PMI is just extra fees and has nothing to do with your principal or your interest. Taking on two mortgages is only about the money you borrow and there are no extra costs such as private mortgage insurance. PMI or Private Mortgage Insurance is normally required when you buy a house with less than 20% [...]
If you are considering buying a new home, then you may already know that there are many requirements that potential home buyers must meet. One such requirement is private mortgage insurance.
Private mortgage insurance, or PMI as it is commonly called, is a form of insurance that is designed to provide protection for the lender against [...]
Getting a mortgage for most people looking to buy a house for the first time is something that most people are struggling to obtain. Currently house prices are looking to go down in price, but they are leaning towards the more expensive side and many people are unable to qualify for buying their own house. [...]
An owner builder construction loan, just like any construction loan, will not have any mortgage insurance payments while you build. So, why is it then that mortgage insurance companies are having a huge impact on your ability as an owner builder to secure your loan? The answer lies within the banks’ rules for converting [...]