How to Avoid PMI? Know Your Options

Let’s say you’re buying a house or refinancing and you need PMI. What are your options (besides putting down 20%)? Take Two Mortgages to Avoid PMI That’s right. If you take two mortgages that add up to 90% or 95% (remaining 5-10% is your down payment), you can avoid paying PMI. How? Because your first… Continue Reading

Private Mortgage Insurance (PMI) FAQ

Are you buying a house and putting down less than 20%? Are you refinancing but have less than 20% equity? Whether you’re buying or refinancing, are you getting a conventional loan? Then you will need PMI. What is PMI? PMI stands for Private Mortgage Insurance. It protects the lender from losing financially if you default… Continue Reading

How Can an Appraisal Make (or Break) Your Loan?

If you’re buying a house, then like most people, you’ll need to get a mortgage. You talk to a few lenders, get some quotes, pick a lender, and apply for your loan. Your lender then starts the process of getting you approved. They ask you for documents, send out disclosures, and order an appraisal. What… Continue Reading

Should You Pay Points?

Let’s say you’re about to buy a house. You’re at a family barbecue on the weekend. The sun is out, the kids are running around, there’s burgers on the grill. Your older brother comes up to you and asks if you found a lender yet. You tell him you got some quotes, and they’re all… Continue Reading