PMI is a type of insurance that protects the lender should you default on your mortgage. It applies when you make a down payment under 20 percent. MIP A mortgage insurance premium (MIP), is a type of mortgage insurance that comes with a Federal Housing Administration (FHA) insured mortgage...
Smaller, more affordable homes help first-time buyers achieve homeownership, but they're harder to find in the current real estate market.
For loans, the interest rate is applied to the principal, which is the amount of the loan. The interest rate is thecost of debtfor the borrower and the rate of return for the lender. The money to be repaid is usually more than the borrowed amount since lenders require compensation for t...
The upshot: The Fed's ongoing campaign to tame inflation is far from over. That has left consumers and investors wondering if the central bank, who until recently were widely expected to cut its benchmark interest rate in June, could push back that timeline several months, or...
What is the current CPI rate? The ONS report for January 2025 found that the CPI rate increased to 3%, which is slightly higher than economists’ predictions. This increase has been driven by a rise in transport costs, along with the increased cost of food and non-alcoholic drinks, as wel...
Steps in the mortgage underwriting process 1. Preapproval A mortgage preapproval is a thorough vetting process that indicates how much a lender is likely to loan you, as well as at whatinterest rate. A preapproval is not a guaranteed loan offer, but rather an indication of your potential bo...
Can't claim the full Child Tax Credit? Find out if you qualify for the refundable Additional Child Tax Credit, which may allow you to get a tax refund even if your credit exceeds your tax liability.
The Transformative Power Of Views From treetops to water views, the vistas outside our windows shape our well-being, daily lives and home values. Gerard SplendoreJan. 31, 2025 5 Beautiful Garden Ideas for Winter Summer isn't the only time to enjoy your home's outdoor spaces. These ...
Refinancing your loan can give you the financial freedom to change your payments or reach financial goals. Refinancing to a loan with a lower interest rate than your current mortgage can reduce your monthly payments or allow you to borrow against your equity. What is refinancing and how can ...
While the foreclosure rate is an important metric to keep an eye on in order to understand the housing market in full view, it’s not necessarily going to help you predict what’s happening next. Foreclosures are more of a lagging indicator, Sharga explains, compared to unemployment rates, ...