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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Figure out your estimated monthly mortgage payment by estimating your loan amount, interest rate, and time period.
Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
It is important to understand the truth about home equity loans so that you don't run into future problems. Lenders may not tell you the entire story when you seek to borrow on the equity of your home. Before you consider taking this step, consider the following information about home equity loans. more
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
- Second Mortgages: Advantages and Disadvantages
- Appraisal Basics
- Low Down Payment Loan Qualification
- 3 Common Short Sale Mistakes
- Alternatives to Getting a 2nd Mortgage
- What To Do When Mortgages Default
- 3 Reasons Banks Reject Short Sales
- Should You Refinance? Make Sure the Timing is Right
- FHA Loans for a First-Time Home Buyer
- How to Get Approved for an FHA Loan despite Bad Credit
- Short Selling a Rental Property
- 3 Warning Signs of Loan Modification Scams
- Home Equity Loans for People with Bad Credit
- FHA Eligibility with Bankruptcy and Foreclosure
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.
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.
Having hovered at yearly lows for over a month, long-term mortgage interest rates took a new dive in the latest week as fears about foreign economic woes spooked investors and weaker-than-expected domestic reports pointed to slower growth. The average rate on a 30-year fixed rate mortgage (FRM) sank to 3.80 percent, excluding fees, during the week ended December 18, according to data from Freddie Mac, down from 3.93 percent the week before. One a year ago the average rate was 4.47 percent and the 30-year rate has not been this low in 17-months, since the week of May 23, 2013 when it averaged 3.59 percent. “The 30-year fixed mortgage rate dropped to its lowest point of 2014 this week. Mortgage rates fell along with 10-year Treasury yields, which closed at their lowest level since May 2013,” commented Freddie Mac vice president and chief economist Frank Nothaft. He noted that housing and inflation reports were less robust than expected. “November housing starts came in at a seasonally adjusted annual rate of 1.028 million starts, down 1.6 percent from an upwardly-revised October value. Housing starts for the calendar year will likely come in around 1.0 million, above the 2013 pace but lower than forecasters had expected at the start of 2014. Consumer prices declined more than expected in November, with CPI contracting 0.3 percent.” The Mortgage Bankers Association pointed out that the turmoil in the Russian economy and elsewhere also played a part in pushing investors to the safety of Treasury bonds. “Amid plummeting oil prices and heightened concerns regarding global economic growth, interest rates dropped sharply through the course of the week, with longer-term Treasury yields falling more than 10 basis points,” Mike Fratantoni, MBA’s chief economist, said in a statement. Other interest rates also fell last week. The 15-year FRM rate declined to an average of 3.09 percent, down from 3.20 percent and the one-year adjustable rate mortgage carried an average rate of 2.38 percent, down slightly from 2.40 percent the week before. more