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Along with a smaller loan, consider a shorter loan — say, a 15-year mortgage instead of the benchmark 30-year. Yes, your monthly payments will be higher, but your interest rate will be lower.
See if your lender offers piggyback loans: A piggyback loan, also known as an 80/10/10 or combination mortgage, takes the form of two loans: one for 80 percent of the home’s price, the other for ...
Types of first-time homebuyer programs. Low-down payment conventional loans: Conventional loan programs that require just 3 percent down. Down payment assistance (DPA) programs: Loans, grants and ...
Lenders mortgage insurance. Lenders mortgage insurance ( LMI ), also known as private mortgage insurance ( PMI) in the US, is a type of insurance payable to a lender or to a trustee for a pool of securities that may be required when taking out a mortgage loan. Its purpose is to offset losses in the case where a mortgagor is not able to repay ...
The mortgage industry of the United States is a major financial sector. The federal government created several programs, or government sponsored entities, to foster mortgage lending, construction and encourage home ownership. These programs include the Government National Mortgage Association (known as Ginnie Mae), the Federal National Mortgage ...
Mortgage packager. Mortgage packagers process mortgage applications, usually on behalf of mortgage brokers, for submission to lenders. Services include checking clients' credit files, instructing property valuations and checking an application fits lending criteria. In exchange for providing these services, the lender will usually pay a ...
Private mortgage insurance (PMI) is a form of insurance taken out by the lender but typically paid for by you, the borrower, when your loan-to-value (LTV) ratio is greater than 80 percent (meaning ...
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify. Later that same year, the program was expanded to include those ...