PMI or Private Mortgage Insurance insures lenders against losses when they have to foreclose and can only sell their foreclosure properties for less than the loan balances. Most lenders now require PMI whenever they lend more than 80% of the appraised value of a property. Some lenders will even lend as much as 95% of appraised value so long as the borrower secures private mortgage insurance.
With home prices on the rise, it’s easy to assume that property appraisal levels will increase accordingly. But…
When a borrower signs a promissory note, he is agreeing to pay the lender a specific amount of…
If you have been denied credit in the past 30 days, you have the right to request a…
Depending on your annual income, cash reserves, creditworthiness, and the appraised value of the property, you may be…
You will not be required to obtain a new Owner’s Title policy when you refinance your mortgage, but…
Lona Hamilton had been struggling to make her mortgage payments for the last year and a half. She…
