Why is PMI required for a mortgage loan?

Answer PMI stands for private mortgage insurance, which is an insurance policy taken out to protect lenders in the event that the borrower does not repay the loan. The cost of PMI is based on the size of ... Read More »

Top Q&A For: Why is PMI required for a mortgage loan

Is mortgage insurance required with an FHA loan?

FHA (Federal Housing Administration) home loans do require mortgage insurance, but it tends to be less expensive than PMI (Private Mortgage Insurance). FHA mortgage insurance costs 1.5 percent (of ... Read More »

How much of a down payment is required on an fha mortgage loan?

An FHA mortgage requires at least a 3.5 percent down payment as long as your credit score exceeds 580. If your credit score does not meet this requirement, you must put down at least 10 percent.Ref... Read More »

Is it better to get a shorter loan mortgage term or prepay on a longer loan?

On One Hand: Short Tem Mortgages Tie Your Hands.A short term mortgage forces you to spend more money on your house payment than you would under a longer term loan. This means that there is less mon... Read More »

Is it Better to Get a Shorter Loan Mortgage Term or Pre-Pay on a Longer Loan?

There are many benefits to listed job descriptions. It makes it easier to fill the position and gives employees a clear description of what they would do on a day to day basis if hired. However, th... Read More »