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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

FHA Eligibility with Bankruptcy and Foreclosure

FHA mortgage loans require borrowers to wait three years after a foreclosure and two years after a bankruptcy before applying for financing. Good credit since the incident is generally a requirement as well. more

What Lenders Don't Reveal About Home Equity Loans

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

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 Delinquencies Plummet in First Quarter

Homeowners have done a remarkable job of getting and staying current on their mortgage loans in the past year, according to a new report from the Office of the Comptroller of the Currency (OCC), an indication of the improving health of the U.S. economy. The OCC Mortgage Metrics Report  found that in the 2015 first quarter, only 1.9 percent of all mortgages were 30 to 59 days late, 7.0 percent drop from the previous year. And seriously delinquent loans made an even dramatic fall, decreasing to just 2.6 percent of all loans, down 16.4 percent from the first quarter of 2014. The number of foreclosures also recovered significantly in the latest year. The OCC report stated that there were 299,424 mortgages in the foreclosure process by the end of the first quarter, a30.8 percent decline. Overall those foreclosures made up 1.3 percent of all mortgages. New foreclosures, those begun in the 2015 first quarter, fell to 83,058, sinking 8.6 percent from a year earlier. The number of completed foreclosures dropped to 38,509, a 31.5 percent decline from the 2014 first quarter. Mortgage modifications and refinances accounted for some of the drop in foreclosures. The OCC reported that there were 188,816 home retention actions during the first quarter. That actually represented a large decrease – 20.6 percent – from the year before. Fewer modifications were needed as rising home prices helped struggling homeowners regain equity and avoid foreclosure. A strengthened jobs market also helped borrowers have more income to stay current on their mortgages. As long as the economy continues to brighten, foreclosures and delinquencies will likely continue to fall. more

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