An FHA Loan- An FHA Loan through the Federal Housing Administration, can help low-income families purchase homes they would otherwise be unable to afford. This is a big help to families who require more than a single bedroom apartment or house but don’t have the income to come up with a downpayment and may be [...]
Online mortgage calculators are widely used by home buyers today. If you are planning buy your next house, you should use these tools to determine how much you can fork out for your next house. This is not to say that the use of online mortgage calculators is flawless – they have their advantages and [...]
Tough Financial Times Are Taking Their Toll On Younger Households With households all over the country feeling the pinch of the ever-increasing costs of living, it appears that the tough financial times are taking their toll on younger households. Despite the mortgage stress being felt by the first time home buyer market, analysts say the [...]
Your First Mortgage- Buying your first home is an exciting moment, whether you’re buying a studio apartment for yourself or a house for your family there are fewer joys in life like using your new key to unlock the front door for the first time. People are buying their way into the home owner’s world at [...]
Editor’s Note: Although they sound alike, Private mortgage insurance (PMI) and mortgage protection insurance (MPI) are two entirely different types of insurance created for vastly different purposes. What is Mortgage Protection Insurance (MPI)? Mortgage protection insurance is essentially a life insurance policy designed to pay off your mortgage in the event of your death so [...]
Private Mortgage Insurance or Mortgage Protection Insurance Whether you’ve just purchased your first house or you’ve built up some equity in your home, there’s no doubt about it: home ownership is expensive. Because of this, it’s tough to want to add the additional expense of mortgage insurance to your monthly bills. However, you shouldn’t rule it [...]
Mortgage Insurance Premiums If you are buying a new home but don’t have a 20 percent down payment, your mortgage company will require that you have mortgage insurance. The major disadvantage of mortgage insurance is that you as the borrower pay the premiums but the benefits go to the lender. If a borrower defaults on a loan, mortgage insurance pays funds to [...]
