Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property. more
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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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In addition to mortgage loans for home purchases, there are also other loans available for various purposes that use the home for collateral.
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.
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.
There are dozens of different types of mortgage loan programs. They have been created to suit the varying needs of homebuyers.
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.
FHA (Federal Housing Administration) loans are very flexible, and you may qualify for an FHA loan with bad credit. more
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
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- 3 Factors that Can Negatively Affect Your Mortgage Application
- FHA Eligibility with Bankruptcy and Foreclosure
- What Lenders Don't Reveal About Home Equity Loans
- 3 Warning Signs of Loan Modification Scams
- Should You Refinance? Make Sure the Timing is Right
- Low Down Payment Loan Qualification
- What To Do When Mortgages Default
- Second Mortgages: Advantages and Disadvantages
- Short Selling a Rental Property
- FHA Loans for a First-Time Home Buyer
- Appraisal Basics
- 3 Reasons Banks Reject Short Sales
- Home Equity Loans for People with Bad Credit
The Mortgage101 Blog
The country’s youngest adult generation, those aged 18 to 34, otherwise known as Millennials are more likely than both Generation Xers and Baby Boomers to be saving for short and long term financial goals, but saving a for a house is low on the priority list. The latest quarterly renters survey from mortgage giant Freddie Mac found that 92 percent of Millennials are saving for a major purchase (not necessarily a house though) and 94 percent are saving for a vacation. Those rates among Boomers (aged 51+) are 82 percent and 81 percent, respectively while Generation Xers (ages 34-51) are even less likely to be saving for those things with 77 percent and 75 percent respectively. At the same time, renters as a whole are feeling stretched financially with 66 percent of them carrying debt each month. When saving is occurring, emergencies or other unexpected expenses are the top priority for renters with 59 percent. Another 51 percent say retirement is high on the savings list, and 50 percent say they are saving for their children’s college education. Only 39 percent of all renters say they are saving for a mortgage down payment. And most of those are Generation Xers, the most likely group to buy houses in the next three years. Generation X renters are the most likely to be renting single-family homes and 58 percent of Xers plan to purchase their own home within three years. Only 42 percent of Millennials expect to do that and just 33 percent of Boomers are planning on buying a home soon. For renters life continues to get more expensive. “We know rents are rising faster than incomes and now we have data to show that many renters don’t have enough to pay all their debts each month, which is forcing them to make tradeoffs, such as cutting spending on other items,” said David Brickman, Freddie Mac executive vice president of Multifamily. In order to pay for rising rents 51 percent of renters are spending less on essentials, 52 percent say they are also delaying home buying, 35 percent are thinking of getting a roommate and 26 percent they plan to move to a more affordable rental. more