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February 9, 2016
As recently as two years ago, only 17 percent of all applications for a mortgage to buy a home were approved.[1] Approval rates have improved greatly since then for two reasons. First, borrowers are doing a much better job of getting their credit, debt, and documentation in order before they apply. Second, lenders have slowly... View Article
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While mortgages are a good time, private mortgage insurance (PMI) is not. Usually, if you don’t have enough money to make a down payment of at least 20 percent (keeping the loan-to-value ratio (LTV) under 80%), you’re required to get mortgage insurance. Fortunately, clever people figured out a loophole—the piggyback mortgage. How it works There... View Article
With conventional loans, if the initial down payment is less than 20% of the total loan amount, the borrower will have to pay for private mortgage insurance (PMI). Without the insurance, the small down payment would mean the borrower doesn’t have much stake in the property, and would therefore be at too high of a... View Article
Depending on the type of mortgage and the type of borrower, the initial down payment on a home might not be a significant percentage (less than 20%) of the total price. In situations like this, the lender knows that the borrower doesn’t have much stake in the property, which means they are at a greater... View Article
You can raise your credit score, save enough cash for closing costs, and maintain accurate financial records. However, if you don’t have at least a 20 percent down payment when buying a house, you’ll have to pay private mortgage insurance. Private mortgage insurance is required on all mortgage loans with a loan-to-value ratio greater than... View Article
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