Private mortgage insurance, or PMI, is one of the most commonly misunderstood concepts in the mortgage industry. So what is PMI?
In short, PMI is an insurance policy for which you as the homeowner pay the premium each month, but it doesn’t benefit you at all. This insurance policy insures the lender in case you don’t make your payments and go into default. If this happens, PMI guarantees the lender that they will get their ...
Home buying can be intimidating and confusing. I hope the following home buyer's guide will help you understand more about the process and the important steps that you must take to become a home owner!
Step 1: Work on your credit
One of the first steps to home ownership is establishing a good credit history. Your credit score goes a long way toward determining whether you qualify for a mortgage and if you ...
With gas and food prices skyrocketing, and unemployment on the rise, the US Central Bank has begun to hint toward a rate hike sooner rather than later. The fear is that inflation will spiral out of control which, coupled with high unemployment, will signal stagflation.
Ben Bernanke spoke this morning, and stated that risks to a serious downturn in the economy have abated. With inflation projected to continue to rise in the coming months, ...
If you are in trouble with your mortgage for whatever reason but can't seem to qualify for a refinance, there is a solution for you- mortgage modification.
A modification is simply a renegotiation with your lender for better terms that you can afford. Perhaps your payment has gone up because you are in an adjustable mortgage. Maybe you are falling farther and farther behind on the payments. Your mortgage may be for more than ...
The Federal Reserve lowered their outlook for the remainder of 2008 in their latest release. Among other things, the FOMC is predicting higher than expected inflation and unemployment, and lower growth. They also added that the recent rate cut was a close call.
The release has led to slightly better mortgage rates.
