All About Mortgages
What is a mortgage?
A mortgage is a type of loan that can be used to buy or refinance a property or home.
What is mortgage insurance?
A type of insurance that protects the lender in the event you fall behind on your mortgage payments. There are two types of mortgage insurance: mortgage insurance premiums (MIP) and private mortgage insurance (PMI). Typically, mortgage insurance is required for borrowers who have less than 20% as a down payment.
What is private mortgage insurance?
Private mortgage insurance, or PMI, is a type of mortgage insurance required by lenders for borrowers who get a conventional home loan and have less than 20% down payment.
What are points on a mortgage?
Also known as discount points, mortgage points are fees paid directly to the lender at closing in exchange for a lower interest rate.
Should I refinance my mortgage?
A mortgage refinance could be a smart move if you want to lower your mortgage payment or pay off your home faster. Learn more about a home refinance
or cash-out refinance