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When you become a homeowner, you take on one of the greatest financial commitments of your life. And, just like any other kind of loan, the mortgage interest rates are liable to vary from month to month and year to year. It’s very likely that you’ll eventually come across a better interest rate for a similar mortgage, which will help you pay off your home loan more quickly.
One of the most commonly asked questions I get asked is: “What is mortgage insurance, and do I need it?” So let’s take a moment to explore Private Mortgage Insurance (PMI), why it might be necessary in order for you to qualify for a loan, and whether or not it benefits you, the buyer, in any capacity.
Buying a house is an exciting time.
Whether it’s your first house, your second house, or your dream house, your mind is filled with possibilities, paint colors, landscaping plans, and just an overall excitement. We rarely spend a lot of time worrying over the paperwork and nitty gritty details, like the interest rate you’re going to receive on your mortgage. And why should you? Buying your house SHOULD be a happy and exciting time for you!