BANKER OR MORTGAGE BROKER: Which is Better?

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Of all the decisions facing any prospective home buyer, one the most critical is where to find the best mortgage option, the one with the least hassle and the most favorable financing terms.  When, how much, and even if you’ll be able to borrow what you need to buy your dream house can often come down to who you work with to make it happen.   For most people, there are two possibilities, a mortgage broker or a direct lender, i.e. a bank, credit union or savings institution of some sort.  Continue reading “BANKER OR MORTGAGE BROKER: Which is Better?”

PMI: WHAT YOU NEED TO KNOW

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For most borrowers PMI (or Private Mortgage Insurance) is just one of the many mysterious charges that get folded into their total monthly mortgage payment.  But anyone in the market for a new home, and the inevitable mortgage that comes with it, needs to understand how it works, and how it can be avoided.  Simply put, PMI is an insurance policy that your lender takes out as protection against the possibility that someday you will no longer be able to make your mortgage payments, except that it is your responsibility to pay the monthly premiums.  Also, the lender is typically the beneficiary, not you or your heirs. Continue reading “PMI: WHAT YOU NEED TO KNOW”