There are several types of mortgages available, each with its own set of features and benefits. Some of the most common types of mortgages include: Fixed-rate mortgage: A fixed-rate mortgage is a type of mortgage in which the interest rate remains the same throughout the entire term of the loan. This means that your monthly … Read more
What Does “Co-Borrower” Mean? A Beginner’s Guide Many people want to buy a home, and you might be one of them. You might even have a lot saved up for a down payment. But maybe you need another person’s income or credit history to help you get into a home that meets your needs. Let’s … Read more
Introduction: What is Mortgage Protection Insurance and How Does it Work? Mortgage Protection Insurance (MPI) is a type of insurance policy that pays off your mortgage in the event of your death, disability, or job loss. It’s designed to provide a safety net for homeowners who may be unable to make their mortgage payments due … Read more
10 Questions to Ask Your Mortgage Lender You’ve found a few lenders you’re interested in, or maybe you’ve already been pre-approved for a mortgage. The next step is to start your formal mortgage application, but before you do that, it’s important to make sure you have the right questions to ask your lender. Here are … Read more
Prepayment Penalty: Definition and Avoidance Prepayment penalties are strange to many homeowners. Why punish early loan repayment? That’s mortgages: Many of them have prepayment penalties, which limit your flexibility and can drain your wallet for doing the right thing financially. We’ll explain why lenders don’t want you to pay off your mortgage early. Prepayment penalties … Read more
Cons Of A 20-Year Mortgage & Types Of 20-Year Mortgages A 20-year mortgage also has some downsides. Let’s review some of the most common disadvantages. Higher Interest Payments Than A 15-Year Mortgage Just as you pay more interest with a 30-year term than a 20-Year Mortgages, you’ll have to make higher interest payments if you … Read more