Private mortgage insurance, also referred to as lender mortgage insurance, is the part of the monthly mortgage payment that a buyer pays to the lender if the mortgage is more than 80% of the purchase price of the property. In many cases, PMI is required for loan approval to protect the lender in case the buyer defaults on the loan. Once, payments reach 20% of the principal loan, PMI is removed from the mortgage and from the payments. Continue reading
If you are considering buying a new home or refinancing your current one, there are a few things that may affect your interest rate. So, when you’re considering buying a home now or in the future, be sure to keep these in mind!
6 Factors that can affect your interest rate: Continue reading