| |
| |
|
Mortgage & Refinancing Information |
|
|
Private Mortgage Insurance Basics
Will you be asked to pay Private Mortgage Insurance, or PMI?Most lenders will require you to carry PMI if you cannot put 20% or more of your loan amount forward as a down payment. PMI protects the LENDER in case you default on your payments. PMI does not protect you, the borrower. The lender will secure the PMI policy for you, and you will pay for it. Most people choose to have PMI added to their monthly mortgage payments, but other payment arrangements are possible. The monthly cost of PMI is based on your loan amount. An approximate cost of PMI for a $100,000.00 loan is about $50.00 a month. Your Magic Number When the equity in your home reaches 20%, you can have the PMI policy cancelled. Your monthly payment will be recalculated to reflect that you are no longer paying for the insurance, and you can save some money. But lenders do not have to cancel your PMI until your equity reaches 22%, so you can spend extra money on this that you don't have to. Your best bet is to figure the dollar amount that you need to reach in order to have 20% equity. Then, obtain an amortization schedule from your lender, and see when you will reach that figure. That is the date to keep in mind so you can cancel it without any extra cost to you. It's Not Always Automatic Not all people have the convenience of having their PMI automatically cancelled. The Homebuyer's Protection Act that requires lenders to do this does not cover loans that closed before July 29, 1999. It also does not cover VA loans or FHA loans. So be aware that you might not have someone else taking care of this for you. Check it out! Genesis Font is an SEO and Developer for LoansInteractive.com - Mortgage and Loan Officer Websites. We also offer Quality Web Hosting Services.
MORE RESOURCES:
Mortgage and refinance rates today, September 25, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Refinancing Your Mortgage Is About to Get More Expensive The Wall Street Journal How to refinance your mortgage without closing costs Fox Business How often can you refinance your mortgage? Fox Business A record number of borrowers can now save on a mortgage refinance, as rates set another historic low CNBC Sovereign Lending Group, Mortgage Refinance Company, Hires Curt Rosequist As They Expand To Texas. globenewswire.com Mortgage and refinance rates today, September 16, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Mortgage lenders are adding the refinancing fee. You can still avoid it if you act now. Bankrate.com Mortgage Refinance Calculator Clark.com Mortgage and refinance rates today, September 15, 2020 | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Should I refinance my mortgage? A financial planner explains Business Insider The refinancing boom is just getting started HousingWire How and Why to Refinance Your Mortgage: A Step-By-Step Guide Clark.com - Clark Howard When Should I Refinance With a No Closing Cost Mortgage? Clark.com - Clark Howard Smart Money Podcast: The Psychology of Debt, and When to Refinance Waxahachie Daily Light Historic mortgage rates spark a resurgence of Dayton homebuyers —and a refinancing boom Dayton Business Journal 15-year mortgage rate hits new record low Bankrate.com How to Lower Your Monthly Mortgage Payment: Guide Credible News Best ways to pay a large credit card bill Bankrate.com Jumbo Mortgage Borrowers are Paying Discount Points Again. Here’s Why. The Wall Street Journal Harambee first sacco to access mortgage refinancing The Star, Kenya Buying a Home This Year? 3 Ways to Win a Bidding War The Motley Fool 3 Questions to Ask Yourself Before Buying a Home The Motley Fool Goldman Sachs Economists Now Anticipate Slower Growth After Giving Up on Coronavirus Stimulus The Motley Fool Mortgage refinance: Everything you need to know Fox Business Seven Out of 10 Homeowners Who Research Refinancing Get Unwanted Sales Pitches: Survey Credible News How to refinance your mortgage Fox Business How to refinance your mortgage in 5 easy steps Fox Business When should you refinance your mortgage? Fox Business How to get the best mortgage refinance rates Fox Business 10 things to know before refinancing your mortgage Fox Business Compare Today's Mortgage Refinance Rates: Sep 29 Credible News How to get a low-cost mortgage refinance Bankrate.com Mortgage refinancing is about to get more expensive Pittsburgh Post-Gazette Mortgage refinancing will be 0.5% more expensive, Fannie Mae and Freddie Mac to raise fees USA TODAY How does mortgage refinancing work? Bankrate.com Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You - The Wall Street Journal Refinancing Your Mortgage? Those Rock-Bottom Interest Rates Aren’t for You The Wall Street Journal Mortgage refinance applications spike 79% as homeowners rush to take advantage of lower rates - CNBC Refinancing just got more expensive, thanks to this new fee | Mortgage Rates, Mortgage News and Strategy The Mortgage Reports Rushing to Refinance Your Mortgage: 6 Tips and What to Avoid The New York Times I refinanced my mortgage during COVID-19, and thanks to low interest rates I'll save about $50000 Business Insider |
|
|
|
RELATED ARTICLES
