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What is Mortgage Insurance?

If you’re buying a home but don’t have a sizable down payment to invest, your best option may be a loan that charges mortgage insurance, such as an FHA or VA loan. Since all lending is based on risk, there may be some cases where the lender wouldn’t want to approve a borrower for a mortgage without some guarantees or safeguards (or, they’d raise the rates/cost so high to account for that risk, it wouldn’t make sense). That’s where Mortgage Insurance (MI) or Private Mortgage Insurance (PMI) come in. Most common with Federal Housing Administration (FHA)-...

February 28th, 2020 | mortgage, What is Mortgage Insurance?

10 Things You Should Know About Credit Before Buying a Home

10 things you should know about credit before buying a home.   Homeownership is still the bedrock of a strong financial future, with more than 64% of Americans owning their own home now and many more to come thanks to record-low interest rates. But no matter who you are, how much money you’ve saved, and whether you’re buying your first home or downsizing in retirement, your credit score is fundamental to qualifying for a mortgage. Here are 10 things that you should know about credit before applying for a loan and buying a house! Start early. It is...

February 12th, 2020 | refinance, credit, buying, credit score, 10 Things You Should Know About Credit Before Buying a Home