Mortgage insurance is used as an alternative to a large down payment.  Mortgage insurance is generally required on loans used to purchase a home with less than 20% down payment and refinance transactions in excess of 80% loan to value (LTV).  Knowing the cost of mortgage insurance is helpful in deciding which loan options are

The problem with an adjustable rate mortgage is the potential for changing interest rate and changing mortgage payments.  Many borrowers kept their mortgage payments low by getting adjustable rate mortgage but failed to prepare or consider the outcome that once rates rise their monthly mortgage payment can increase measurably.  Adjustable mortgages are often fixed at

Combined Annual Income The annual gross income of all borrowers before taxes. Down Payment The amount of the down payment that will be paid to the seller or the difference between the loan amount and the purchase price. Loan Amount For a purchase transaction, this is the Purchase Price minus the Down Payment. For a refinance, this is the amount