mortgage insurance - Articles

Cramped by Rising Mortgage Rates? Here's a Way to Cut Your Payment

For consumers purchasing or refinancing a home with less than 20 percent equity or 20 percent down, there's a little-known fee that will apply to the total mortgage payment, effectively inflating the monthly outlay. Mortgage insurance is paid by the the homeowner to insure the lender against future mortgage payment... Continue Reading »

How to Reduce Your Mortgage Insurance Payment

By Scott Sheldon Mortgage insurance is the dreaded premium on a mortgage payment that consumers hate, and for good reason. It makes the cost of homeownership rise over time, benefiting one group: the investor that owns the loan. Mortgage insurance, also known as private mortgage insurance, or PMI, is an integral part of... Continue Reading »

FHA Loan Costs to Rise in April

By Jon Prior The Federal Housing Administration will raise mortgage insurance premiums this April in order to repair the health of its emergency fund. The FHA upfront mortgage insurance premium will increase to 1.75 percent from 1 percent of the base home loan amount. This will apply regardless of the term or... Continue Reading »

Young Real Estate Investor: Where to Stash Extra Cash?

Andy Buman, 29, got interested in real estate a few years ago while working in construction. Since then, he has purchased two bank-owned single-family homes near Omaha, Neb., as rentals, and last fall bought a primary residence for himself and his fiancée, Valerie (both pictured at left). He has managed to save... Continue Reading »

Why Canada Doesn't Have a Foreclosure Problem

Why are Canada's homeowners less likely to face foreclosure? Fewer than 1 percent of Canadian mortgages are in arrears, compared to the 2.9 million homeowners that received foreclosure notices in the U.S. in 2010. You might think it's because there are a lot fewer Canadians, and you'd be right on that score. Canada's... Continue Reading »

FHA Mortgage Will Cost More

FHA annual mortgage insurance premiums will match those of private mortgage insurance companies starting today for all new FHA loans. The annual premium will rise from 0.55 percent to 0.9 percent, which is the same as most private mortgage insurance for loans between 95 percent and 97 percent down. The good news is that... Continue Reading »

Mortgage Closing Fees Surge: How to Keep Yours Low

A recent report suggests closing costs on mortgages are skyrocketing, with direct bank fees up nearly 23 percent and third-party fees up more than 47 percent. First, the sort-of good news. The survey isn't measuring actual fees levied on completed mortgages; instead it measures the so-called good-faith estimates of fees... Continue Reading »

Mortgage Jargon in Simple Terms

Obtaining a mortgage loan means dealing with a lot of paperwork, from the documents you have to submit to documents you have to read and sign. More often than not, you're dealing with terms and conditions on various mortgage types that may be so difficult to understand that you just want to pull out your hair. But not... Continue Reading »

Reduce Your Refinancing Costs: Get to Know Those Fees --SPONSORSHIP

Everyone pays fees when they refinance a loan, but did you know that those fees are negotiable? When you're refinancing, pay close attention to the bottom line. Fees can add $3,000 to $6,000 to the costs of refinancing, which means it could take longer for you to get full advantage of the lower interest on your... Continue Reading »

Reverse Mortgage Fees Dropped at Big Banks

Now that major banks including Bank of America, Wells Fargo, and MetLife Bank have eliminated fees for reverse mortgages, borrowers are taking another look at this option for financing retirement. While a reverse mortgage sounds like a good deal -- you get to stay in your home and tap your equity, rather than... Continue Reading »

FHA Mortgages: Get a Good Deal While You Can

Next time you're inclined to complain about the bankers' bailout, remember that homebuyers are now on government life support as much as anyone. This week, Federal Housing Administration chief David Stevens announced that his agency is now the largest source of home-purchase mortgages in the nation. According to the firm... Continue Reading »

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