Fixed rate mortgage vs. variable rate mortgage

Are you looking to refinance or buy a new home? If it's your first time buying a property, you need to learn the differences, advantages and disadvantages between a fixed rate mortgage and a variable rate mortgage. Do not expect a definite answer to the question: what is the best mortgage type? The most reasonable response anyone can give is: it depends. The type of home loan you choose depends on your specific personal and financial circumstances. (read more)

What is Private Mortgage Insurance (PMI) and how does it affect your mortgage payments?

Most people, when they buy a home, put down a down payment. Typically, this is about 20% of the home's purchase price. In some cases, however, a buyer doesn't have a 20% down payment, but they are otherwise well-qualified for a loan. Private mortgage insurance is a product that allows this kind of buyer to still move forward with their home purchase. It's a special kind of insurance that protects the lender - not the buyer - against loss. If you default on the loan, private mortgage insurance ensures the lender doesn't face a total loss. (read more)