What does the mortgage term 80/20 mean?

Answer An 80/20 mortgage is a type of mortgage purchase to avoid PMI (private mortgage insurance). It is a first mortgage valued at 80 percent of the purchase price and a second mortgage of 20 percent of ... Read More »

Top Q&A For: What does the mortgage term 80/20 mean

What is the longest mortgage term I can get?

The longest fixed-mortgage term is 50 years. The ARM (adjustable rate mortgage) was first introduced by Statewide Bancorp of Rancho Cucamonga, California. The mortgage payments are fixed for the fi... Read More »

What is a closed term mortgage?

A closed term mortgage means you are restricted to how much you can pay over the agreed amount of your regular mortgage. And, you may receive pre-payment penalties for paying off your mortgage earl... Read More »

What are mortgage protection and term life insurance?

Term life insurance is designed to cover financial needs, such as mortgages, that have an ending date. In the event of loss, mortgage protection can help stabilize the financial position of survivi... Read More »

If I Pay Half of My House Note Every Two Weeks Will It Reduce My Mortgage Term?

Using the trick of paying half of your house note every two weeks instead of making the whole payment once a month lets you pay off your mortgage years earlier than with a regular schedule, and red... Read More »