Mortgage Terms

Mortgage Curtailment is the additional payment made against your existing mortgage. Thus, reducing the outstanding mortgage...

A 40-year mortgage is a long-term mortgage that allows borrowers to make payments over a period of 40...

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...

The percentage of income for a mortgage is the portion of a borrower's income that is allocated towards their monthly mortgage...

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,...

No-closing-cost mortgage allows you to avoid paying closing costs upfront. You can either roll them into the mortgage or pay higher...

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...

Roger and Amber realized early that they couldn’t afford a mortgage loan at the current interest rate of 7.6%. So, they inquired if their seller’s mortgage was assumable. They found out that it was...

A gift letter for a mortgage is used by a lender to verify the source of the borrowers initial down payment...

The average annual payment for a 30-year fixed mortgage is $3,759 at 7.17% interest rate. However, the IRS allows homeowners to take advantage of the mortgage interest deduction. This deduction enables...