Three scams to avoid when locking your loan

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 …

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Fewer U.S. homes underwater as prices rise

Fewer U.S. homes underwater as prices rise More than 1.3 million U.S. homeowners who owed more on their mortgages than their homes were worth have regained equity this year,  Santa Ana-based data firm CoreLogic says. Increases in home values are giving homeowners not only more equity but the ability to refinance. Nationwide, home values saw the biggest annual …

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