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[…]
This week, USA TODAY reported many millennials don’t enter the housing market because they’re intimidated by all the confusing terminology. From the article: “After putting away enough savings, the biggest hurdle for Millennial buyers may be the learning curve that comes with understanding the process…” That’s why every week I provide you with mortgage definitions Read more about How to Cancel Mortgage Insurance[…]
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[…]
Hi, everyone! I often talk with homebuyers and realize there are so many mortgage terms people don’t understand. I hope these three are useful for you! Closing — The completion of the loan process, where the borrower receives funds from the lender in return for promising to repay the loan. At closing, the seller also delivers Read more about 3 Confusing Mortgage Terms — and Their Simple Definitions[…]