Entries by Editor

Reasons to Avoid FHA When Refinancing Your Mortgage

If you have past credit trouble and a lower down payment, you may consider an mortgage insured by the FHA. The Federal Housing Administration is popular as they have low down payments, reasonable interest rates, and very flexible qualification criteria. However, no loan is perfect, and FHA mortgage have some disadvantages both with new loans […]

Do You Have to Pay PMI in 2018?

Do you even know?  Find out how and why you can save your family tens of thousands of dollars for FREE Private mortgage insurance (PMI) is used to help people to buy a home with less than a 20% down payment. Despite the fact that PMI allows millions of people to buy a home sooner than […]

Why Is FHA Mortgage Insurance Forever?

FHA mortgage insurance, known as MIP (Mortgage Insurance Protection) is an insurance policy that protects the lender if you default on the mortgage. MIP allows the lender to issue mortgage loans that require small down payments and at very low interest rates. MIP reduces risk to the lender, and this allows the lender to issue […]

How Mortgage Insurance Companies Are Getting Rich

Mortgage Insurance Companies Are Getting Rich with Default Rates at All-Time Lows.  The good times are rolling for many American homeowners in 2017 and 2018. Only 5% of US homeowners were behind on their mortgage payments by 30 or more days in 2017, according to an analysis by the prominent data company Corelogic. That is […]

How the Homeowners Protection Act of 1998 Can Help Eliminate PMI

Many home buyers who put down less than 20% at loan closing are required to pay for private mortgage insurance or PMI. In the past, some homeowners had difficulty getting their PMI cancelled once they reached 20% equity. That is why the US government passed the Home Owner’s Protection Act of 1998. The law took […]

Lender Paid Mortgage Insurance vs FHA

People who want to buy a home with less than 20% down have plenty of options in 2018. But doing so will usually require you to pay for mortgage insurance. Called PMI for conventional loans and MIP for FHA financing, mortgage insurance is one of those expenses of life you may not like but is […]

Homeowners You Have Rights! Stop Giving Your Money to PMI Companies

Home buyers who put down less than 20% when they bought their home most likely pay for mortgage insurance (PMI for conventional loans; MIP for FHA loans). But with proper planning and some patience, you can dump your PMI payment and lower your housing payment. Mortgage insurance protects your lender if you stop paying your […]

Everything You Need to Remove PMI from Your Mortgage

If you have PMI (private mortgage insurance), you likely anticipate the day when you no longer have to make that monthly payment on top of your mortgage and tax payments. The good news is you can make that day get here faster if you follow some of our tips below. PMI – What’s It For? […]