If you’ve been considering a mortgage, you’ve likely run across the term PMI. But you might be unsure of exactly what it means or how it can have an effect on your bottom line. Here, Forbes discusses what PMI is, how it’s paid and how you can avoid it. What is PMI? Private mortgage insurance—also known as PMI—is an extra monthly
As its name suggests, a bridge loan offers a short-term loan or “bridge” that allows borrowers to purchase new real estate property by using the home they currently own as collateral. Here, realtor.com explains why a bridge loan can be worth considering for borrowers who are trying to buy and sell a home at the same time. What is a bridge loan?
Prepaying a mortgage can be a financially savvy move for some homeowners. For others, however, it just doesn’t make sense. The bottom line: If you don’t have enough money to cushion your savings before you begin paying off your mortgage early, prepaying your home loan may put you in a financial hole if an emergency arises. To help determine whether
Upon borrowing money to purchase a home, one of the documents you will run across is an amortization schedule provided by your mortgage lender. The amortization schedule, in essence, outlines your loan payments each month and helps keep you on track. Here, realtor.com explains exactly what an amortization schedule is and why it’s important. What is an amortization schedule? When you
