Before you embark on the journey of applying for a mortgage, there is one crucial number you must know: your debt-to-income ratio, or DTI. This single...
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For many homeowners, managing multiple high-interest debts can feel like a constant financial battle. Between credit card bills, personal loans, and o...
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When embarking on the journey of homeownership, most prospective buyers focus intently on the mortgage itself—the interest rate, the monthly payment...
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The specter of rising interest rates casts a long shadow over both personal finance and corporate strategy, forcing a critical evaluation of vulnerabi...
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When applying for a loan, particularly a mortgage, your debt-to-income ratio (DTI) is a critical number that lenders scrutinize. It is a simple compar...
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When navigating the complex decision of choosing a mortgage, the term length—the number of years over which you repay the loan—stands as a pivotal...
Read MoreThe old servicer is required to provide a complete history of your loan to the new servicer. This includes your payment history, escrow balance (if you have one), and any special arrangements. It’s a good practice to keep your own records for the first few months to verify everything is correct.
No, you cannot independently shop for monthly PMI. Your lender selects the private mortgage insurer. However, you can effectively “shop” for PMI by comparing loan estimates from different lenders, as their chosen insurer will affect your overall loan cost.
PMI is generally required on conventional loans when your down payment is less than 20%. This means your Loan-to-Value (LTV) ratio is greater than 80%. It is not required for FHA loans, which have their own mortgage insurance premiums (MIP).
Yes. If significant, unresolved issues are discovered—such as a major lien, an unresolved estate dispute, or a forgery in the chain of title—the title may be considered “unmarketable.“ This can delay or even cancel the sale until the problems are resolved by the seller. Your real estate agent and title professional will guide you through the options.
A repayment strategy is your proven plan for repaying the original loan amount (the principal) at the end of the mortgage term. Lenders will now insist on seeing a credible strategy before approving an interest-only mortgage. It is crucial because without one, you face the risk of losing your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
