Tammie VanDeusen

  Well, it’s time once again to discuss one of those crazy acronyms of the mortgage world. There are quite a few abbreviations that come up when you’re getting a mortgage. One of those is PMI, which we’ll discuss here in detail. What is PMI? PMI stands for private mortgage insurance. Private mortgage insurance is exactly what it sounds like: insurance for your mortgage. But, despite the fact that the borrower pays for PMI, it doesn’t protect the borrower. Rather, PMI protects the lender in the unfortunate event that a borrower is unable to pay their mortgage. But there are upsides for both the borrower and the lender when it comes to PMI. How does PMI work? Many borrowers believe that you must have a down payment of 20% if you want to buy a home but that is actually not the case. And that’s where PMI comes into play. If a borrower is getting a  conventional loan  and doesn’t have a down payment of 20% of the home’s value, lenders will require a borrower to pay for PMI. PM...

Considering what’s been going on in the world for the last several months, there are probably quite a few people who are considering selling their home and finding one that better suits their needs. Maybe that’s a house that’s bigger than what you have now to give everyone space to spread out, or maybe it’s one that has a home office, or maybe it’s one that has a big backyard and space for kids to play, or maybe it’s one that away from a city center that just gives you more room to grow. If that’s the case, you’re probably looking for the highest sales price possible on your current house, right? Ideally, you’d maximize your return on investment on your current house and put that money toward buying a house that checks every box on your list. And while extensive renovations may significantly boost your home’s value, making over an entire house is expensive. Luckily, there are plenty of ways to maximize your home’s value without breaking the bank. Here, we’ll explore some do-it-yourself...

If you’re thinking, “I want to   buy a home ,” there are some important things to be aware of—especially if you’re a  first-time home buyer . One important factor to consider is the down payment. Whether you’ve saved up for a down payment or are trying to gather allowable funds, it can be a challenge. However, there are ways to overcome this challenge without jeopardizing your financial future. Let’s take a look at a few common ways to help satisfy the down payment requirement for your new home. The Type of Loan You Choose When many people think of down payments, they think of the traditional 20% down payment. But this isn’t always true .  For starters, if you are a veteran or active military member, you may qualify for a  VA loan . VA loans require zero down payment. Also, if you qualify for an  FHA loan , down payments can be as little as 3.5%. In addition, conventional loans may require as low as 3% down payment to qualified borrowers. However, since they are...

  Are you thinking about buying a home or refinancing your current mortgage? If so, one of the biggest pieces of the puzzle will be the interest rate you are eligible for on your loan. The interest rate helps determine how much your monthly payment will be. But how is your interest rate determined? Well, there are several factors that are part of the equation, but one of the biggest ones is your credit score. What is a Credit Score? In the simplest terms, a credit score is a number that represents how good you are at meeting your financial obligations. Things like outstanding debts, payment histories, and other factors contribute to your credit score. Basically, the better you are at managing your money, the higher your credit score will be. Why Does Your Credit Score Matter for Mortgage Rates? When lenders determine your interest rate, they look at your credit score to gain insight into your financial past. The better you are at meeting your financial obligations, the higher your ...