Posts Currently viewing the category: "Mortgage"
PMI

What is PMI on a mortgage? PMI is an insurance policy (Private Mortgage Insurance) that covers part of the lender’s losses in case that you default on your home loan (as in a foreclosure). FHA (Federal Housing Administration) loans call it MI (Mortgage Insurance) but they are basically the same thing. This type of…(Read More)

Asilo Politico

Las personas que se encuentran en trámite de asilo político en Estados Unidos legalmente pueden calificar para préstamos hipotecarios respaldados por el gobierno federal. El programa del FHA (Federal Housing Administration), acepta financiar su casa con tan solo poner un 3.5% de inicial y algunos requisitos básicos. Requisitos básicos…(Read More)

Six facts about mortgage brokers

How does a mortgage broker work? Mortgage brokers are just like the name sounds, they broker a mortgage between the bank and you. Mortgage brokers should not be confused with Loan Officers. Loan Officer is a license designation and is required to offer loans of any type. All Mortgage Brokers are loan officers, but not…(Read More)

VA Loans

VA Loans

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The VA Loan is a home-mortgage option available to United States Veterans, Service Members and not remarried spouses. VA Loans are issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). The program was set up in 1944 by the United States government to help returning service members purchase…(Read More)

Private Mortgage Insurance

PMI Explained

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What is PMI? When you are purchasing a home and looking for a mortgage the one thing that is often overlooked is PMI. PMI stands for Private Mortgage Insurance and chances are you will have to pay for it. PMI is for the lender’s benefit, not for yours. Typically, home buyers who put down…(Read More)