If you put less than 20% down on your home and you have a conventional loan, you probably pay PMI or Private MortgageInsurance. This added fee to your mortgage payment increases the amount you pay each month. It’s not a fee you will ever get back - the insurance premiums cover the lender should you default on the loan. Compare Offers from Several Mortgage … [Read more...] about Does PMI Drop Off Automatically?
Before the housing crisis, it wasn’t unusual to see home equity loans for as much as 100% of the home’s value. Today, though, restrictions are much tighter. You are more likely to be able to borrow up to 80% or 85% of a home’s value if you are lucky. Looking for Current Mortgage Interest Rates? Click Here. What Determines How Much You Can Borrow? How much you are able to … [Read more...] about How Much Can You Borrow on a Home Equity Loan?