Sorbara, Schumacher, McCann LLP’s Post

If you are interested in learning more about today's government announcement on changes to mortgage insurance as of December 15th, please have a read of Ridhima Pathak's article.

What is PMI? Private Mortgage Insurance (PMI) is a type of insurance that is often required for Conventional mortgage loan borrowers. When you buy a home and make a down payment of less than 20% of the home’s purchase price, PMI may become a part of your mortgage payment. It protects your lender if you stop making payments on your loan. You can contact your lender about removing PMI when you reach 20% equity in your home, or it is automatically removed once you reach 22% equity in your home. FHA loans also include a Mortgage Insurance Premium, which is similar to the PMI on Conventional loans. The upfront mortgage insurance premium (MIP) on FHA loans is 1.75% of your loan amount. This amount can be paid out-of-pocket in full at the closing, or it can be added on to your loan amount and paid over time. VA loans do not require mortgage insurance.In the market for a new home? For more Mortgage FAQs (Frequently Asked Questions), please visit our website: www.policemortgage.com. And don't forget, Police Mortgage offers free same-day Mortgage Pre-Approvals AND Police Mortgages qualify for Killed in the Line of Duty Loan Protection. Police Mortgage, created For First Responders Who Are Second to None! As always, we are here for you! #PoliceMortgage #Mortgage #FirstResponders #LawEnforcement #EverybodyGoesHomeLetsGetHomeTogether

How to get rid of PMI and lower your mortgage payments #CashNews.co

As the property market gathers momentum, many mortgage holders are seeing exponential growth of their property portfolio. This translates to a myriad of options. To find out more, check out our recent blog post delving into the power that your equity may hold. #blackburnemortgagebroking #mortgagebrokerperth #mortgagebrokersubiaco #homeloansperth #financebrokerperth #refinancehomeloanperth #bestmortgagebroker

The U.S. Department of Housing and Urban Development (HUD) recently announced significant updates to the FHA 203(k) Rehabilitation Mortgage Insurance Program. These changes make the program more advantageous for potential homeowners. This program also provides greater purchasing power and flexibility for those looking to renovate their homes. Here’s a deeper dive into the updates and why the FHA 203(k) loan might be the perfect option for you.   https://lnkd.in/gvKYEGbY For this information and more, visit GenevaFi.com #FHA203k #Mortgage #GenevaFi

The latest changes to mortgage qualification policies are great news for first time buyers, but there's one borrower group who got left out in the cold. My latest in the The Globe and Mail https://lnkd.in/gt5Q_F2q

How to Use a Mortgage Calculator

NEW BLOG POST: Reverse Mortgages: 4 Things Homeowners Need To Do So They Don’t Default Reverse mortgages can be a helpful tool for accessing home equity without selling the property 🏠. They can also be used for the purchase of property to preserve equity 💰. However, they come with responsibilities that homeowners must manage to avoid defaulting on the loan ⚠️. Whether your clients are using a reverse mortgage to address financial needs or simply tapping into the value of their home, it's important to understand the requirements involved 📋. Here are four key things homeowners should do to prevent default on a reverse mortgage. ⬇️ Click below to read the rest. #ReverseMortgages #HomeEquityAccess #LoanDefaultPrevention #HomeownersResponsibilities #MinchellAndAssociates #EricaMinchella #RealEstateAttorney

Down Payment Assistance: Mortgage Help for First-Time Home Buyers and How to Apply

For those who plan to #buyahome with an FHA #mortgage, these numbers are important to know.