207-321-5307
rairey@firstinmaine.com
Apply Now
Secure Doc Upload
First Financial Mortgage Logo

Blog

How Has the CORONAVIRUS Affected Mortgages?

Six ways the CORONAVIRUS Pandemic has affected the Mortgage Market: What Consumers Need to Know   The Coronavirus pandemic has had a profound effect on our society, with a tragic loss of human life and crippling of our economy. From retail to travel to housing, there is no industry that hasn’t felt the sting. But the mortgage market has experienced unique and sometimes contradictory manifestations of the pandemic, with both good and bad news for buyers and homeowners who wish to refinance. Rates remain low…and lower! First, the good news: Mortgage interest rates h...

June 9th, 2020 | mortgage, covid-19, How Has the CORONAVIRUS Affected Mortgages?

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?