When Is Private Mortgage Insurance Required?
PMI is an acronym you might hear when you're buying a home, but what is it short for? PMI stands for private mortgage insurance, and this is cost you will have to pay if you don't have 20% down payment. What is PMI? It's insurance that protects your lender, not the borrower in case of default on the mortgage. PMI can be either private and government-backed. If you have a government-funded loan, such as an FHA loan, the mortgage insurance is also a government product. However,
Don't Skip a Home Inspection, Try This Instead
When you're trying to buy a home in a competitive market, it's tempting take to bold actions. Offering more than the asking price is one strategy, but there's another more extreme action that you may end up regretting: waiving the home inspection. Find out the pitfalls to skipping the home inspection when buying a home and what you can do instead. As always, if you have any questions about purchasing a home or applying for a home loan, we are available to assist you. The Risk
How to Remove the Monthly Expense of PMI
Though no one welcomes this added expense, it's often a necessary compromise when purchasing a home or refinancing. The good news is that it doesn't last the entire life of the loan. In fact, there may be actions you can take right now to get rid of PMI sooner! Private mortgage insurance, or PMI as it's more commonly called, is an insurance that is often required if you bought a home with a down payment of less than 20 percent. Mortgage insurance protects the lender from defa