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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

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

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

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 Plunge to 17-Month Low on Foreign Worries

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

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