When we educate people on the housing market, it’s important to start from square one. Yes, the home buying process has many rules, laws and complexities, but people also need to understand the terms you and I take for granted. How do I know? In February, USA TODAY reported many millennials don’t enter the housing Read more about Mortgage Terms and Definitions for First-Time Homebuyers[…]
This week, USA TODAY reported many millennials don’t enter the housing market because they’re intimidated by all the confusing terminology. From the article: “After putting away enough savings, the biggest hurdle for Millennial buyers may be the learning curve that comes with understanding the process…” That’s why every week I provide you with mortgage definitions Read more about How to Cancel Mortgage Insurance[…]
Over the past couple of years, the MIP (mortgage insurance premium) rates on FHA loans have increased, which raised monthly mortgage payments. The increase kept some homebuyers out of the market. On January 26, FHA will reduce its MIP rate and allow borrowers to save on average $900 a year. The highlights: Annual premium reduced from Read more about FHA Reduces Mortgage Insurance Rates[…]