Monthly Archives: November 2011

Sources of Down Payments in Buying a House

A common frustration for many would-be first-time home buyers is getting together the money for a down payment. Here are some down payment strategies: FHA and VA loans allow gift funds from family and even the seller.

Save Money by Getting Rid of Mortgage Insurance

In 1998, Congress passed the Homeowners Protection Act, which requires lenders to drop the PMI when a loan balance pays down to 78 percent of the original amount. This appears straightforward enough, but how long will it take to pay

What Mortgage Insurance Costs You?

Again, the mortgage industry is all about risk, and what determines your monthly premium is your down payment and your credit score.

Private Mortgage Insurance: The Good, the Bad, and Good Riddance

Essentially, private mortgage insurance (PMI) is an insurance policy issued by private companies that insures mortgages against default. You might say it’s similar to Lloyds of London insuring a BMW holein- one prize in a golf tournament. Chances are that

How to Pick the Best Loan after Knowing APR?

In reality, the federal disclosure law creates a useful loan comparison tool. You can have two lenders,