FHA mortgages always include mortgage insurance. It’s not just until you owe less than 80% of the home’s value either. You pay the mortgage insurance for the life of the loan. While that’s not the best news you want to hear, the good news is that the insurance does decrease over time.Compare Read more
Is the VA Funding Fee Tax Deductible?
VA loans provide veterans with 100% financing with flexible underwriting requirements. In exchange for the flexible guidelines, though, most veterans pay what’s called a VA funding fee. This fee is a percentage of your loan amount and is paid directly to the VA. It’s how the VA continues to provide Read more
Is There Mortgage Insurance (PMI) on USDA Loans?
USDA loans are a government program that provides low to middle-income borrowers with 100% financing. If you fit the income requirements, you can buy a home in a rural area with no down payment. Many people want to know if the USDA then charges mortgage insurance or PMI on the loan, like Read more
Top Ways to Avoid Paying Too Much PMI
If you put less than 20% down on a home and you use conventional financing you'll pay PMI or Private Mortgage Insurance. On the one hand, this insurance helps you get conventional financing, but on the other, your payment will be higher because of the PMI.Looking for Current Mortgage Interest Read more
Can Lender Paid PMI be Cancelled?
If you put less than 20% down on a home and you use conventional financing, you will need PMI. You have two options for the coverage – borrower-paid or lender-paid. Borrower paid insurance is when you make monthly premium payments until you owe less than 80% of the home’s value. You are able to Read more
