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.
Most lenders rely on a credit score, called a “FICO score” to determine a Borrower’s creditworthiness when applying…
Consider banks, savings and loan offices and loan brokers: Find out what types of loans are available and…
Depending on your annual income, cash reserves, creditworthiness, and the appraised value of the property, you may be…
Under the direction of the Consumer Finance Protection Bureau (CFPB), lenders must give borrowers two important disclosure forms…
(Most states require sellers to fill out a disclosure form or disclose material facts about the property. To…
You will not be required to obtain a new Owner’s Title policy when you refinance your mortgage, but…