Home Loans - Would You Buy a Home Without an Inspection? The housing market has exploded, with home prices rising beyond all reason in some markets. Home prices have doubled or tripled during the last five years, and in some cities, the asking prices for homes are considered only to be suggested opening bids. Using a Mortgage Refinance Company Online Online mortgage companies make refinancing convenient and competitive. By researching mortgage rates and lenders online, you can be assured that you have the best refinancing rates. What Length Mortgage Is Right For You? You've found the home that is right for you, and now you need to do the same thing for a mortgage. There are several options for people out there, each one designed for a different type of buyer. Shopping for A Mortgage? Do Your Homework First If you happen to be shopping around for a mortgage, it is very important that you first take the necessary time to do your homework.When I say homework, I am talking about research. How To Save Hundreds A Month On Your Mortgage When it comes to American spending habits, the sad truth is that most people don't put their financial assets to the best use. One of the greatest examples of this is the home mortgage. Home Mortgage Interest Rates: How to Compare Whether you are looking to purchase your first home, sell your current home and purchase a new one, or you are wondering whether or not you should refinance your existing mortgage, it is beneficial to compare current home mortgage interest rates from several companies to be sure you get the best deal possible. They can be researched very easily online, and you can tailor your search to give you accurate rates based on the state that you will live in, whether you are buying or refinancing, and the amount of the loan. Home Mortgages: Does a No-closing-cost Loan Make Sense for You? I have heard a number of radio ads and have seen many newspaper ads offering "no closing cost" home mortgages. These ads will tell you that you can get a new mortgage or refinance your existing mortgage at absolutely with absolutely no closing costs. Mortgage: Effective Household Investment for Financial Autonomy If finances had a copyright, we would have bought it by now. But it is hardly sold anywhere near the place we live. What Your Mortgage Lender Is Not Telling You About Accelerated Mortgages For years, mainstream banks and financial advisors have been recommending that you pay extra cash into your mortgage account in order to cut down the huge interest amount and reduce the period over which you pay back the loan.For example, if you borrow $200,000 over 30 years at a rate of 5%, your monthly repayments would be around $1074. Finding the Best Homeowner Loans for Your Money Looking for the best homeowner loans can be stressful, especially when there are so many different lender options to choose from.Banks, finance companies, and online services all claim to offer the best homeowner loans? which one should you choose?The answer can depend upon what you're wanting out of a loan, what past business relationship you have with the lender in question, and the amount of equity that you have in your house to use as collateral for the loan. Doing a California Refinance Online Californians are passionate people. I know. Home Loans - Lenders Continue to Offer High-Risk Loans Home prices in the Untied States continue to soar, and the remarkable run of real estate as the "must have" investment continues. The median price of a new home, which only recently crossed the $200,000 barrier, is now $215,000. How to Use a Home Equity Line of Credit Calculator Most home owners know that the lower the interest rate, the lower the monthly payments. But then the process may get a bit fuzzy. Should You Get an Interest-only Home Mortgage? Before you consider taking out an interest-only mortgage, you should first understand what they are. Unlike traditional, fixed-rate mortgages, interest-only mortgages allows the borrower to initially pay the interest on the principal for a short period of time, rather than making payments on both the principal and the interest. Finding the Best Mortgage Lender Online Finding the best mortgage lender online is simply a matter of doing some smart shopping. Begin by gathering your financial information, and then request quotes from several lenders. Option ARM - The World's Most Dangerous Mortgage Home prices have reached record levels, and in many parts of the country, homes have become nearly unaffordable. Real estate has replaced the tech stocks of the late 1990's as the hot investment, and everyone has sold their stocks and jumped into investment property. Mortgage After Bankruptcy Most people probably assume that obtaining a mortgage to purchase a home, refinance or to consolidate debt after a bankruptcy is out of the question. In fact, many people are able to obtain these mortgage services, even 1 day after a bankruptcy discharge in some cases. Securing a US Commercial Mortgage What's the most efficient way to secure a US Commercial Mortgage? Work with a mortgage broker who specializes in this area. If you've ever applied for a loan, you're familiar with the mountain of paperwork you are required to complete during the process. Thought You Can Go All Alone In Mortgages! Mortgage Advice Beneficial In All Important Decisions Mortgages are easy as long as you understand them well. But how many borrowers can be confident of their knowledge of mortgages. Thought Fixed Rate Will Give You a Respite from the Perils of Variable Rates! Think Again Slight increases in the interest rates raise your hackles. Tension grips your mind as to how you are going to make the extra payment.
|
| home | site map |
| © 2006 TIGER MEDIA |