PMI or MIP may be the ticket to homeownership if you have a down payment of less than 20%, but mortgage insurance adds up over the years and is something to pay attention to. Private mortgage insurance may be required for conventional home loans, those not backed by the government. Mortgage insurance premium is always […]
The post Private Mortgage Insurance (PMI) vs. Mortgage Insurance Premium (MIP) appeared first on SoFi.
Mortgage Q&A: “Does Having A Mortgage Help Your Credit Score?” If youâve ever pulled your credit report and/or viewed your scores, you may have noticed that the lack of a mortgage could actually be holding you back from credit score perfection. Even if you already have a seemingly great credit score, the credit report ânotesâ… Read More »Does Having A Mortgage Help Your Credit Score? Your Mileage May Vary, Here’s Why
The post Does Having A Mortgage Help Your Credit Score? Your Mileage May Vary, Here’s Why appeared first on The Truth About Mortgage.
At its simplest, a piggyback mortgage can be defined as a second mortgage, typically a home equity loan or home equity line of credit (HELOC). Piggyback mortgage loans might be a smart option for homebuyers looking to finance a home without a large down payment. They are taken out at the same time as main […]
The post What Is a Piggyback Mortgage Loan? appeared first on SoFi.
An important first step for aspiring homebuyers is to decide which type of home loan will best serve their needs. The interest rate, length, down payment, borrower qualifications, and extra fees associated with different types of mortgage loans will all play a role in the decision. To help make the choice a bit easier, letâs […]
The post Understanding the Different Types of Mortgage Loans appeared first on SoFi.
Mortgage preapprovals more than 3 months old are generally considered out of date, but letters can last as long as 180 days. Depending on how long your search is, you may need to renew it more than once before closing on a home. Having a letter of preapproval from a financial institution can help ensure […]
The post How Long Does a Mortgage Preapproval Last? appeared first on SoFi.
Buyers who learn how to negotiate house prices lay the foundation for a mutually acceptable deal. Whether youâre a first-time homebuyer or not, these strategies to negotiate home prices may help you score a property at the best possible price. Why You Should Be Negotiating House Prices While negotiating the price of a home can […]
The post How to Negotiate House Prices: 7 Tips appeared first on SoFi.
If youâre a doctor, resident, or even a veterinarian, getting a mortgage can be a little bit easier thanks to so-called “physician mortgages” offered by most major lenders. Just about every bank offers a special mortgage program for doctors, including large commercial banks like Bank of America and small local credit unions as well. The… Read More »Mortgages for Doctors: Expanded LTVs and Large Loan Amounts
The post Mortgages for Doctors: Expanded LTVs and Large Loan Amounts appeared first on The Truth About Mortgage.
Online banks often yield a higher annual percentage rate and offer more convenience in accessing your money. Here are the best online banks and what they have to offer.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.