Tag Archives: home loans

Taking Debt Too Lightly

Why is it so easy to go into debt and so hard to get out of it? I think for modern generations, there has been a culture of taking debt too lightly. Fortunately, for some of us, that culture is changing toward one of getting rid of debt or not getting into it in the first place. Meanwhile, there is still a more corporate culture that encourages debt, and it is one, as individuals, that we have to fight against in order to be solvent and live a good life. Being offered a loan, whether it is a home mortgage, … Continue reading →

Mortgage Insurance and Your Money

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If you own your home, do you know if you are paying out for mortgage insurance each month? Many people don’t. It is often one of those fine details that get lost in all the mess of paperwork and decisions that go into buying a new home. What exactly is mortgage insurance? It is insurance the bank that holds your loan will require in certain circumstances. The insurance doesn’t protect you, the homeowner, from any catastrophe. This insurance only protects the bank if you foreclose on your loan. A typical misconception is the insurance will protect you from losing your … Continue reading →

Mortgage Insurance

Mortgage insurance is a part of buying a home but it can all be a little confusing, which is why we have provided some easy to follow information for you. Lender Paid Mortgage Insurance Also called LPMI, this type of insurance is when the lender buys the mortgage insurance and then pays the premiums to the insurer. However, the lender increases the interest rate to pay the premiums. However, LPMI can also reduce settlement costs. Private and Government Insurance If your mortgage is backed by the government, that means the Federal Housing Administration or FHA, Department of Veterans Affairs or … Continue reading →