Home Equity Loan also known as Home Equity Installment is a type of Second Mortgage secured by the equity in the home. Home Equity Loans are a useful way to tap into the equity of homeowners’ homes to obtain funds when their assets are tied up in their property. A Home Equity Loan lets the … Read more
A Home Equity Line Of Credit (HELOC) is a Second Mortgage that provides homeowners access to cash based on the value of their home. A Home Equity Line Of Credit (HELOC) is a variable-rate form of financing that allows homebuyers to cash in on the equity they have in their home. A Home Equity Line … Read more
A Second Mortgage is a type of subordinate mortgage that allows homebuyers to borrow home equity while they already have a current or first mortgage on the property. A Second Mortgage is a home-secured loan taken out while the original, first, mortgage is still being repaid. A Second Mortgage is a loan made in addition … Read more
A Piggyback Loan is actually the second mortgage loan after the first mortgage is used to finance one property. A Piggyback Mortgage loan combines two mortgages for buying or refinancing a home. Homebuyers often use Piggyback Mortgages to avoid paying Private Mortgage Insurance (PMI) on a conventional loan when putting down less than 20%. Borrowers … Read more
VA Funding Fee is a one-time payment that helps lower the cost of a VA Loan since the VA Mortgage loan program does not require a Down Payment or Mortgage Insurance. The amount of the fees is determined by the Loan’s size whether the homebuyers already have VA Loans and their service history. The U.S. … Read more
USDA Guarantee Fee works like mortgage insurance in helping to guarantee the USDA Mortgage Loans. The USDA Guarantee Fee is lower than similar fees on similar loans, but USDA borrowers should still be aware of these fees and how it works. The USDA Mortgage Loans are issued through the United States Department of Agriculture and … Read more
Mortgage Insurance Premium (MIP) is the type of Mortgage Insurance applied to Mortgage Loans insured by the Federal Housing Administration or FHA Mortgage Loans. These FHA Loans are provided by FHA-approved mortgage lenders and are popular options for homebuyers who may not have the financial means to make large down payments or meet high credit … Read more
Mortgage Insurance is a type of insurance that protects against default on Mortgage loans. When a homebuyer wants to buy or refinance a home then they may be required to pay for Mortgage Insurance as part of monthly payments. Mortgage Insurance protects the mortgage lenders in case the borrower defaults on a home loan. Mortgage … Read more
The Down Payment is the sum that a buyer pays upfront when purchasing a House. The Down Payment is the percentage of the Home’s purchase that a homebuyer pays upfront when they close their home loan. It is the initial cash payment the buyer makes during the real estate transaction and represents a percentage of … Read more
Fannie Mae And Freddie Mac are the federally backed Mortgage companies that are created by U.S. Congress. Fannie Mae And Freddie Mac are financial fuels that guarantee most of the mortgages made in the United States of America, together they are also known as government-sponsored enterprises (GSEs). Fannie Mae And Freddie Mac are the federally … Read more