What is mortgage insurance and how does it work?
Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. Typically, borrowers making a down payment of less than 20 ...
When can I remove private mortgage insurance (PMI) from my loan?
You have the right to remove PMI for many mortgages, once you have paid down your mortgage to a specified point. Ending PMI reduces your monthly costs. Some lenders and servicers may allow removal of PMI under their own standards. ...
Yes, if your loan is a federally related mortgage loan under the Real Estate Settlement Procedures Act (RESPA), there is a limit on how much the lender can make you pay into an escrow account. While an escrow account is ...
What is private mortgage insurance?
Private mortgage insurance (PMI) is a type of mortgage insurance you might be required to buy if you take out a conventional loan with a down payment of less than 20 percent of the purchase price. PMI protects the lender—not ...
