04
Oct
By Adrian Willanger
Homebuyer Tips, ,

20% Down Payment vs. Mortgage Insurance

When it comes to buying a home, one of the biggest decisions is whether to save up for a 20% down payment or opt for mortgage insurance. While a 20% down payment has traditionally been the gold standard, mortgage insurance is becoming an increasingly viable option for many buyers. Here's a closer look at both paths to help you determine which is right for you. The 20% Down Payment: Stability and Long-Term Savings A 20% down payment has long been viewed as a smart financial move, and for good reason. Here’s why it continues to be a popular option: Instant…
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20
Dec
By Adrian Willanger
Home Mortgage Tips, ,

You Ask, We Answer: What Are the Pros and Cons of Private Mortgage Insurance?

It's easy to get Private Mortgage Insurance (PMI) confused with homeowners' insurance, but PMI is an entirely different thing that may or may not be necessary when it comes to your home purchase. If you're going to be investing in a home in the near future and are wondering what PMI may mean for you, here are some things to consider regarding this type of insurance. Your Down Payment Amount If you've been perusing the housing market for a while, you've probably heard that 20% is the ideal amount to put down when investing in a home; however, you might…
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27
Jul
By Jim Hasek
Mortgage, ,

The Top Questions To Ask A Mortgage Lender

With many people interested in taking out a home loan, it is critical for potential homeowners to think carefully about which loan structure is right for them. There are a lot of home loan options out there, and potential homeowners need to make sure they consider the benefits and drawbacks of all options. This means asking the right questions. What questions do you need to ask your mortgage lender? How Big Of A Down Payment Do I Need? The first question you need to ask your mortgage lender is about the down payment you need to make. A smart rule of thumb…
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29
Dec
By Jim Hasek
Home Buyer Tips, ,

Do You Need Mortgage Insurance Even If It’s Not Required By Your Lender? Let’s Take A Look

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 undergo a strict set of standards for approval. These standards are known as underwriting and make up the bulk of time spent on a mortgage application.…
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19
Oct
By Jim Hasek
Mortgage, ,

What is an FHA Streamline Refinance?

FHA borrowers have an exceptional program available to them called the FHA streamline refinance. It’s a simple way to get a lower mortgage payment and/or lower rate, but it’s not for everyone. Read this guide to learn all about FHA streamline refinance and how it works. What is an FHA Streamline Refinance? The FHA streamline refinance allows FHA borrowers to skip most underwriting tasks including income and credit verification. It’s a simplified way to get a lower rate or change your loan’s term to get a more predictable payment. Who is Eligible? To be eligible for the FHA streamline refinance,…
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02
Sep
By Jim Hasek
Home Mortgage Tips, ,

3 Reasons Why the Cost of Title Insurance is Worth the Investment

Title insurance is one of the few types of protection policies available to homebuyers and one that is often overlooked because of its optional nature. Because title insurance is purchased simultaneously with the home, it can be very easy to forego when looked at alongside all the additional fees that are associated with purchasing property. This is typicaly not advisable, as title insurance is one of the smartest forms of protection a homeowner can buy. Here are just three reasons why every purchaser should get title insurance. It's The Best Protection Against Fraud Title insurance protects the owner of a…
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