VA
Department of Veterans Affairs: a federal agency which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower
http://www.brokeroutpost.com/reference/11059.htm (Updated: 09/09/2008)

PMI explained
If your down payment on a home is less than 20 percent of the appraised value or sale price, you must obtain private mortgage insurance (PMI) with your lender. PMI protects your mortgage lender agains
http://www.brokeroutpost.com/reference/116403.htm (Updated: 02/27/2008)

FHA 203(b)
FHA program which provides mortgage insurance to protect lenders from default; used to finance the purchase of new or existing one- to four family housing; characterized by low down payment, flexible
http://www.brokeroutpost.com/reference/10967.htm (Updated: 09/04/2007)

FHA or Conventional
What is the difference between an FHA loan and a Convetional loan? This is a question many homeowners ask. Many first-time homebuyers obtain FHA financing due to down payment limitations. With an FHA
http://www.brokeroutpost.com/reference/22728.htm (Updated: 09/04/2007)
Related Reference Topics: [fha, conventional, mortgage loans]

What is mortgage insurance?
Mortgage Insurance (MI) also known as Private Mortgage Insurance (PMI) is a monthly fee added to your principal and interest payment. Mortgage Insurance protects a lender from any money loss if a borr
http://www.brokeroutpost.com/reference/146785.htm (Updated: 07/31/2007)
Related Reference Topics: [mortgage insurance, mi, pmi, lpmi, self insured]

How to avoid mortgage insurance
If you have ever purchased or refinanced a home that is over 80% loan to value you have probably heard the term mortgage insurance or are currently paying it. There are several ways to avoid paying or
http://www.brokeroutpost.com/reference/19093.htm (Updated: 06/24/2007)

What is PMI
What is PMI and why do I have to pay it? These are questions that has been around for a long time and very common for any homeowner to ask. PMI is also known as Private Mortgage Insurance. PMI is char
http://www.brokeroutpost.com/reference/34235.htm (Updated: 06/14/2007)
Related Reference Topics: [private mortgage insurance, conforming]

Insurance Quotes
Homeowners insurance, also commonly referred to as hazard insurance, is required on all properties that have a mortgage. Hazard insurance protects you, the homeowner, in case your home is destroyed by
http://www.brokeroutpost.com/reference/128498.htm (Updated: 05/26/2007)
Related Reference Topics: [insurance quotes, hazard insurance, homeowners]

Combo Loan
There are 2 different meanings of the phrase "combo loan" in the mortgage industry. The original combo loan was considered to be a combination loan consisting of a first mortgage and second mortgage.
http://www.brokeroutpost.com/reference/64255.htm (Updated: 05/25/2007)
Related Reference Topics: [combo loan, combo loans, debt consolidation]

zero down home loans
In there are many opportunities to buy a home with little or no money down. There are 80 20 loans, 100% financing with and without Private Mortgage Insurance, stated income 100% loans, 100% loans for
http://www.brokeroutpost.com/reference/29740.htm (Updated: 05/22/2007)
Related Reference Topics: [no money down, 100 percent financing]

Types of closing costs
Certain areas of the country may have added closing costs, but these are the general types of closing costs you might see at closing: Attorney's or escrow fees Property taxes Pre-Paid Interes
http://www.brokeroutpost.com/reference/15734.htm (Updated: 05/16/2007)
Related Reference Topics: [closing costs]

FHA
Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that ma
http://www.brokeroutpost.com/reference/11006.htm (Updated: 05/16/2007)

PMI
Private Mortgage Insurance; privately-owned companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with down payments of less than 20% of a purchase p
http://www.brokeroutpost.com/reference/11039.htm (Updated: 05/15/2007)

How and why to avoid PMI?
Private Mortgage Insurance or "PMI" is placed on loans with a Loan to Value of greater than 80%. This is insurance that the bank is taking out in case you fail to make your payments and they must for
http://www.brokeroutpost.com/reference/123633.htm (Updated: 05/12/2007)

Mortgage insurance
Mortgage insurance is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words, buyers with less than a 20 per
http://www.brokeroutpost.com/reference/23664.htm (Updated: 05/04/2007)

Private Mortgage Insurance requirements
Private Mortgage Insurance is a type of insurance that is required on most mortgage loans that do not have the required 20% equity in the home. If you are buying a home and do not have 20% for a down
http://www.brokeroutpost.com/reference/99010.htm (Updated: 03/24/2007)
Related Reference Topics: [pmi, lpmi, combo loan]

