Mortgage insurance – it’s the dreaded part of any new mortgage. The only way around it is to put down more than 20% of the purchase price of a home. Not many people have this option. Even government-backed loan requires some type of insurance. So how can you get rid of it on a conventional loan? The good news is there are many ways! Pay the Balance Down Paying the loan’s … [Read more...] about When Does Mortgage Insurance Drop Off?
Getting a new FHA mortgage will cost less this year as the agency is reducing its annual MIP rates by 25 basis points. This annual mortgage insurance premium (MIP) reduction, according to the FHA, will help homeowners save $500 a year.Reduced rates will apply to mortgages that closed on or after January 27, 2017.Talk to a mortgage lender near you.» 2017 FHA Annual MIP … [Read more...] about Homebuyers Will See Lower FHA Annual MIP Rates This 2017
Many people automatically think of “mortgage” when they hear about buying a home. But not all homebuyers want to deal with interest rates and the long process of home loan acquisition. In fact, paying for a home in cash is more popular than you think.But in today’s climate, would paying in cash be more advantageous than getting a mortgage?Let’s take a closer look at … [Read more...] about The Pros and Cons of Paying Cash for Your Home
Private Mortgage Insurance is like a double edged sword. On the one hand, it is sometimes the only way to get the mortgage you want because you do not have 20 percent to put down on the home and you do not want an FHA loan. On the other hand, it is an extra expense you must pay every month until you hit a certain point in your mortgage payments, which is when you hit 80 percent … [Read more...] about Getting Faster Relief from Private Mortgage Insurance
That pesky debt-to-income ratio can really harm your ability to get a home. If you find yourself borderline qualifying, causing lenders to teeter totter on whether or not to give you a loan, it might be advantageous for you to use lender paid mortgage insurance. Because Private Mortgage Insurance directly impacts your debt-to-income ratio, it could render you unable to get the … [Read more...] about What does the Debt-to-Income Ratio have to do with Lender Paid Mortgage Insurance?