PMI is just extra fees and has nothing to do with your principal or your interest. Taking on two mortgages is only about the money you borrow and there are no extra costs such as private mortgage insurance. PMI or Private Mortgage Insurance is normally required when you buy a house with less than 20% [...]
When looking to build your home as an owner builder, you will undoubtedly want to compare loan programs and closing costs. If you want an owner builder construction loan, you will need to make sure you are comparing apples to apples when looking at overall loan fees. A specialized owner builder loan will have [...]
If you want a mortgage, you need a real estate appraisal. If you want to be an owner builder and need a construction loan, you will need two appraisals wrapped into one. An owner builder construction loan will require an appraisal prior to construction and one follow-up appraisal upon completion. Knowing the details [...]
It’s not surprising that there has been so much buzz recently about reverse mortgages. When something does this much good for so many people, it’s bound to get a lot of people excited. Imagine a loan that lets homeowners age 62 and over take a portion of the equity out of their primary residence and [...]
Owner builder construction loans, like the rest of the mortgage industry, have had to tighten their belts to survive in today’s lending climate. For borrowers who wish to build their own homes, this translates into tougher guidelines to secure financing. However, there are still four creative ways that an owner builder has available to close [...]
Denver mortgage rates are some of the best in the country, so why haven’t you moved yet? Getting the best mortgage rate no matter where you choose to move is an important step in the financing process. Whether you are selecting your rate with the intent of selling in the next five years, or want [...]