Mortgage Terms

You'll go over a lot of documents related to your home loan and the purchase of your new home. The mortgage commitment letter is one of these necessary...

An acceleration clause is a provision made for the lender to demand immediate and full repayment from the...

As a new homebuyer, you will need guidance at every step of the mortgage process. A mortgage loan originator (MLO) is one such guide that will give a smooth landing to your mortgage. An MLO is an individual,...

As per the 2023 mortgage protection insurance(MPI) rates, a 30-year insurance costs around $15 monthly. MPI ensures zero mortgage balance if the borrower dies, loses their job, or is critically ill. The...

Principal and interest are the two main components of your mortgage repayment structure. Understanding interest and principal is essential for every mortgage borrower. Mortgage payments are the cornerstone of...

A mortgage recast is when a lender recalculates your loan payments, considering your remaining term and current balance. To recast, lower your...

Tenancy in common allows co-owning property with shared rights and responsibilities. Discover its workings, pros, cons, and differences from joint...

Paying off your mortgage early can result in significant interest savings over the life of the loan. However, there are some pitfalls that you should...

To get rid of PMI, you typically need to reach an 80% loan-to-value (LTV) ratio. Once you reach the ratio, you can request PMI...

Conditionally approved means that the mortgage approval is almost done but would require additional documents to grant the...