Enjoy the ease and convenience of one loan and one low payment.
No monthly Mortgage Insurance (MI) premium
Potential for qualifying for a larger loan
Potential for greater tax benefits
Potential savings over the life of the loan
What is Lender Paid Mortgage Insurance (LPMI)?
With the LPMI option, the lender pays your mortgage insurance through a higher interest rate, allowing you to avoid mortgage insurance with less than a 20% down payment. Even with the higher interest rate, your total payment is usually less than if you had a lower interest rate with mortgage insurance. You can now enjoy a low payment without having to take out a second mortgage or home equity line of credit. This maximizes your tax-deductible interest and minimizes closing costs.
See exactly how much house you can afford based on your income, debts, and savings. Our affordability calculator and guide explain DTI rules, loan types, and the real monthly costs buyers overlook.
Buying a home while in the middle of a divorce takes a bit more preparation and understanding compared to other types of home purchases. The following information should help people that are in the midst of a divorce and wishing to buy another home.
If your situation doesn’t fit the standard expected by lenders, you could find it more difficult to qualify for the home loan you want. But there could be other options that will make financing your home purchase easier.
Before you consider buying a condo, it is important to find out if the condo has been approved by Fannie Mae or Freddie Mac, if you are going to use a conventional loan. If you are using a government-insured loan from the FHA, VA, or USDA, the condo project has to be approved by their requirements.
The option of using a non-occupying co-borrower on FHA, Fannie Mae or Freddie Mac mortgage loan opens up homeownership to more borrowers. These are often first-time home buyers who wouldn't otherwise be able to qualify so soon.
Rather than provide their kids or grandkids with a check as a down payment on a home, some people choose to offer a gift of equity on an existing home.
The following will compare an FHA loan vs Conventional mortgage, not to show that one is better than the other, but to highlight the strengths of each mortgage.
Learn how to purchase a fixer-upper and totally remodel it! With a little insight and some negotiation skills, it is possible to find that diamond in the rough.
I have had a lifelong passion for real estate and related work. I earned my real estate license in 2002 and my Brokers l...Read More →
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