Posted in First Time Home Buyer

  Mortgage insurance, what is it and why do I need it?

If you are putting less than 20% down payment on purchasing a property then it is a federal law that you have to pay for mortgage insurance. That's right, you have no choice. It is federal law, there is no way around it.

Mortgage insurance is insurance that protects the lender in case you default on the loan. If for whatever reason you are not able to pay your mortgage then the lender can make an insurance claim to get their mo...

   First Time Home Buyers typically want to maximize their buying power and are looking to purchase the best home that they can afford. At the core of mortgage qualification is a mathematical formula. Essentially your total debt payments divided by your gross income. If you find yourself not qualifying for the mortgage you want then you might be carrying too much other debt (ie: car loans, credit cards, student loans, etc.) which is limiting your mortgage amount. Keep in mind th...