A Piggyback Loan is actually the second mortgage loan after the first mortgage is used to finance one property. A Piggyback Mortgage loan combines two mortgages for buying or refinancing a home. Homebuyers often use Piggyback Mortgages to avoid paying Private Mortgage Insurance (PMI) on a conventional loan when putting down less than 20%. Borrowers … Read more
VA Funding Fee is a one-time payment that helps lower the cost of a VA Loan since the VA Mortgage loan program does not require a Down Payment or Mortgage Insurance. The amount of the fees is determined by the Loan’s size whether the homebuyers already have VA Loans and their service history. The U.S. … Read more
USDA Guarantee Fee works like mortgage insurance in helping to guarantee the USDA Mortgage Loans. The USDA Guarantee Fee is lower than similar fees on similar loans, but USDA borrowers should still be aware of these fees and how it works. The USDA Mortgage Loans are issued through the United States Department of Agriculture and … Read more
Mortgage Insurance Premium (MIP) is the type of Mortgage Insurance applied to Mortgage Loans insured by the Federal Housing Administration or FHA Mortgage Loans. These FHA Loans are provided by FHA-approved mortgage lenders and are popular options for homebuyers who may not have the financial means to make large down payments or meet high credit … Read more
Mortgage Insurance is a type of insurance that protects against default on Mortgage loans. When a homebuyer wants to buy or refinance a home then they may be required to pay for Mortgage Insurance as part of monthly payments. Mortgage Insurance protects the mortgage lenders in case the borrower defaults on a home loan. Mortgage … Read more
The Down Payment is the sum that a buyer pays upfront when purchasing a House. The Down Payment is the percentage of the Home’s purchase that a homebuyer pays upfront when they close their home loan. It is the initial cash payment the buyer makes during the real estate transaction and represents a percentage of … Read more
Fannie Mae And Freddie Mac are the federally backed Mortgage companies that are created by U.S. Congress. Fannie Mae And Freddie Mac are financial fuels that guarantee most of the mortgages made in the United States of America, together they are also known as government-sponsored enterprises (GSEs). Fannie Mae And Freddie Mac are the federally … Read more
A Mortgage Pre-approval is the most important part when an individual buys a home. if a homebuyer is pre-approved, it means that the mortgage lender has stated that they qualify for the Mortgage Loan based on the information they have provided and subject to certain conditions. A Mortgage Pre-approval shows sellers they can afford to … Read more
When a Borower takes out a Mortgage Loan, they agree on the Mortgage terms with lenders. The most common mortgage term is 25 years, however, some stretch to 40 years. That’s why it is most important to understand what that number means for the homebuyers for finance over time. A Mortgage Term is defined as … Read more
If you are looking to apply for a mortgage loan then here we have given some steps, processes, and tips to do the Mortgage Application process. A mortgage Loan is the type of home loan that is used to purchase or refinance a home or real estate property. The mortgage borrowers are typically homebuyers or … Read more