Mortgage Insurance, sometimes referred to as Private Mortgage Insurance, is required by lenders on conventional home loans if the borrower is financing more than 80% Loan-To-Value. According to Wikipedia: Private Mortgage Insurance (PMI) is insurance payable to a lender or …
Understanding An Amortization Schedule
By committing to a mortgage loan, the borrower is entering into a financial agreement with a lender to pay back the mortgage money, with interest, over a set period of time. The borrower’s monthly mortgage payment may change over time …
How Do I Calculate My Mortgage Payment Without Using A Mortgage Calculator?
Calculating an exact mortgage payment without a calculator on a loan is no small task, but there are some simple rules-of-thumb you can use to get a close estimate. With the exception of the MIT Blackjack Team, performing this type …
Do I Have To Continue Making My Mortgage Payment If My Lender Goes Bankrupt?
When mortgage lenders go out of business and are essentially taken over by the FDIC, homeowners are left wondering if they still need to make a monthly payment. Great thought, and a very common question for many borrowers in the …
Shopping For A Hazard Insurance Policy
When shopping for a hazard insurance policy, something called “bundling” can actually save you quite a bit of money that most people aren’t aware of. Many of the big insurance companies price their insurance rates to attract a particular segment …
Who Owns My Home If I Have A Mortgage?
Many borrowers believe that when they purchase a property by obtaining mortgage financing, they also own their home. Technically speaking, full ownership on a property only happens once the mortgage loan amount has been paid in full. To break this down …