Private mortgage insurance, commonly abbreviated as PMI, is a monthly payment that protects lender against a loan foreclosure.
Points are used to pay for a reduced interest rate on a home loan. Each point correlates to one percent of the loan amount.
The annual percentage rate gets a lot of borrowers confused when shopping for a loan.
The Federal Housing Finance Agency (FHFA) sets a baseline loan limit across the country.
An adjustable-rate mortgage (ARM) is a loan program made up of two parts: a fixed rate period, and a series of rate adjustment periods.
A fixed-rate mortgage is one of the most common type of home loans because it’s the least risky for the borrower.
