What does MI mean in mortgage terms?

What does MI mean in mortgage terms?

private mortgage insurance
Typically, the mortgage insurance fees are paid monthly with the escrow payments. Mortgage insurance is generally abbreviated to MI, or PMI for private mortgage insurance.

Do you get better mortgage rates when married?

Being married isn’t automatically a marker of success to a lender. Sure, getting a mortgage while you’re married may make the process a little easier — and help you qualify for more favorable loan terms — if you both work and have income.

Is it illegal to lie about marital status?

It could be illegal, however, if that false information is used as sworn evidence or to gain financing. Regardless, any perceived advantage gained from intentionally lying about verifiable facts, such as marital status, is outweighed by the potential for future legal issues. In short, don’t lie on a deed.

Is it a good idea to have a big mortgage?

Many people misunderstand or misrepresent the benefits of mortgages, and they get the key points wrong. If you read my book The Truth About Money with an open mind, then by the time you finish, I believe you will agree that you should have as big a mortgage as you can get and never pay it off.

How did Akridge and Melissa get a mortgage?

Akridge bought the townhome with his partner, Melissa, just over two years ago. She is White. The mortgage was in her name. Since she recently started her own business, which makes the mortgage process generally more complicated, they figured it would be easier for Akridge to refinance the loan on his own.

Is there still bias in the mortgage market?

They ended up paying massive, multibillion-dollar settlements to the federal government. But there is clearly still bias in the market.

Is it bad to pay more than the minimum for a mortgage?

Turns out, having a shorter mortgage or paying more than the minimum is one of the riskiest things you can do for your finances. The more you pay the bank, the more risk you create for yourself and your money.

What should I do if I’m behind on my mortgage?

The first step is to contact your loan servicer to explain your situation. Many are reluctant to take this step because they are scared and intimidated–for good reason. “Sometimes dealing with a servicer can be difficult,” acknowledges Ira Rheingold, executive director of the National Association of Consumer Advocates.

Can you get a mortgage through a bank?

Many also offer investment and insurance products. Mortgage loans are simply one aspect of their business. The Federal Deposit Insurance Company (FDIC) regulates and audits full service banks. On the other hand, individual states regulate mortgage companies, and more stringently as well.

Is it better to get a loan from a bank or mortgage company?

Loan Servicing. Due to the scope of a bank’s financial activities, most banks service most of their mortgage loans. So after your loan closes, you will still make monthly payments to the same bank that originated the loan. Many see this as an advantage to using a full service bank.

What does the Home Mortgage Bank do for You?

The Home Mortgage Bank is a specialised financial institution which offers financing and investment opportunities to a wide range of clients. The lending arm of the Bank provides financing to facilitate property development projects and other commercial mortgages.