nsLending is a risky business. That is why lenders establish specific measures to ensure that they get buffered from loss in case borrowers default on their loan. One of these measures is what many commonly know as a Private Mortgage Insurance (PMI). PMI Defined A private mortgage insurance is a Read more
How to Get Lower Mortgage Payments?
Mortgage payments take up a significant part of your monthly income. When buying a home, how much of your paycheck goes to paying your home loan is therefore a significant point of consideration. Take note that it is not the only expense you’re going to have to answer to. There are your utility Read more
FHA Mortgage Insurance: When Does Insurance Premium Stop?
FHA mortgages give borrowers a chance to own a home without putting a lot down. Those who have a hard time saving for a down payment only need 3.5% to purchase a home. On a $150,000 home, this equals $5,250. This low down payment makes owning a home easier to afford. In exchange, however, you have Read more
Does it Make Sense to Refinance to Get Rid of PMI?
If you purchased your home with less than 20% down and you have a conventional loan, you pay PMI (Private Mortgage Insurance). The amount you pay is detailed on your mortgage statement. Chances are that it adds up to $100 or more per month. Unfortunately, you will never see a return on this Read more
Mortgage Rates Are Low Again, Should You Refinance?
As of January 19th, the 30-year mortgage rate averaged 4.09% from the prior week’s 4.12%. The results of Freddie Mac’s latest weekly survey on mortgage rates mark the second week they’ve dipped lower. And when rates are low, the question of refinancing is in order. Will rates remain low to merit a Read more
