What I learned from HUD Secretary, Julian Castro
Recap of virtual townhall with HUD Secretary, Julian Castro. The topic was millennials and the housing market.
Tag: MIP
Mortgage Terms and Definitions for First-Time Homebuyers
When we educate people on the housing market, it’s important to start from square one. Yes, the home buying process has many rules, laws and complexities, but people also need to understand the terms you and I take for granted. How do I know? In February, USA TODAY reported many millennials don’t enter the housing Read more about Mortgage Terms and Definitions for First-Time Homebuyers[…]
Complicated Terms, Simple Definitions: PMI and MIP
PMI and MIP insure the lender for any losses suffered if the borrower defaults on the payment. They are typically included in a monthly mortgage payment.Private Mortgage Insurance (conventional loans): The lender cancels PMI when LTV (loan to value) reaches 78% or 22% equity in the property. Loan to value means the amount borrowed in proportion to the current Read more about Complicated Terms, Simple Definitions: PMI and MIP[…]