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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

Should You Refinance? Make Sure the Timing is Right

Deciding whether or not you should refinance depends on your personal financial situation. If interest rates are lower today than they were when you first took out your mortgage, refinancing makes sense. more

Second Mortgages: Advantages and Disadvantages

A second mortgage is a loan taken out against the value of your property, in addition to your primary mortgage. These loans can offer great benefits, but they certainly come attached with some large risks as well. 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

Lenders Step In For Secondary Market on Jumbo Loans

Most mortgage banks and lenders traditionally prefer to sell off any home loans they make to the secondary market as soon as they make them. But for one segment of the market – the jumbo loan – lenders are having a change of heart. The secondary market – investors who buy up securities made of mortgages that have been originate by banks and bundled together in groups – has only been able to purchase 2.3 percent of all jumbo loans made in the first half of 2014, according to industry newsletter Inside Mortgage Finance. When compared with the 49.3 percent of jumbo loans in 2005 that were securitized, you have to ask yourself why. For starters, mortgage loan standards have been severely restricted since the housing collapse six years ago. It has been much tougher for those with small down payments or less-than-perfect credit histories to obtain home loan financing. On the other hand, those seeking jumbo loans – mortgages over $417,000 in most of the country and $625,500 in the nation’s priciest areas – typically have very large down payments and great credit as well. These loans are viewed as safe bets and have become a highly desired commodity for banks and investors alike. Because these are the least risky mortgages and because the jumbo loan market is booming right now, many lenders are deciding to hold these loans on their books instead of selling them off. The lenders are making more money from those jumbo loans with annual interest rates of roughly 4.2 percent whereas the savings account rate is only around 1 percent a year these days. And the changes in the market are turning into benefits for jumbo borrowers as well. Lenders who plan to keep the loans themselves can usually offer better interest rates or more attractive loan terms. Says Guy Cecala, Inside Mortgage Finance CEO and publisher, “The case could be made that borrowers are better off without a mortgage-backed securities program than they were before,” he says. more

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