FHA is a home loan program where PMI is provided with federal funding. Most major lenders offer the program. Although the program is often utilized by first time buyers, it is not limited to them. This blog includes PA FHA Home Loan Program Overview
Mortgages and Financing
Definition Of Financed Mortgage Insurance
Mortgage insurance (MI) is a policy that protects lenders against borrowers defaulting on loans. It is generally required by a mortgage company on loans with a down payment that is less than 20% of the purchase price and is usually charged in
An Explanation Of Lender Closing Fees In PA
When you obtain financing for a home purchase, you will incur many different expenses related to the mortgage. These are normally called closing costs, but there actually include various types of fees. This blog provides an explanation of lender
5 Mortgage Refinancing Factors – PA Refinance Factors
Refinancing your home loan can lead to big savings if completed under the right conditions. Every mortgage and borrower is different, so an opportune situation for one homeowner does not necessarily apply to others. Prior to making a decision to
Advantages Of VA Financing In PA
Veterans may obtain VA financing provided by private lenders but guaranteed by the VA. The guarantee insures mortgage companies from loss up to a specific value should a borrower defaults on a loan. Because of this guarantee, lenders are able to
What Makes Up PA Recurring Home Loan Payments
It is useful to understand what makes up PA recurring home loan payments for budgeting purposes. The acronym PITI is commonly used to remember the items, which are principal, interest, taxes, and insurance. All loan payments do not automatically
Details On Variable Rate Mortgages In PA
Variable rate mortgages are considered by many home buyers due to the lower monthly payments at the beginning. The interest rate can be below fixed rate mortgages, but this is not always true. Home buyers should understand how these mortgages work
Title Searches For NJ Home Purchases
Ownership of real estate is tracked by its title. When property is transferred, the title is conveyed from one party to the other. It is therefore an essential component of a real estate transaction. This blog offers information on title searches for
Title Insurance Facts For PA Properties
Home owners often ask about title insurance, what it is, and and if it is required. Lender's coverage is required with most loans, however, owner's title insurance is typically optional. Home buyers should think about the features and
NJ Financing MI Definition
Mortgage insurance (MI) is a policy required by lenders to cover their losses if a property owner defaults on their mortgage. When the mortgage provider goes to relinquish a home, they are unlikely to regain the total amount owed on the mortgage. MI