FAQs > General Mortgage Questions (9 entries)
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Private mortgage insurance (PMI) is a policy designed to protect the mortgage lender by reimbursing them up to a certain dollar amount in the event that the borrower defaults on the ...
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The loan industry is constantly changing, particularly since the real estate boom that took place back in the late 1990’s and early 2000’s. Today lenders are a bit more cautious. ...
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This is a common question that comes up among borrowers. In simplest terms a point is 1% of the loan principal. For example, if you were borrowing $350,000 at ...
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A fixed rate loan is where the interest rate remains the same over the life of the loan whereas an adjustable rate fluctuates based on market indicators. Interest rates and ...
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In order to get preapproved for a loan there are many different kinds of paperwork a potential buyer must provide to the lender to get an approval. This includes, but ...
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There are several federal, state, and local government financing programs currently available to homebuyers. The two main federal programs are: VA loans - The U.S. ...
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Loan-to-Value (LTV) in simplest terms is the amount of loan as a percentage of the current market value of your home. LTV is calculated by dividing your existing home loan ...
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Annual Percentage Rate, ( APR) is the annual cost of a loan, expressed as a yearly rate. APR measures the true cost of the loan and it prevents lenders from ...
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An impound account or escrow account is set up by your lender upon the closing of your loan to handle property taxes, fire and hazard insurance premiums, mortgage insurance premiums, and ...