by kramoltz@hotmail.com | Feb 28, 2015 | Mortgages + Lending
In my last blog I wrote about the slim possibility of getting a refund of “private mortgage insurance”. Mortgage insurance is required by lenders when a down payment is less than 20%. Usually those payments are non-refundable unless the lender agrees otherwise at the...
by kramoltz@hotmail.com | Feb 28, 2015 | Mortgages + Lending
Recently, I was asked the question: Can I get PMI payments refunded? What was being asked pertains to “private mortgage insurance”, which is required if a down payment is less than 20% of the value of the home. In that event, the lender requires the...
by kramoltz@hotmail.com | Feb 28, 2015 | Mortgages + Lending
Conventional wisdom by mortgage professionals was to never pay points when refinancing or at the closing of a real estate sale. Mortgage “points” are equal to 1% of the loan amount, and are paid at closing in order to lower a mortgage interest rate. Lowering the...
by kramoltz@hotmail.com | Feb 10, 2015 | Home Buying, Mortgages + Lending
Here are four general rules of mortgage affordability you can use to help you determine how much debt you can handle when buying a home. What is your Income? You can typically afford a home priced two to three times your gross income. So if you earn $100,000,...