Q: I’m trying to get a better understanding of private mortgage insurance (PMI). I understand the fundamentals and that it usually equals 1/2 percent-1 percent of the mortgage, but what I’m not sure about is how it is paid. Is the PMI paid each year until you reach the 20 percent mortgage-to-value ratio? Can you …
Continue reading ‘Three scams to avoid when locking your loan’ »
Q: I am on a mission to buy a home. I’ve wanted to own a home my entire life, and thought I would miss the opportunity to buy while the market was down, because I had no real savings when the market crashed. I think I’m ready, though, and prices still seem low. What should …
An summary update (by CAR.org) on the mortgage relief plan by the federal government, covering an article by The Mercury News: In his State of the Union Address, President Obama laid out a plan to help responsible borrowers and support a housing market recovery. Details of that plan were released yesterday. However, funding for the …
Continue reading ‘More mortgage relief from the White House – but congressional ‘ok’ doubtful’ »
Freddie Mac reported Thursday that mortgage interest rates have done a 180 and are now starting to climb, buoyed by positive housing data over recent weeks which show the market ended 2011 on a high note. Still, interest rates on home loans remain extremely low by historical standards. For the week ending January 26, the …