Location: Greenville, South Carolina Education: MBA University of South Carolina Expertise: Mortgage Financing Work: CEO of Mortgage Rates Today and Author Follow me on Social Media:
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How long do you have to pay mortgage insurance? Private mortgage insurance, or PMI, is a type of insurance that lenders require for certain types of mortgages, such as conventional loans. When the down payment is less than 20% of a home’s purchase price, conventional mortgages backed by Fannie Mae or Freddie Mac require private […]
How Long Does a Mortgage Pre Approval Last? The length of time a pre-approval lasts varies by lender, but in most cases, it is good for at least 90 days. Many lenders’ pre-approvals will not expire until the credit expires, which is 120 days. If your financial status changes dramatically during the pre-approval timeframe, your […]
How much do I need to make to afford a 500k house? To finance a 500k mortgage, you’ll need to earn roughly $150,000 – $155,000 each year. We calculated the amount of money you’ll need for a 500k mortgage based on 20% down payment and a monthly payment of 25% of your monthly income. Your […]
Should I pre pay a lump sum or increase monthly payment on mortgage? Almost all mortgages allow you to make extra payments to your principal on a monthly or annual basis. Paying extra payments toward your loan, regardless of the amount of funds given to the principal, makes a significant difference in the amount of […]
