The journey to homeownership is often symbolized by the quest for the perfect mortgage rate, but the financial responsibility extends far beyond that ...
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In the ever-evolving landscape of real estate financing, an often-overlooked option presents a unique opportunity for both buyers and sellers: the ass...
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A cash-out refinance is a powerful financial tool that allows homeowners to access the wealth they have built in their property. Unlike a traditional ...
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Navigating the mortgage landscape requires understanding the fundamental categories of home loans, primarily the distinction between conventional conf...
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The journey to homeownership is a monumental financial achievement, yet the initial mortgage payment and down payment are often just the beginning of ...
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The moment you receive the keys to your new home is a monumental achievement, but it also marks the beginning of a new financial chapter. The transiti...
Read MoreThe rules for mortgage insurance differ for each program. FHA Loan: Requires both an Upfront Mortgage Insurance Premium (UFMIP) paid at closing (can be financed into the loan) and an Annual MIP paid in monthly installments for the life of the loan in most cases. VA Loan: No monthly mortgage insurance. Instead, it charges a one-time VA Funding Fee, which can be paid at closing or financed into the loan. This fee can be waived for certain veterans with service-connected disabilities. USDA Loan: Requires an Upfront Guarantee Fee (paid at closing or financed) and an Annual Fee paid monthly.
If you sell your house, the proceeds from the sale must be used to pay off your primary mortgage first, then your Home Equity Loan or HELOC balance. Any remaining funds belong to you. If the sale price doesn’t cover the debts, you may face a short sale or foreclosure.
Yes, you can often remove PMI early due to property value appreciation. This usually requires you to have owned the home for a minimum period (often 2 years), be current on your payments, and order a formal appraisal (at your expense) to prove your LTV is now 80% or less.
The absolute minimum depends on the loan program:
Conventional Loan: Typically 620
FHA Loan: 500 (with 10% down) or 580 (with 3.5% down)
VA Loan: Varies by lender, but often 620
USDA Loan: Varies by lender, but often 640
It’s important to note that these are minimums, and a higher score will always secure better terms.
We strive to respond to all emails and phone calls within one business day. For urgent matters, we will make every effort to respond within a few hours. If your Loan Officer is unavailable, a dedicated team member will be able to assist you to ensure your questions are answered promptly.
