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Applying for a Mortgage after a Bankruptcy

Qualifying for a home mortgage with a bankruptcy on your credit history requires time and money. Yet 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. 
Your Credit Score
The three main U.S. credit bureaus--Equifax, Experian and TransUnion--maintain your credit history. Using that history, plus its own proprietary equation, the Fair Isaac Corp. calculates your FICO credit score somewhere between 850 and 300 points. Anything above 700 points is good to excellent, with... more

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Mortgages

In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.

Rates

Mortgage interest rates are determined by credit history strength, the number of points you pay, the size of your down payment and the type of loan program you choose.

Home Buying

Obtaining funding is crucial to buying a home. This requires applying for a mortgage, choosing a house that meets the appraisal standards, and determining the amount of the down payment.

Loans

There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.

Moving

When making a big move, it's essential to find out as much as possible about the schools, the neighborhoods, the housing costs and the community resources.

MORE MORTGAGE ARTICLES

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

Appraisal Basics

A real estate appraisal is an evaluation that determines the value of a property. There can be many different reasons for having an appraisal conducted, but one of the most common purposes is to determine the market value of a house before a mortgage transaction. more

Alternatives to Getting a 2nd Mortgage

There are several alternatives to getting a 2nd mortgage for homeowners who need cash. Whether a borrower wants to put their assets on the line as collateral and has good credit, there are options. A home equity line of credit is one main alternative to a 2nd mortgage. This line of credit would equal the value of the property minus the amount due on the original mortgage. more

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