorded another solid increase.” The Case-Shiller report showed that home prices continue to grow, with Denver and San Francisco leading the nation with double-digit gains. The increases in most parts of the country seems to be at a more sustainable and affordable trajectory than they have been recently, a fact that could help more potential homeowners buy into the market. Other rates also jumped in the past week. The 15-year FRM carried an average rate of 3.24 percent, up from 3.21 percent the week before. One year ago, the average was 3.22 percent. The one-year adjustable rate mortgage (ARM) rate rose to 2.52 percent, up from 2.50 percent the previous week. A year earlier, the average was just 2.38 percent. more

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