If you’ve been considering a mortgage, you’ve likely run across the term PMI. But you might be unsure of exactly what it means or how it can have an effect on your bottom line. Here, Forbes discusses what PMI is, how it’s paid and how you can avoid it. What is PMI? Private mortgage insurance—also known as PMI—is an extra monthly
As its name suggests, a bridge loan offers a short-term loan or “bridge” that allows borrowers to purchase new real estate property by using the home they currently own as collateral. Here, realtor.com explains why a bridge loan can be worth considering for borrowers who are trying to buy and sell a home at the same time. What is a bridge loan?
Prepaying a mortgage can be a financially savvy move for some homeowners. For others, however, it just doesn’t make sense. The bottom line: If you don’t have enough money to cushion your savings before you begin paying off your mortgage early, prepaying your home loan may put you in a financial hole if an emergency arises. To help determine whether
Upon borrowing money to purchase a home, one of the documents you will run across is an amortization schedule provided by your mortgage lender. The amortization schedule, in essence, outlines your loan payments each month and helps keep you on track. Here, realtor.com explains exactly what an amortization schedule is and why it’s important. What is an amortization schedule? When you
Buying a home is one of the largest financial decisions you’ll ever make in your life. So, it makes sense that you’d want to know what all of your money is going toward, right? It’s important to understand the full costs of homeownership by knowing what’s coming and creating a comprehensive budget that accounts for the entire package. Here, realtor.com
When borrowing money to purchase a home, the annual percentage rate (APR) consists of the interest and other charges (such as closing costs, points, origination fees and private mortgage insurance) that you’ll pay as part of your monthly mortgage. There also are some costs that usually aren’t calculated into the APR, including the home appraisal, title search and insurance,
We all know that your credit score is a key factor when it comes to getting approved for a mortgage. But what if your credit score seems to be stuck in neutral and won’t budge. You check it every month, and it’s the same it was last time you looked. With all of the different factors that affect your credit,
Refinancing a mortgage can be an ideal way for homeowners to save some money. Here, realtor.com highlights the right ways to refinance your mortgage loan with a homeowner’s guide to HELOCs and more. What is home equity? This is the current market value of your home, minus the amount you owe on your mortgage. While paying down your mortgage loan will decrease
As you prepare to apply for a mortgage, it pays to know what to expect. Here, Yahoo! News offers some advice that will help you better understand the timeline of the mortgage process. Step 1: Understand the mortgage you can afford (2 weeks) The entire process starts by defining the type of mortgage you’re looking for, checking your credit
Buying a home is difficult enough in today’s housing market, but try adding the extra pressure of selling your current home, too. Many homebuyers face this two-step transaction, whether they are relocating for a new job, upgrading to a new home or downsizing in retirement. Last year, 89 percent of repeat buyers sold or planned to sell their previous home,
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