Not everyone can afford the standard 20% down payment when buying a home which means they need private mortgage insurance or PMI. So what exactly is private mortgage insurance, and how does it affect your home loan?
If you are ready to embark on your homebuying journey, you are likely full of excitement but also worried about the complexity of the process or understanding those funky mortgage terms. Here is our top ten list of mortgage terms you need to know when buying a home.
Have interest rates gone down from when you originally financed your home? Has your financial situation changed since you bought your home? Has your home value increased? Answering “yes” to any of these questions could mean it’s a good time to refinance your home.
So what exactly is mortgage insurance, and how does it affect your home loan?