Category Archives: Mortgages
What Is Mortgage Insurance?
[wistia id=”vi4nnjuijv”] Like the video shows, mortgage insurance is a policy that protects lenders against some or most of the losses that result from defaults on home mortgages. Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency…. Read More »
What Is PMI?
[wistia id=”nja2m5h42v”] This video tells you about it all. PMI stands for Private Mortgage Insurance or Insurer. These are privately-owned companies that provide mortgage insurance. They offer both standard and special affordable programs for borrowers. These companies provide guidelines to lenders that detail the types of loans they will insure. Lenders use these guidelines… Read More »
Are There Special Mortgages For First-Time Homebuyers?
[wistia id=”m9whvr17jd”] Yes. Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past. Lenders may now be able to help borrowers who don’t have a lot of money saved for the down payment and closing costs, have… Read More »
What Is A Mortgage?
[wistia id=”z8txfqo561″] The original phrase “mort gage” translates as “death pledge”! But as this video explains, a mortgage is a loan obtained to purchase real estate. The “mortgage” itself is a lien – a legal claim on the home or property that secures the promise to pay the debt. All mortgages have two features… Read More »
What Factors Affect Mortgage Payments?
[wistia id=”75bz2d9i8w”] Well, as this story shows, the amount of the down payment the size of the mortgage loan, the interest rate the length of the repayment term and payment schedule will all affect the size of your mortgage payment. In bullets: down payment loan size interest rate – fixed or adjustable repayment term… Read More »
How Large A Down Payment Do I Need?
[wistia id=”tzur0ggs4j”] There are mortgage options now available that only require a down payment of 5% or less of the purchase price. You’ll see some pictures in this video to help you remember later – the larger the down payment, the less you have to borrow and the more equity you’ll have. Mortgages with… Read More »
How Does The Interest Rate Factor In Securing A Mortgage Loan?
[wistia id=”r2su7eauq4″] As you’ll see in the video, a lower interest rate allows you to borrow more money than a high rate with the some monthly payment. Interest rates can fluctuate as you shop for a loan so ask lenders if they offer a rate “lock-in” which guarantees a specific interest rate for a… Read More »
What Is Included In A Monthly Mortgage Payment?
[wistia id=”fd4ff2xk5z”] The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes homeowner’s insurance, and mortgage insurance, if applicable. If you are refinancing compare what is and isn’t included in your financing options. Watch this video and it’ll make sense.
Can I Pay Off My Loan Ahead Of Schedule?
[wistia id=”8znwhmw0fz”] Usually, Yes. Like the guy in the video says, by sending in extra money each month or making an extra payment at the end of the year you can accelerate the process of paying off the loan. When you send extra money, be sure to indicate that the excess payment is to… Read More »
What Are The Advantages Of 15- And 30-Year Fixed-Rate Mortgages?
[wistia id=”cpq432ekha”] For both, as we show you in this video, compared with other options, with fixed rates, housing costs won’t be affected by interest rate changes and inflation. With A 30-Year Term: In the first 23 years of the loan more interest is paid off than principal meaning larger tax deductions. As inflation… Read More »