The decision between a 15-year and a 30-year mortgage is one of the most significant financial choices a homebuyer can make, setting the trajectory fo...
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The choice between a 15-year and a 30-year mortgage is one of the most significant financial decisions a homebuyer or refinancer will make. This decis...
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The journey to homeownership is filled with critical decisions, and one of the most fundamental is choosing between a fixed-rate mortgage and an adjus...
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Navigating the world of home financing begins with a fundamental understanding of mortgage types and terms. A mortgage is more than just a loan; it is...
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The relationship between your mortgage’s interest rate and its loan term is a fundamental financial dynamic that significantly impacts both your mon...
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For many homeowners, the monthly mortgage payment includes an unwelcome guest: Private Mortgage Insurance, or PMI. This additional fee is a common req...
Read MoreAutomatic termination only happens when you reach the 78% LTV milestone based on your original amortization schedule. It will not happen automatically if you reach 80% LTV early through extra payments or if your home’s value increases; you must proactively request cancellation in these scenarios.
Be prepared to walk away. If a lender is unwilling to discuss their rates or fees, it may be a sign of poor customer service. Thank them for their time and take your business to a lender who is more responsive. Having multiple offers ensures you are never forced to accept a bad deal out of desperation.
The Housing Market Index (HMI) is a monthly survey by the National Association of Home Builders (NAHB) that gauges builder confidence in the market for newly built single-family homes. A high reading (above 50) indicates that builders view conditions as good. This can signal strong housing demand and future construction activity, which impacts housing inventory and price trends.
1. Contact your loan servicer to understand their specific requirements.
2. Ensure you meet all criteria (e.g., good payment history, waiting periods).
3. If using appreciation, order an appraisal or BPO as required by the lender.
4. Submit a formal written request for PMI cancellation.
5. Follow up persistently until the PMI is officially removed from your account.
Your financial documentation can be broken down into four key categories:
Proof of Identity & Assets: Social Security cards, driver’s licenses, passports, and statements for all bank, investment, and retirement accounts.
Proof of Income & Employment: Recent pay stubs, W-2 forms from the past two years, and federal tax returns.
Proof of Funds for Down Payment & Closing Costs: Bank statements showing the accumulation of your down payment funds.
Debt & Liability Information: Statements for all existing loans (car, student, personal) and current credit card statements.
