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.
If you intend to sell a rental property, you will need to understand how the short selling works, what it means for your mortgage and how it affects your taxes. more
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
- 3 Warning Signs of Loan Modification Scams
- Low Down Payment Loan Qualification
- How to Get Approved for an FHA Loan despite Bad Credit
- FHA Loans for a First-Time Home Buyer
- Alternatives to Getting a 2nd Mortgage
- Should You Refinance? Make Sure the Timing is Right
- What To Do When Mortgages Default
- FHA Eligibility with Bankruptcy and Foreclosure
- 3 Reasons Banks Reject Short Sales
- Appraisal Basics
- Second Mortgages: Advantages and Disadvantages
- Home Equity Loans for People with Bad Credit
- 3 Common Short Sale Mistakes
- 3 Factors that Can Negatively Affect Your Mortgage Application
The Mortgage101 Blog
Dramatic price increases in 2013 helped lift 4 million American homeowners out of negative equity last year, according to property information firm CoreLogic, a positive sign for the recovering housing market. There are now 6.5 million homes, or 13.3 percent of all residential, mortgaged properties that are underwater – when a borrower owes more on the mortgage than the home is worth – down from the peak of December 2009 peak when 12 million homeowners were in negative equity territory. “Stability and growth in the housing market are essential for a durable recovery of the U.S. economy,” said Anand Nallathambi, president and CEO of CoreLogic in a statement. “The rebound in home prices in 2013 helped 4 million property owners regain at least some positive equity in their largest asset—their home. We still have a long way to go to eliminate the negative equity overhang but significant progress is being made every day across most of the country.” The situation does remain precarious though for those who are still underwater and even for those who have just a little bit of equity. There are 10 million homeowners nationwide who have less than 20 percent equity in their homes, a classification known as “under-equitied,” and 1.6 million of those have less than 5 percent equity. They are at the most risk for going back into negative equity depending on how the housing market moves in the next year. The states that still have the highest percentage of underwater borrowers are Nevada with 30.4 percent, Florida at 28.1 percent, Arizona with 21.5 percent, Ohio with 19.0 percent and Illinois with 18.7 percent. On a national average however, homeowners are in a much better place today than they were a year ago and while prices are not expected to rise as quickly as they did in 2013, they are predicted to rise enough to pull many more borrowers into positive equity by year’s end. more