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What Is Mortgage Insurance?

June 23, 2020 by Patrick Jones

When it comes to putting a down payment on a house, most lenders are going to ask for 20 percent; however, some lenders will be willing to accept a smaller down payment in exchange for something else. That something else is usually mortgage insurance. If a lender says they are asking for mortgage insurance, which is also shortened to PMI, it is important for everyone to know what this means.

Filed Under: Mortgage Tagged With: Insurances, Mortgage Insurance, PMI

FHA Down Payment Requirements: Homeownership Without A Big Savings Account

February 21, 2020 by Patrick Jones

Buying a home for the first time can be a challenge. One of the tools created to help people buy a home for the first time comes in the form of FHA loans. There were loans that were supported by the Federal Housing Administration (FHA). They can require a down payment that is as low as 3.5 percent.

Filed Under: Mortgage Tagged With: Financing Options, Mortgage, PMI

How Much Of A Down Payment Should I Make On My Home?

November 29, 2019 by Patrick Jones

There are a lot of steps that people need to take when buying a home. One of the most common issues that people discuss is the down payment. Most banks will require a down payment so that they aren't the only ones taking on the risk of buying a home. The common question people have is how much of a down payment they should apply.

Filed Under: Mortgage Tagged With: Down Payment, Mortgage, PMI

3 Ways To Avoid Mortgage Insurance

October 25, 2019 by Patrick Jones

When you are buying a home, you may run into a number of hurdles to complete the purchase. One of the items that you may be asked to purchase is called private mortgage insurance, often shortened to PMI. This is a unique insurance policy that your lender, such as the credit union or bank, may ask you to buy in order to protect themselves. In this insurance policy, the bank protects themselves against losing money if you end up defaulting on your loan.

Filed Under: Mortgage Tagged With: Insurance, Mortgage, PMI

Does Private Mortgage Insurance Make Sense For You?

September 5, 2018 by Patrick Jones

If you are reading this article, it's entirely possible that you are considering buying a home. It's also likely that you are weighing certain financial options between a sizable down payment or taking on the expense of mortgage insurance.

Filed Under: Mortgage Tagged With: Home Insurance, Mortgage, PMI

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