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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

What To Do When Mortgages Default

Mortgages default every day in the world and they are just a normal part of the business for mortgage lenders. There are a certain number of mortgages that will default every year and it is planned for accordingly. While it is common business practice for lenders, it can be devastating for you individually. If you default on a mortgage, it can ruin your credit and your financial outlook for the future. Mortgage default is a major setback for you, but it is not the end of the road. If you are faced with a default on your home, you can take measures to get back in good standing with the lender. more

Fixed Rate Mortgages

These mortgage loans have fixed interest rates for the duration of the loan. Fixed rate mortgages do not change and they are not tied to an index, unlike adjustable rate mortgages. The interest rate is fixed in advance at a specific interest rate.

The Mortgage101 Blog

FROM THE MORTGAGE101 BLOG

Mortgage Rates Drop to 7-Week Low

After a two-month rest above 4 percent, long-term mortgage rates have dipped back into more familiar territory this week, according to mortgage backer Freddie Mac, being pulled down by overseas stock troubles. The average rate on a 30-year fixed rate conventional mortgage declined to 3.98 percent, excluding fees during the week ended July 30, 2015, down from 4.04 percent the week before. The 30-year rate is also down from one year earlier when it averaged 4.12 percent. “Monday’s 8 percent decline in Chinese stock prices triggered similar — though smaller — sell-offs in global equity markets,” said Freddie Mac chief economist Sean Becketti. “The associated flight to quality drove U.S. Treasury yields down nearly 5 basis points. … With no clear direction coming from the Fed this afternoon, we expect more of the same in coming weeks.” Foreign economic distress was not the only contributing factor this week, Becketti said. “Recent housing data exhibited the same good news/bad news pattern as overseas developments. Coming into this week, existing home sales for June and the latest FHFA house pricemeasures both suggested a stronger tone in the housing market,” he commented. “However this week brought nothing but bad — or at least weaker-than-expected — news. New homes sales and pending home salesboth weakened and the Case-Shiller house price indices , while positive, fell below the lower end of expectations. Finally, the inadvertent release of Fed staff projections increased uncertainty over the timing of future Fed rate moves.” The 15-year fixed rate mortgage also carried a lower rate this week, falling to 3.17 percent, down from 3.21 percent the previous week and from 3.23 percent during the same week of 2014. Rates on one-year adjustable rate mortgage also slipped, decreasing to an average of 2.52 percent from 2.54 percent the week before. The rate is still higher than last year’s 2.38 percent. more

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