PMI: Why is it Needed and When is it Used
Private mortgage insurance, or PMI, is in essence just like other forms of surety. The insurance company agrees to cover the risk to the lender if the borrower stops making monthly payments.
July 28, 2020
July 10, 2020
Alternative Lenders
The word "alternative" can mean different things in the world of home loans. It may simply refer to a funding business that does not operate out of a brick-and-mortar facility; instead, lending is conducted entirely online.
July 04, 2020
Paying Down Your Mortgage
A mortgage is either a tool to obtain financial security and prosperity…or it is a burdensome budgetary albatross that demands feeding month after month. The role of the home loan is really a matter of how a household manages debt and orders priorities.
June 18, 2020
Grants & Programs for Purchasing a Home
Being a homeowner has long been associated with the American dream. However, there are many individuals who would love to own their own home, but feel that they cannot afford it. A key concern could be an inability to come up with money for a down payment.
June 14, 2020
Avoiding Foreclosure During COVID-19
The COVID-19 pandemic has drastically affected many people's ability to keep up with their bills. If you fall too far behind, your lender may place your home into foreclosure allowing them to reclaim ownership of the home.
May 17, 2020
Technology's Impact on the Mortgage Process
From the start of the application process to the final settlement, hi-tech computing and telecommunications make the entire proceeding go faster and be more responsive to borrowers, at least compared to 20 years ago.
May 09, 2020
How Has the Pandemic Affected Mortgage Rates?
To prevent commerce from crumbling altogether, the Board of Governors of the Federal Reserve System lowered its benchmark lending rate effectively to zero. Given the current state of the economy, however, this action may just jump-start the mortgage business with new applications.
May 07, 2020
What Personal Information is Required When I Apply for a Mortgage?
...it is safe to say that most of us do not like sharing personal information if we can help it. Yet for a mortgage lender to extend large amounts of cash to new applicants, it must learn a few things about their trustworthiness and overall reliability.
May 05, 2020
What is Mortgage Insurance and When is it Required?
What Does Mortgage Insurance Cover? Essentially, this type of insurance protects a lender against borrower default. That is, the insurance company will recompense the bank or finance company if the borrower stops making monthly payments.