When You Can Cancel Private Mortgage Insurance and How to Do It
PMI can help first-time buyers purchase a home even if they don't have a 20% down payment, but they have to know how to cancel it when it's time.
November 30, 2022 6 MIN
PMI can help first-time buyers purchase a home even if they don't have a 20% down payment, but they have to know how to cancel it when it's time.
ARMs are looking better and better after 30-year fixed rates touched a 20-year high.
Private mortgage insurance, or PMI, is likely the least understood aspect of homebuying.
Whether mortgage rates decline or by how much remains unknown and depends largely on how many hikes the Fed will make in its drive to curb high inflation.
Lenders now have the time to spend on a loan file that needs a little more TLC, since they're no longer flooded with 800-FICO-score, 20%-down loans.
“A surprising bounce back in new-home construction is welcome,” said Lawrence Yun, chief economist of the National Association of Realtors.
Self-employed Americans can have more challenges due to the variability of their income.
Far Rockaway Village in New York is the kind of housing Fannie Mae wants to invest more in: Homes that low-income people can afford in their own neighborhood.
If builders were able to double this year’s increased pace of new home production, it still would take five to six years to close the gap, according to a report from Realtor.com.
Every homebuyer is hoping to get approved for a mortgage at the current, historically low rates, but experts warn that only people who have high credit scores are likely to receive them.
