Finding a proper mortgage loan and understanding the processing procedures behind the loan is the basis of good research. The down payment on a mortgage loan is typically significant when dealing with mortgage insurance. Most loan applications with less than 20% down payment are required to include mortgage insurance with the loan. However, mortgage insurance may still be required even if it's not typically required by your lender. Underwriting Requirements Most home mortgage applications … [Read more...]
Understanding Title Insurance and How It Impacts Your Mortgage Loan
When you buy a home, you will be given a title to your new property. A title is a legal document that proves you own the property, and in most cases the title excludes other parties from making an ownership claim. However, not all titles give you free and clear ownership of the property. Title insurance protects you and your lender from title disputes and other ownership issues that may arise. Here are just a few ways that title insurance can impact your mortgage. How Title Insurance Protects A … [Read more...]
The Importance of Reviewing Your Insurance Policies During The COVID-19 Pandemic
The COVID-19 pandemic has taken the world by storm. Millions of people all over the world have been infected and businesses have ground to a halt. During this time, it is important for everyone to take a breath, pause, and look at their insurance policies. The reality is that the economic crisis is following in the footsteps of the obvious public health emergency. In order for everyone to hold their finances together, it is important to explore all of the options. This includes looking at … [Read more...]
A Breakdown – The Difference Between FHA, VA and USDA Mortgages
Are you thinking about using mortgage financing to buy a new home? If so, you've likely heard about mortgage insurance policies requirements and you may be wondering how they will affect you. In today's blog post we'll explore mortgage insurance and explain the difference between conventional, FHA, VA and USDA mortgage insurance policies. How Does Private Mortgage Insurance or "PMI" Work? While there are a number of reasons that your lender may require mortgage insurance, in general you'll be … [Read more...]
What Is Mortgage Insurance?
When it comes to putting a down payment on a house, most lenders are going to ask for 20 percent; however, some lenders will be willing to accept a smaller down payment in exchange for something else. That something else is usually mortgage insurance. If a lender says they are asking for mortgage insurance, which is also shortened to PMI, it is important for everyone to know what this means. An Overview Of PMI PMI stands for private mortgage insurance and is usually required if the borrower is … [Read more...]
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