LPMI Lender Paid Mortgage Insurance
Mortgage Insurance is often required when the amount of money you borrow exceeds 80% of the value of your home.
http://www.brokeroutpost.com/reference/90826.htm (Updated: 02/26/2007)

VA Home Loan - Is It Right For Me?
A VA loan is a mortgage available to most veterans, that is guaranteed by the Department of Veterans Affairs. While it is not the best choice for all veterans, there are some wonderful benefits inclu
http://www.brokeroutpost.com/reference/26290.htm (Updated: 02/19/2007)

PMI tax deductible in 2007
New legislation allows taxpayers who itemize their deductions to deduct premiums paid for mortgage insurance - which typically is required when home buyers purchase their homes with less than 20 perce
http://www.brokeroutpost.com/reference/79576.htm (Updated: 12/30/2006)

Pros and Cons of Mortgage Insurance
If you are looking at financing more than 80% of the value of your your home you will typically have two options, either pay mortgage insurance on the loan or take out a 2nd mortgage for the balance a
http://www.brokeroutpost.com/reference/44143.htm (Updated: 10/31/2006)
Related Reference Topics: [lower rate, intrest deductability]

Qualifying For a Loan
<font face="Arial">Two Key Factors in Qualifying for a Home Loan When a lender makes a decision about a mortgage application, they consider two basic factors: 1) your ability and 2) your will
http://www.brokeroutpost.com/reference/18239.htm (Updated: 09/03/2006)

Qualifying Ratios
Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower’s monthly housing costs (prin
http://www.brokeroutpost.com/reference/54415.htm (Updated: 08/24/2006)

Ways around Private Mortgage Insurance (PMI)
When financing more than 80% of the value of the home you are purchasing or refinancing, there are several ways to avoid having to pay for costly private mortgage insurance.
http://www.brokeroutpost.com/reference/33263.htm (Updated: 08/10/2006)
Related Reference Topics: [pmi, private mortgage insurance, 100%]

Piggy Back mortgage
A Piggy Back Mortgage also know as an 80 20, 80 15 or 80 10 is actually two loans a first and a second used to avoid paying mortgage insurance.
http://www.brokeroutpost.com/reference/23737.htm (Updated: 07/24/2006)

Mortgage Insurance
When you have a mortgage that exceeds 80% of the appraised value of the property you typically have to pay mortgage insurance on your loan. You may hear of mortgage insurance called Private Mortgage
http://www.brokeroutpost.com/reference/36194.htm (Updated: 06/03/2006)
Related Reference Topics: [pmi, mip, ufmip]

80/20 mortgage
80 20 mortgages are also called zero down loans and or no money down loans. These types of loans are increasingly popular throughout the nation. An 80 20 loan is actually 2 mortgage loans, a 1st mortg
http://www.brokeroutpost.com/reference/20290.htm (Updated: 06/03/2006)

APR
The APR (Annual Percentage Rate) is the percentage cost of the credit for which you are obtaining on a yearly basis. The APR was designed by the federal government to reveal the true total cost of get
http://www.brokeroutpost.com/reference/20345.htm (Updated: 05/28/2006)

Private Mortgage Insurance (PMI)
Private mortgage insurance is a type of insurance that helps protect the mortgage company against losses due to foreclosure. This protection is provided by private mortgage insurance companies and all
http://www.brokeroutpost.com/reference/25136.htm (Updated: 04/21/2006)

Escrow account
A separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgag
http://www.brokeroutpost.com/reference/11002.htm (Updated: 04/20/2006)

Annual Percentage Rate (APR)
Calculated by using a standard formula, the APR shows the cost of a loan; expressed as a yearly interest rate, it includes the interest, points, mortgage insurance, and other fees associated with the
http://www.brokeroutpost.com/reference/10971.htm (Updated: 03/06/2006)

Closing Costs
Closing Costs Explained Closing costs are the actual expenses that the lender incurs in the origination of a new home loan. Some of the costs are related to your loan application, such as the expen
http://www.brokeroutpost.com/reference/18240.htm (Updated: 02/19/2006)

Can I cancel my Mortgage Insurance (MI)?
Cancelling Mortgage Insurance is a very complicated issue, affected by factors such as: When the mortgage originated? Who eventually purchased the mortgage (Fannie Mae Freddie Mac)? Has the prope
http://www.brokeroutpost.com/reference/15640.htm (Updated: 02/16/2006)