House to Home

What Is Mortgage Insurance?

Posted by Kimberly Shane on 6/19/17 6:00 AM

What is Mortgage Insurance?

When buying a home there seems to be a list of fees and costs associated with the actual home purchase price—appraisal costs, home inspection fees, recording fees—today we are going to look at Private Mortgage Insurance (this is different from mortgage insurance associated with FHA and VA Loans); exactly what that cost is and why it is needed.

If you think about the times when you have needed insurance in your life; car insurance, life insurance, and medical insurance, each type is designed to protect you during an unexpected event. Private mortgage insurance is designed to protect your lender should something unexpected happen and the home must go into foreclosures. In short, private mortgage insurance helps shield the lender against potential losses with defaulted mortgage loans.

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Topics: Mortgage, Home Loans, Mortgage Insurance, PMI

Don’t-Miss Tax Breaks

Posted by Morgan Saylor on 12/8/16 7:00 PM

It may be a bit soon in your book to start talking about taxes - but each year, some tax breaks for home buyers and sellers expire.

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Topics: PMI, tax, tax return, taxes, debt, premiums, trulia

Tips to a Lower Mortgage Payment

Posted by Morgan Saylor on 10/27/16 8:30 PM

Feeling totally crushed under your mortgage payments is for the birds.

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Topics: Mortgage, Refinance, PMI, refi, monthly payment, mortgage payment

Mortgage Acronyms 101

Posted by Morgan Saylor on 4/8/16 7:30 PM

When you go to apply for a mortgage in the first step to becoming a home owner, you may feel like you’ve been dropped off into some remote land where the language is alien to you. You are not alone!

 

At SMC, we try to keep the jargonish language to a minimum, but somewhere in your home buying journey you may come across some terms and scratch your head in wonder. Luckily, Trulia has compiled a list of commonly used and misunderstood acronyms used in the industry.

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Topics: Mortgage, Banking, ARM, PMI, IO, industry, DTI, acroynms

PMI Q&A

Posted by Amy Patterson on 6/15/15 4:29 PM

Many lenders advertise ways for you to avoid PMI, but why? We’re here to cover some questions about PMI, and show you the other side of the debate.

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Topics: Mortgage, First Time Home Buyers, Home Loans, Home Sales, Home Buyer, PMI

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