“Pre-crisis, a range of other variable-rate loan products were all being offered widely to consumers with little to no advisory,” notes Robert Heck, Vice President of Mortgage at Morty. “Many people have been understandably skeptical of ARMs since then, but there are much more stringent regulations in place today that have been created to protect […]
loan types
What is Mortgage Insurance and How Does it Work?
So, what is mortgage insurance — and how do you know if you must pay it? In this article, we’ll look at the definition of mortgage insurance and discuss two types of mortgage insurance: private mortgage insurance (PMI) and the Federal Housing Administration (FHA) mortgage insurance premium (MIP). We’ll also explain how mortgage insurance works […]
What Credit Score is Required to Buy a House?
When you’re getting ready to buy a house, your lender will want to see your credit score, a three-digit number that represents how well you pay back debt. Before you apply for a mortgage, keep in mind that your credit score represents one of the most important aspects of qualifying for a mortgage, but it’s […]