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

Understanding Various Types of Mortgage Loan Programs

If the last time you shopped for a mortgage was over a decade ago, then you might be surprised by how much the menu of loan offerings has changed. Immediately following the housing crash, mortgage meltdown, and economic recession of the late 2000s, loan programs began to disappear and an overhaul of industry guidelines and… Continue Reading

6 Good Reasons to Refinance Your Mortgage

The news is abuzz with the quarter percent interest increase that came from the Federal Reserve back in mid December, causing all sorts of panic and riots in the street. Well, maybe not riots — but a lot of people are wondering if they need to refinance now or if they’ve already missed their opportunity.… Continue Reading

4 Ways Mortgage Insurance Helps Homebuyers

There are few dirtier words to the average home buyer than “mortgage insurance.” Article after article has been written on ways to avoid mortgage insurance and on why it’s an awful, terrible thing, but I’m here to tell you something new. Mortgage insurance isn’t always a horrifying scar on your mortgage paperwork. In fact, mortgage… Continue Reading

6 Ways to Prepare for Your Conventional Loan Application

When you think of the word “conventional,” I know it brings to mind images of things that are considered “normal” or “standard” in our culture. That kind of thinking has caused a great deal of confusion among mortgage-seekers for a very long time because a Conventional mortgage isn’t the default choice for many buyers. For… Continue Reading

Assumable Mortgages Aren’t Outdated Options

Let me tell you all a little story about mortgages. Long, long ago interest rates were extremely high, reaching nearly 19 percent in the early 1980s. At the same time, there were also assumable mortgages: a loan product that allowed a buyer to take over the loan on a home with the terms remaining intact.… Continue Reading