Jumbo Loans: All You Need to Know

Jumbo Loans: Everything You Need to Know

fastexpert fastexpert | 1 year ago

Jumbo loans are a required, but lesser-known, option for financing homes that are above a certain price point. It’s no secret that the housing market is on the rebound. In some areas, prices are already well above their pre-recession levels. And as more and more people become homeowners again, demand for mortgages is increasing. So if you’re thinking of buying a home in the near future, it’s important to know about the different types of mortgages that are available, including jumbo loans....

Mortgage Commitment Letter: Everything You Need To Know

fortunebuilders fortunebuilders | 1 year ago

Before you buy a new house, you need to know how much financing you qualify for. This lets you know which homes are in your price range and which ones exceed your budget. Not only that, but you’ll want to show prospective sellers that you’re a legitimate buyer. A mortgage commitment letter is a powerful tool for meeting both of these goals. Here’s how it works. What Is A Mortgage Commitment Letter? A mortgage commitment letter – sometimes called a mortgage approval letter – is an offi...

Private Mortgage Insurance: Everything You Need to Know

fastexpert fastexpert | 1 year ago

Private mortgage insurance, or PMI, is a type of insurance that helps protect lenders in the event that a borrower defaults on their mortgage loan. It’s usually required when a borrower puts down less than 20% of the home’s purchase price. PMI can be expensive, and for most people it’s unnecessary. In this article, we’ll explain everything you need to know about PMI, how it works, and how to avoid paying for it. When Do You Need to Carry PMI? Private mortgage insurance is a type of insur...